Digital-Based Nazhir Services for Co-Creation Value in Waqf Land Asset Management

Unggul Priyadi, Siti Achiria, Mochamad Ali Imron

Waqf Land; Digital-Based Nazhir Services; Co-Creation; Stakeholder Engagement; Sustainable Development.

In the management of waqf land assets, the implementation of digital-based Nazhir services offers the potential for co-creation value that benefits multiple stakeholders. By utilizing technology to streamline management processes and enhance stakeholder engagement, the true economic, social, and environmental potential of waqf lands can be unlocked, contributing to sustainable development and social empowerment. This conceptual paper aims to investigate the potential of digital-based Nazhir services for co-creation value in waqf land asset management in Bantul. Through a comprehensive literature review, we establish the significance of effective waqf land management, the potential of digital technology, and the importance of co-creation. The synthesis of these concepts offers a compelling framework to revolutionize the management of waqf lands, enabling their transformation into vibrant and sustainable assets. The proposed framework includes an online platform for showcasing waqf lands, streamlined management processes facilitated by digital technology. The initiation of co-creation through the active engagement of stakeholders, from local communities to investors, provides collective decision-making, and ultimately value generation.

[1] Ari, I., & Koc, M. (2021). Towards sustainable financing models: A proof-of-concept for a waqf-based alternative financing model for renewable energy investments. Borsa Istanbul Review, 21, S46–S56. https://doi.org/10.1016/j.bir.2021.03.007
[2] Arshad, R., Noor, A. H. M., & Yahya, A. (2015). Human Capital and Islamic-Based Social Impact Model: Small Enterprise Perspective. Procedia Economics and Finance, 31, 510–519. https://doi.org/10.1016/s2212-5671(15)01195-8
[3] Bouslama, G., & Lahrichi, Y. (2017). Uncertainty and risk management from Islamic perspective. Research in International Business and Finance, 39, 718–726. https://doi.org/10.1016/j.ribaf.2015.11.018
[4] Darus, F., Ahmad Shukri, N. H., Yusoff, H., Ramli, A., Mohamed Zain, M., & Abu Bakar, N. A. (2017). Empowering social responsibility of Islamic organizations through Waqf. Research in International Business and Finance, 42, 959–965. https://doi.org/10.1016/j.ribaf.2017.07.030
[5] Elnazer, A. A., Seleem, E. M. M., Zeid, S. A. M., Ismail, I. S. A., Bahlol, H. A., & Salman, S. A. (2021). Hydrochemical evaluation of the quaternary aquifer and its suitability for different purposes at south Al Waqf city, Qena, Upper Egypt. Groundwater for Sustainable Development, 12. https://doi.org/10.1016/j.gsd.2020.100517
[6] Ghlamallah, E., Alexakis, C., Dowling, M., & Piepenbrink, A. (2021). The topics of Islamic economics and finance research. International Review of Economics and Finance, 75, 145–160. https://doi.org/10.1016/j.iref.2021.04.006
[7] Hassan, M. K., Alshater, M. M., Hasan, R., & Bhuiyan, A. B. (2021). Islamic microfinance: A bibliometric review. Global Finance Journal, 49. https://doi.org/10.1016/j.gfj.2021.100651
[8] Kalimullina, M., & Orlov, M. (Shamil). (2020). Islamic finance and food commodity trading: is there a chance to hedge against price volatility and enhance food security? Heliyon, 6(11). https://doi.org/10.1016/j.heliyon.2020.e05355
[9] Lestari, Y. D., Sukmana, R., Beik, I. S., & Sholihin, M. (2023). The development of national waqf index in Indonesia: A fuzzy AHP approach. Heliyon, 9(5). https://doi.org/10.1016/j.heliyon.2023.e15783
[10] Phan, C. T., Sun, S., Zhou, Z. Y., Beg, R., & Ramsawak, R. (2023). Does productive microcredit improve rural children’s education? Evidence from rural Vietnam. Journal of Asian Economics, 84. https://doi.org/10.1016/j.asieco.2022.101555
[11] Priyadi, U., Achiria, S., Imron, M. A., & Zandi, G. R. (2023). Waqf management and accountability: Waqf land financing models for economic wellbeing. Asian Economic and Financial Review , 13(1), 74–84. https://doi.org/10.55493/5002.V13I1.4696
[12] Priyadi, U., Shidiqie, J. S. A., Nazhat, E. H. L. L., & Imron, M. A. (2021). With-Without Privilege Funds: Allocative Efficiency And Local Growth Welfare. International Journal of Economics and Financial Issues, 11(5), 122–126. https://doi.org/10.32479/IJEFI.8884
[13] Sukmana, R. (2020). Critical assessment of Islamic endowment funds (Waqf) literature: lesson for government and future directions. Heliyon, 6(10). https://doi.org/10.1016/j.heliyon.2020.e05074
[14] Suyadi, Nuryana, Z., & Fauzi, N. A. F. (2020). The fiqh of disaster: The mitigation of Covid-19 in the perspective of Islamic education-neuroscience. International Journal of Disaster Risk Reduction, 51. https://doi.org/10.1016/j.ijdrr.2020.101848
[15] Unggul Priyadi. (2022). A Sustainable Economic Growth In Asean: Foreign Debt And Investment Efficiency. An Interdisciplinary Journal of Neuroscience and Quantum Physics, Volume 20(No 12), 894–915. https://doi.org/10.14704/NQ.2022.20.12.NQ77072
[16] Vincenti, D. (2016). Sustainability Transitions in Arab-islamic Countries: Egypt as a Case Study. Agriculture and Agricultural Science Procedia, 8, 135–140. https://doi.org/10.1016/j.aaspro.2016.02.018
[17] Widiastuti, T., Ningsih, S., Prasetyo, A., Mawardi, I., Herianingrum, S., Robani, A., Al Mustofa, M. U., & Hady, A. F. (2022). Developing an integrated model of Islamic social finance: toward an effective governance framework. Heliyon, 8(9). https://doi.org/10.1016/j.heliyon.2022.e10383