Redefining Sustainability Of Waqf Institution: Lesson From Green Waqf Project

Among the main issues confronting humanity today is the sustainability of the planet. The capitalist system, which focuses on profit making has compromised many aspects of life and needs to be replaced with a better economic system based on an Islamic worldview. Throughout history, the significance of waqf to society can be clearly observed as one of the pivotal instruments in Islamic civilization. However, the contribution of waqf become less significant due to several factors. While previous studies have acknowledged the necessity for waqf revival, current study attempt to explore and redefine the requirement for the sustainability of waqf institution. Today, when there is a call to find solutions for the multidimensional and contemporary issues, Muslims need to go back to their legacy. Proper appreciation of Qur’an and Sunnah along with the works of authoritative ulama is urgently needed. To this end, current study employed Maqasid methodology. A proposed framework which includes seven elements, including the concept, objective, universal law, values, commands, groups, and proofs are provided prior formative theories and principles to achieve sustainability of waqf institutions. In addition, innovative project called Green Waqf is utilized to illustrate how the true concept of waqf can be promoted in the upcoming net zero economy in order to address the contemporary issues. It is expected that the potential of waqf can be fully unlocked with a suitable mechanism, that is based on the Islamic worldview.