APTISI Transactions on Technopreneurship (ATT) Vol.
No.
November 2025, pp.
701Oe712 E-ISSN: 2656-8888 | P-ISSN: 2655-8807.
DOI:10.
ye Tawhidi String Relationship (TSR) Approach to Entrepreneurial Growth in Waqf Linked Sukuk Lokot Zein Nasution1* .
Hermanto Siregar2 .
Rifki Ismal3 .
Tatik Mariyanti4 1,2,4 Doctoral Program of Islamic Economics and Finance.
Universitas Trisakti.
Indonesia 1 Research Center for Cooperative.
Corporation, and PeopleAos Economy.
National Research and Innovation Agency.
Indonesia 2 Department of Economics Science.
IPB University.
Indonesia 3 Islamic Financial Market Development and Regulation Division.
Bank of Indonesia.
Indonesia 4 Faculty of Economics and Business.
Universitas Trisakti.
Indonesia 1 lokot222021802006@std.
id, 1 loko001@brin.
id, 2 hermanto@trisakti.
idm, 3 rifki@trisakti.
4 tatik.
mariyanti@trisakti.
*Corresponding Author
Article Info
ABSTRACT
Article history:
This paper is motivated by the still weak bargaining position of Islamic finance in the development policy constellation.
In fact.
Islamic finance has a variety of advantages compared to conventional, and has a variety of instruments that can be developed.
One of the innovations in the development of Islamic financial instruments is the combination of sukuk and waqf or called sukuk linked waqf.
The development of waqf-linked sukuk is one of the innovations and a manifestation of the importance of formulating objectives derived from religious and divine values or known as the Tawhidi String Relation (TSR).
The TSR approach emphasizes the truth that comes from God, while at the same time emphasizing the importance of trying to achieve the benefit of the world.
The principle of TSR is the oneness of Allah SWT which is known as Tawhid which acts as the main method for the development of Islamic finance.
The oneness of Allah SWT is represented in the Al-QurAoan which is then juxtaposed with As-Sunnah.
Based on the TSR approach, this paper suggests that there are many arguments or basic arguments for the importance of returning the financial sector back to the sharia economy which originates from the Al-QurAoan and As-Sunnah.
This weak correlation causes the innovation results in the ecosystem for the development of waqf-linked sukuk to be weak.
Therefore, it is necessary to strengthen the Islamic financial conclusion which must truly base its ecosystem on the basis of the Al-QurAoan and As-Sunnah as the foundation for the development of sukuk linked waqf.
Submission February 19, 2025 Revised March 14, 2025 Accepted September 3, 2025 Published September 24, 2025 Keywords:
Tawhidi String Relationship Waqf Linked Sukuk Islamic Finance Entrepreneurial Growth Sharia Economy This is an open access article under the CC BY 4.
0 license.
DOI: https://doi.
org/10.
34306/att.
This is an open-access article under the CC-BY license .
ttps://creativecommons.
org/licenses/by/4.
AAuthors retain all copyrights INTRODUCTION Islamic financial practices have historically had a lower bargaining position compared to conventional finance .
This condition is influenced by weak education and literacy on sharia finance, limited product offerings, and poor access to these services, especially in rural areas .
Such challenges increase costs for Islamic financial institutions, making their products less attractive to the public and hindering customer acquisition and Journal homepage: https://att.
id/index.
php/att ye
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Furthermore, the weak position of sharia finance has led the public and investors to perceive it as riskier, primarily due to its low level of innovation and product diversification .
The slow pace of innovation results in products that are less suited to societal needs, contributing to a lack of competitiveness and slower growth in comparison to conventional finance.
According to .
, the weak bargaining power and innovation in sharia finance is caused by limited knowledge and asymmetric information regarding its advantages.
Islamic finance, however, offers a comprehensive range of instruments, including both social and commercial sectors.
The social finance sector focuses on community empowerment and poverty alleviation, while the commercial sector emphasizes profitability and efficiency, providing a more inclusive approach to finance .
To address these challenges, innovation in sharia financial instruments is necessary.
One such innovation is the combination of waqf .
ocial financ.
and sukuk .
ommercial financ.
, forming a waqf-linked This innovative model not only prioritizes social welfare but also creates a sustainable profit mechanism through productive waqf governance, which can transform idle assets into productive ones .
Despite its potential, this innovation has been slow due to shallow sharia concepts and a lack of strong arguments in support of its practice.
The Tawhidi String Relationship (TSR) approach provides a theoretical foundation to accelerate the development of waqf-linked sukuk.
TSR integrates religious values with economic practices, offering a holistic approach to Islamic economics .
By combining scientific knowledge with Islamic principles.
TSR promotes sustainable innovation and ensures that financial products align with the core values of sharia.
This approach has the potential to resolve current challenges in Islamic finance, foster innovation, and contribute to sustainable development .
The TSR approach, when applied to waqf-linked sukuk, provides a framework that aligns closely with several Sustainable Development Goals (SDG.
Specifically, it contributes to SDG 1 (No Povert.
by channeling funds into productive waqf projects that uplift impoverished communities .
, .
The integration of social and commercial finance through waqf-linked sukuk can stimulate economic activities, contributing to SDG 8 (Decent Work and Economic Growt.
, by creating jobs and fostering local economic growth.
Moreover, by ensuring financial inclusion, it helps reduce inequality (SDG .
by providing access to sharia-compliant financial products for underserved populations.
Additionally, the productive use of waqf assets can help achieve SDG 11 (Sustainable Cities and Communitie.
by funding infrastructure projects that improve social welfare .
The transparency and accountability principles embedded in TSR ensure alignment with SDG 16 (Peace.
Justice, and Strong Institution.
, promoting justice in financial practices.
Finally, the collaborative efforts required in the management of waqf-linked sukuk demonstrate the power of partnerships to drive development, aligning with SDG 17 (Partnerships for the Goal.
This holistic approach supports the achievement of sustainable, inclusive development rooted in the principles of justice, equity, and social well-being .
LITERATURE REVIEW
Waqf-linked sukuk is a combination of sukuk and waqf instruments designed to support productive waqf governance through capital development .
The integration of these two instruments addresses issues such as the lack of research and development, regulatory uncertainty, and weak technological infrastructure, which have hindered innovation in sharia finance products .
Waqf-linked sukuk offers a solution by enabling waqf assets to be developed productively, providing long-term benefits while preserving the essence of the initial waqf.
Many waqf assets remain unproductive due to the limited capacity of Nazirs .
aqf asset manager.
Traditionally, waqf assets have been directed toward religious infrastructure or educational facilities, which are often already sufficient for the population.
Waqf-linked sukuk can transform these assets into productive ones, generating sustainable profits and expanding the social impact of waqf beyond its original scope .
The integration of social and commercial finance through waqf-linked sukuk reflects Islamic principles, emphasizing the balance between spiritual and material interests.
Islam encourages individuals to work and earn a living to meet life needs while also fostering social justice and community empowerment .
This dual-sector approach provides a comprehensive value system, which is more profound and far-reaching than conventional financial instruments, helping to enhance societal welfare .
, .
The development of waqf-linked sukuk can be guided by the TSR epistemological approach, which APTISI Transactions on Technopreneurship (ATT).
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701Ae712 APTISI Transactions on Technopreneurship (ATT) ye seeks to integrate divine values with scientific knowledge .
TSR emphasizes the importance of knowledge as a tool for uncovering truth and solving real-world challenges, promoting a holistic approach to Islamic economics.
This methodology contrasts with Western epistemology, offering a more structured and comprehensive way to understand economic issues in alignment with Islamic principles .
In Islam, knowledge is considered a divine attribute, and its acquisition and application are guided by the QurAoan and Sunnah.
TSR applies these sources as the foundation for economic innovation, ensuring that financial practices, such as waqf-linked sukuk, align with Islamic moral and ethical standards .
, .
By integrating Tauhid .
he oneness of Alla.
TSR provides a robust framework for developing solutions that address contemporary economic challenges, making it highly relevant to the development of sustainable and socially beneficial financial systems .
METHODOLOGY
The methodology used was carried out to answer the two research objectives, namely positioning the TSR approach as an argumentative basis in creating innovative development of sukuk linked waqf and placing TSR as the basis for analysis .
, .
To answer the first objective, it is carried out through a qualitative approach and a mix of TSR concepts that emphasize Interaction.
Integration.
And Evolution (IIE).
This approach is referred to as shuratic process, namely an effort to uncover the relationships between sukuk and waqf through a process of IIE in the context of the sharia financial system .
If the IIE phase is linked to the Islamic financial system, it will give rise to human understanding of a unified body of knowledge or unity of knowledge which is induced in a worldview system that is monotheistic (Tawheed Wordvie.
, which in this case is the construction of the sukuk linked waqf model .
, .
It can be said that sukuk linked waqf is an effort to form a model of contemporary Islamic financial instruments that is able to cover the weaknesses of previous financial instruments .
ukuk and waq.
, then evaluate and match it with the Al-Quran and hadith, and then conclude with a result with truth values.
Apart from being approached from the TSR concept, the qualitative approach in this research was also carried out using coding of expert informant answers .
The coding results were obtained from distributing questionnaires addressed to the Ministry of Finance.
Ministry of Religion.
Financial Services Authority (OJK).
Indonesian Waqf Board (BWI).
Indonesian Stock Exchange (BEI), and waqf observers.
The coding results are sharpened through literature reviews which play a role in creating contributions to develop the knowledge gained from empiricism.
The reason for using literature studies is because of the nature of the study model applied can be deepened through diligent literature study.
The coding approach that is sharpened through critical literature study is one unit and is integrated in order to deepen the argument for linked waqf sukuk as an innovation and present details of the innovation of waqf linked sukuk based on the TSR approach .
, .
This is useful for producing sukuk linked waqf which is capable of creating problems both in the world and the afterlife perspective.
RESULT AND DISCUSSION
The Urgency of Waqf Linked Sukuk Innovation This paper focuses on the view that sukuk-linked waqf innovation can be carried out through the development of both internal and external dimensions.
From the internal dimension, the governance of sukuk-linked waqf plays a crucial role in strengthening Nazir capacity and enriching the types of waqf assets, including both movable and immovable assets .
Through sukuk-linked waqf.
Nazhir has significant room for innovation in managing waqf assets, creating various possibilities for their use.
On the external dimension, sukuk-linked waqf innovation can involve a variety of stakeholders, including the government, investors, capital market institutions, and the general public .
, .
This innovation is flexible, able to accommodate different policies and adapt to the changing dynamics of various environments.
Multiplier effect waqf linked sukuk is very broad, good for Nazirs, poor communities, creating new entrepreneurship, developing the competitiveness of MSMEs, improving the environment, and its benefits for regional development.
Many cases prove that the productivity of sukuk linked waqf is able to contribute to improving the quality of the socio-economic environment.
The main indicators include:
A Creation of a productive business environment A Improving the economic performance of a location/region ye
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A Employment A Improvement of the social environment Waqf linked sukuk are considered capable of creating competitiveness self-reinforcing, where domestic competition is able to stimulate the growth of a productive economy and simultaneously form advanced consumers .
The model explains the relationship between firm-industry-region, as well as its relationship in supporting the quality of the socio-economic environment.
From this impact, waqf linked sukuk is categorized as an innovation to create inclusive and sustainable growth, and is able to ensure equal distribution of prosperity.
TSR Formation Process TSR is based on knowledge management, which, when viewed from a philosophical perspective, aims to bring to life the knowledge possessed by every human being.
According to .
, the knowledge possessed by humans is basically framed into two, namely:
A Explicit knowledge A Tacit knowledge Explicit knowledge is knowledge that is written, archived, distributed .
rint and electroni.
and can be used as learning material .
for other people .
Whereas tacit knowledge is a form of human knowledge know-how, experience, skills, understanding and so on rule of thumb.
To activate a person knowledge, several phases of knowledge conversion are required.
There are four phases of changing knowledge in order to activate the knowledge a person has, namely:
A Shut up shut up A Tacit to explicit A Explicit to explicit A Explicit to tacit According to .
, the process of bringing this knowledge to life is the spiralization of knowledge.
A Tacit to Tacit (Socializatio.
Understanding shut up shut up is sharing knowledge and experience between people using discussion methods such as sharing ideas, small talk or stories that generally take place informally.
In this phase, what is called a process of socialization or knowledge transfer occurs.
Phase shut up shut up is a basic form of knowledge management that generally takes place within organizations and companies.
This process is important for producing discussions of knowledge which can lead to the formation of conceptions or formulation of forms of knowledge .
A Tacit to Explicit (Externalizatio.
This phase seeks to convert tacit knowledge obtained from the results sharing, stories and inspirational wisdom are then articulated and drawn out of their relevance so that they become knowledge that has context to the problem being faced so that it is made explicit .
A Explicit to Explicit (Combinatio.
This phase prioritizes efforts to diffuse, disseminate or disseminate knowledge, both in print and digital form, such as e-mail, blog or e-learning so that it can be accessed and known by everyone in the organization through the medium of a knowledge database.
Through a knowledge database, anyone can collect various reference sources and then summarize or combine them into a new form of knowledge.
However, the implementation of this phase can be further improved to accelerate the formation of truly new knowledge, namely by enriching .
data and knowledge accumulated in a certain way .
APTISI Transactions on Technopreneurship (ATT).
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This phase is a process where an individual internalizes knowledge of a variety of new knowledge that emerges as a result of the knowledge combination phase.
The process of internalizing knowledge requires that individual employees can understand the new knowledge and comply with the values and views they believe in.
By reading, individuals at a certain stage extend their knowledge and reflect back on their experiences related to this new knowledge.
If he thinks it is relevant, he will internalize it to himself as tacit knowledge the new one .
The TSR Formation Process emphasizes the continuous evolution and transformation of knowledge, beginning with its socialization and culminating in the internalization of new insights.
Each phase ranging from tacit knowledge sharing to its conversion into explicit forms illustrates how knowledge management is integral to the development of innovative ideas and solutions.
By applying this process, individuals can generate new, actionable knowledge that enriches their understanding and improves their ability to address challenges.
The TSR approach encourages collaboration and the integration of diverse perspectives, ensuring that knowledge evolves in a manner consistent with both practical and ethical standards, ultimately leading to more effective problem-solving and innovation.
How Does the TSR Concept Work? The concept of TSR outlines the process of knowledge creation from an Islamic perspective, which should be applied to formulating policies, particularly in the financial sector.
The knowledge management practice in Islam began with the first revelation to Prophet Muhammad SAW, emphasizing the acquisition and transfer of knowledge, as seen in the commands of Q.
Al-Alaq 1-5 and Q.
Al-Mudatsir 1-7.
This foundation marks the beginning of the Islamic practice of knowledge management, which plays a critical role in policy The process of ijtihad is a key element of Islamic knowledge, divided into ijtihad istimbathi .
eductive reasonin.
and ijtihad tathbiqi .
nductive reasonin.
Ijtihad allows scholars to deduce laws from sacred texts and apply them to real-world issues, ensuring that Islamic law is relevant to contemporary challenges.
This process also includes ijmaAo .
, which provides a high degree of truth and is crucial for establishing best practices in Islamic economics.
In the shuratic process, knowledge creation is viewed as a cyclical process that involves cumulative causation a comprehensive approach that integrates multiple perspectives to align knowledge with reality and ethical values.
This method contrasts with the idea of steady state equilibrium, emphasizing the dynamic, evolving nature of knowledge that adapts to changing needs and circumstances.
The goal is to create knowledge that supports justice, fairness, and the broader well-being of society.
The circular causation concept is central to the IIE process, which links various knowledge systems in a continuous, evolving loop.
This process emphasizes the interconnectedness of knowledge, science, and society, where the interaction between institutions, government, and the public leads to balanced decisionmaking and effective solutions.
The integration of religious and moral values is key to this process, ensuring that knowledge remains aligned with ethical principles.
In the shuratic process, the learning and decision-making process is participatory, involving individuals who respect the guidance of knowledgeable leaders, or Amir, in decision-making.
This participatory approach ensures that ethical standards and Islamic principles are upheld, while also adapting to the evolving socio-economic order.
Ultimately, the integration of Tawheed .
he oneness of Go.
in the knowledge system reinforces a unified worldview that guides the continuous development of knowledge and society.
Waqf Linked Sukuk Innovation in Approach Tawheed String Relation (TSR) The innovation of sukuk-linked waqf through the TSR approach is achieved by using the shuratic process, which integrates knowledge from the Al-QurAoan and As-Sunnah.
This process encourages creative evolution, allowing for new ideas and propositions in the development of science.
The sukuk-linked waqf model merges two important Islamic financial instruments to create a productive, ethical, and sustainable finance system that aligns with divine principles.
Despite its potential, the development of sharia finance has been limited by a narrow focus on comparative advantages over conventional finance, which overlooks the deeper ideological and philosophical values of sharia.
This approach needs a more comprehensive framework that incorporates both religious and rational ye
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scientific perspectives, ensuring that the foundations of the financial system are rooted in moral, religious, and justice-based values rather than merely financial advantages.
In the case of sukuk-linked waqf, combining these instruments through TSR creates an opportunity to develop a more integrated and comprehensive system that balances social and commercial goals.
This process of integrating sharia values with modern financial practices ensures that the resulting products are ethically sound and meet the evolving needs of the community.
The approach also involves collaboration among scholars, financial experts, and the community to create innovative financial products that adhere to Islamic principles.
The importance of returning to sharia economics is reinforced through verses in the Al-QurAoan, such as Q.
Al-Baqarah Verse 276, which condemns usury-based economies and emphasizes the value of charity.
This foundation encourages the development of an economic system based on divine guidance, ensuring that wealth is distributed justly and contributes to the overall welfare of society.
By adhering to these principles, sharia finance can provide a more stable and ethical alternative to conventional financial systems.
TSR offers several advantages in the development of sukuk-linked waqf, including enhancing transparency, accountability, and social impact.
By improving waqf management and expanding its reach.
TSR ensures that waqf can attract diverse investors and reach a wider audience.
Additionally.
TSR helps maintain alignment with sharia principles, ensuring that financial instruments are not only efficient but also morally and spiritually grounded, benefiting both the financial system and the broader community.
Implications of the TSR Approach for Strengthening Waqf Linked Sukuk Innovation This research proposes a waqf-linked sukuk innovation approached through the TSR perspective, which aims to analyze the products, impact, and development of sukuk-linked waqf in line with sharia principles.
TSR helps evaluate product conformity with sharia values, such as the prohibition of riba, gharar, and zhulm, and assesses the impact of these financial products on individuals, society, and the environment.
It also supports resolving governance and compliance issues, providing a philosophical foundation for sharia financial In strengthening waqf-linked sukuk.
TSR plays a critical role in ensuring solutions align with sharia principles, particularly in areas like fairness, risk-sharing, and openness.
TSR encourages the integration of religious knowledge with conventional financial practices, fostering innovation in sukuk products that meet community needs.
It provides a holistic framework to view waqf-linked sukuk as part of a larger system while also considering the social and environmental impacts of these innovations.
The innovation of sukuk-linked waqf requires two key strategies:
A The waqf ecosystem development strategy.
A The sharia capital market ecosystem strategy.
Both strategies emphasize the importance of professionalism in the management of waqf, especially by the Nazir, who is responsible for maintaining and developing waqf assets.
The waqf ecosystem needs to incorporate various stakeholders, reflecting the Islamic spirit of cooperation and mutual support as highlighted in QS Al-Maidah Verse 2, while also developing sharia social finance, commercial finance, and waqf fintech to create a comprehensive and sustainable system.
The next strategy is the development of the sharia capital market ecosystem which is needed to strengthen the knowledge of issuers and investors.
The importance of capital market playersAo knowledge regarding sukuk and waqf is part of efforts to increase dissemination regarding sharia economics, so that ideally, the national economic system must return to the Al-Quran and As-Sunnah.
This is for example such as:
A Holding seminars and routine training on sukuk and waqf, aimed at issuers and investors.
A The development of a digital platform that provides interactive education material on the Islamic capital A Cooperation with educational institutions and universities to include the Islamic economy curriculum in related study programs.
With the implementation of these strategies, it is hoped that the Islamic capital market ecosystem in Indonesia can develop more rapidly, and contribute significantly to the national economic growth based on the principles of the Koran and As-Sunnah.
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Construction of Strengthening Waqf Linked Sukuk Innovation Variable Explanation Development of The sharia social finance sector has a fundamental role as the bathe Sharia Social sis for accelerating the development of waqf in Indonesia.
Waqf Finance Sector has great potential to become a sustainable source of funds for the social and economic development of the people.
Development of the The advantage of Islamic commercial finance compared to conSharia Commercial ventional finance lies in its inherent character and demonstrated Finance Sector Sharia commercial finance is able to carry out financial Waqf Ecosystem transactions that are ethical, fair, safe, and profitable.
Development Development of The definition of integration is a strategy to synchronize and Strategy Integration of Social carry out linkage efforts between the sharia social finance secand Commercial tor and the sharia commercial finance sector.
The integration of Sharia Finance the two has an important role in creating a comprehensive and sustainable sharia financial ecosystem.
Waqf Fintech The waqf ecosystem must require acceleration so that it can become a conducive environment in supporting the development of waqf, one of which is through financial digitalization or Financial Technology (Fintec.
Waqf fintech has several important functions in developing an inclusive, efficient, and innovative sharia financial ecosystem.
Sharia Capital Mar- The development of sharia capital market products has an imket Product Develop- portant role in creating a financial services sector ecosystem to meet needs from the supply and demand sides.
Sharia Capital Mar- Infrastructure development in the sharia capital market with ket Infrastructure De- greater emphasis on sharia legal and institutional foundations.
Adequate infrastructure can support the growth and innovation of the Islamic capital market, increase market efficiency, and expand access for investors.
Increasing Sharia Strengthening literacy will automatically increase sharia capiSharia Capital Capital Market Liter- tal market inclusion, because literacy will increase the potential Market Ecosystem for supply and demand for sharia capital market products.
With acy and Inclusion Development massive literacy and inclusion, it is hoped that the sharia capital Strategy market can become an attractive investment option for the community and contribute to the progress of the sharia economy in Indonesia.
Sharia Capital Mar- The development of Sharia capital market Fintech is part of the ket Fintech Develop- development of the sharia commercial financial sector, considment ering that the sharia capital market produces various products that fall into the category of the sharia commercial financial sector.
Sharia capital market fintech can automate many processes such as transaction opening, securitization purchase and sale, and transaction settlement.
Strategy The ideal economic system is one that avoids usury, so efforts to understand sukuk and waqf are part of implementing Islamic values in muamalah transactions.
As stated in Surah An-Nisa Verse 29, it prohibits consuming each otherAos wealth in commerce, namely AyO people who believe! Do not consume each otherAos wealth in a false .
way, except in trade that takes place on the basis of mutual consent between you.
And donAot kill yourself.
Truly.
God is Merciful to youAy.
There is also a hadith explaining muamalah must be based on sharia principles, narrated by HR.
Al-Khamsah from AoAmr bin SyuAoaib from his father from his grandfather, and declared authentic by Tirmizi.
Ibn Khuzaimah and Hakim: AyIt is not halal .
o giv.
and buying and selling, it is not halal .
o se.
two conditions in a sale and purchase, it is not halal to profit from something that does not bear the risk, and it is not halal .
o mak.
the sale of something that you do not haveAy.
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Orientation and Objectives of Strengthening Waqf Linked Sukuk Innovation The development of sukuk-linked waqf is closely tied to the position of sharia finance, which currently lacks a strategic place in development policy.
The TSR perspective suggests that integrating Islamic knowledge from the Al-QurAoan and As-Sunnah can help strengthen the sharia economy by innovating sukuk-linked waqf, addressing criticisms of conventional financial theories.
This development plays a key role in bridging the gap and responding to challenges within Islamic finance.
Sukuk, like many other sharia financial instruments, faces similar risks to conventional finance, including asset risk, financial uncertainty, and conformity with sharia principles.
Challenges also stem from external factors such as low market awareness, limited liquidity in the sukuk market, and a lack of tax incentives and complete sharia-compliant entities.
These barriers contribute to reduced demand for sukuk and hinder its growth potential.
Despite these challenges.
Islamic finance offers several advantages.
It minimizes risks commonly found in conventional finance, avoids activities like gambling, and upholds justice and fairness.
The key objectives of the sharia financial system are to enhance economic prosperity, social justice, and income distribution, while maintaining stability in the value of money and providing guaranteed profits through profit-sharing mechanisms.
These principles offer a more ethical and sustainable alternative to traditional financial systems.
Islamic finance instruments, like sukuk, have both internal and external advantages.
Internally, sukuk offers a low-risk investment with returns in line with sharia principles, avoiding usury and focusing on asset Externally, factors such as the large Muslim population, growing demand in the halal industry, and the rise of digital sukuk contribute to expanding the market.
These advantages create a strong foundation for sukuk to grow, attract institutional investors, and support MSMEs with sharia-compliant funding.
MANAGERIAL IMPLICATIONS
Based on the advantages and disadvantages, the orientation and aim of strengthening sukuk linked waqf innovation in the TSR perspective is to increase the role of productive waqf and sukuk in national development through optimizing waqf and sukuk assets, as well as encouraging community participation in waqf and sukuk purchases.
This is done by:
A Increasing the value and benefits of waqf, where sukuk linked waqf in a TSR perspective allows waqf to be invested in productive assets and generate profits, so that the value of waqf can continue to increase and provide greater benefits for the people.
A Expanding the reach of waqf, where sukuk linked waqf from a TSR perspective can be owned by retail investors easily and affordably, thus opening up opportunities for people who want to give waqf but have limited funds.
A Increasing the transparency and accountability of waqf management Where the sukuk linked waqf in the TSR perspective is managed using sharia principles and supervised by an independent institution, thereby increasing the transparency and accountability of waqf management.
The benefits of strengthening TSR-based sukuk linked waqf innovation include:
A Being able to increase funding for waqf programs, for example a stable and sustainable funding source for waqf programs, for example the development of education, health and social infrastructure.
A Strengthening the peopleAos economy, where waqf investment through waqf-linked sukuk can help encourage the peopleAos economic growth by creating jobs and increasing welfare.
A Strengthening Islamic sharia, where sukuk linked waqf is a sharia financial instrument that can help strengthen the implementation of Islamic sharia in Indonesia.
By linking Sukuk (Islamic Financial Instrument.
with waqf, a funding model is created that not only relies on conventional donations, but also utilizes the potential of Islamic capital markets.
Funds collected from Sukuk Linked Waqf can be allocated to various waqf programs that have a high social impact, such as the development of educational infrastructure, health facilities, and other social programs.
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Likewise, funding for health facilities can be used to build hospitals, clinics, or public health centers that provide affordable health services for those in need.
Other social programs, such as 17 assistance to the poor, community economic empowerment, and environmental preservation, can also be funded through this scheme.
Thus.
TSR-based waqf sukuk linker innovation not only increases the amount of funds available for waqf programs, but also ensures the sustainability and effectiveness of these programs in the long run.
Strengthening the innovation of Sukuk Linked Waqf-based TSR also has great potential in strengthening the economy of the people.
Through waqf investment connected to sukuk, the funds collected can be allocated for productive projects that provide direct benefits for the community.
This creates new jobs, increases income, and encourages sustainable economic growth.
In addition, this innovation can also improve the welfare of the people by providing access to education, health, and better infrastructure services.
Thus, the strengthening of the TSR-based waqf sukuk linker innovation not only provides economic benefits, but also contributes to social development that is inclusive and sustainable.
Next, the strengthening of the TSR-based waqf sukuk linker innovation also has a significant impact in strengthening the application of Islamic sharia in Indonesia.
Sukuk Linked Waqf, as a Islamic financial instrument, combines the principles of sukuk with the concept of waqf, creating a mechanism that is in accordance with Islamic values.
Through this instrument, waqf funds can be invested in projects that not only produce financial benefits, but also provide sustainable social benefits.
Application of Sukuk Linked Waqf based on TSR ensures that every transaction and project that is financed in harmony with the principles of monotheism.
This includes justice, transparency, and social responsibility, which is the core of the Islamic economy.
Thus, the strengthening of this innovation not only expands the reach of Islamic financial instruments, but also deepens the understanding and application of Islamic values in the Indonesian financial system.
In addition.
Sukuk Linked Waqf can be an effective means of mobilizing waqf funds which have not been optimal.
By connecting waqf with sukuk, the potential for waqf funds can be used productively to finance projects that are beneficial to the community, such as the development of social infrastructure, education, and This not only strengthens the role of waqf in economic development, but also improves the welfare of the community as a whole.
Thus, the strengthening of the TSR-based Waqf Sukuk Waqf innovation has an important role in strengthening Islamic sharia in Indonesia through:
A Alignment of financial instruments with the principles of monotheism.
A Increased mobilization and productivity of waqf funds.
A Financing projects that are beneficial to the community.
A Strengthening the understanding and application of Islamic values in the financial system.
Furthermore, it is essential for policymakers and financial institutions to prioritize education and awareness campaigns to increase understanding and adoption of sukuk-linked waqf among potential investors and stakeholders.
This can be achieved through targeted outreach efforts, such as seminars and workshops, that highlight the benefits and ethical principles of these financial instruments.
Additionally, integrating sukuk-linked waqf into the broader Islamic finance ecosystem can facilitate collaboration between governmental bodies, financial institutions, and the private sector, thus fostering a more inclusive and sustainable financial landscape that supports long-term social and economic development goals.
CONCLUSION
This paper concludes that the weakness of the sukuk linked waqf ecosystem is caused by weak knowledge regarding TSR.
The Tauhidi worldview which is the Islamic worldview should be a fundamental problem in understanding economic behavior and its transformations inherent in the world system.
TauhidiAos worldview is a systemic unity of knowledge.
Because, from this world view, the meaning of morals and ethics is then derived from the premises of epistemology and the unity of knowledge.
Knowledge management activities, if looked at more closely, have a number of similarities and differences with shuratic process.
With a similar approach, tacit knowledge And explicit knowledge which has been explained in the spiralization of knowledge E-ISSN: 2656-8888 | P-ISSN: 2655-8807 ye in the knowledge management section has similarities with the way the Al-QurAoan and Sunnah are used as a guide by Muslims to worship as a form of gratitude to Allah SWT for all His blessings in the sense of shuratic The difference is, knowledge management has more of a horizontal dimension .
Temporary shuratic process involves horizontal .
and vertical .
aspects by including the component of Allah SWT as the beginning and end of all knowledge.
Plus the role of the holy book Al-QurAoan and the Sunnah of the Prophet as an integral part of the overall movement of the universe which is a reference source of knowledge for humans.
This shows the existence of a human interrelation framework that is complementary and comprehensive and does not view humans solely as economic man.
Knowledge management can be said to play a major role in becoming a basic framework for understanding shuratic process.
Shuratic process can start from understanding the application of knowledge management plus spiritual aspects in the form of understanding sources of knowledge in Islam, namely the Al-QurAoan and Sunnah as well ijtihad, qiyas And consensus as a form of codification of knowledge.
From this description, this paper contributes to the lack of literature on the development of sukuk linked waqf, especially the limited innovation in governance of sukuk linked waqf so that it can influence the performance of the sharia financial sector in general.
This article is able to enrich literacy and theoretical concepts, especially those related to TSR, how to manage the advantages and disadvantages of internal and external aspects of sukuk linked waqf.
Another contribution is to formulate innovative sharia financial instruments that can be based on the Al-Quran and As-Sunnah.
DECLARATIONS
About Authors Lokot Zein Nasution (LZ) Hermanto Siregar (HS) Rifki Ismal (RI) https://orcid.
org/0009-0004-8748-2264 https://orcid.
org/0000-0003-0913-6820 https://orcid.
org/0000-0003-4488-3207 Tatik Mariyanti (TM) https://orcid.
org/0000-0002-0560-4888 Author Contributions Conceptualization: LZ.
Methodology: HS.
Software: RI.
Validation: TM and LZ.
Formal Analysis:
HS and RI.
Investigation: TM.
Resources: LZ.
Data Curation: HS.
Writing Original Draft Preparation: RI and TM.
Writing Review and Editing: LZ and HS.
Visualization: TM.
All authors.
LZ.
HS.
RI, and TM, have read and agreed to the published version of the manuscript.
Data Availability Statement The data presented in this study are available on request from the corresponding author.
Funding The authors received no financial support for the research, authorship, and/or publication of this article.
Declaration of Conflicting Interest The authors declare that they have no conflicts of interest, known competing financial interests, or personal relationships that could have influenced the work reported in this paper.
REFERENCES