EFFICIENCY OF WAQF-BASED SOCIAL ENTREPRENEUR MODEL BY BAITUL WAKAF INDONESIA: SOCIAL RETURN ON INVESTMENT (SROI) APPROACH

Abstract

This paper aims to demonstrate the efficiency of waqf-based social entrepreneurship as a model that has the potential to significantly increase the usefulness and productivity of waqf. The novelty of this study lies in its approach towards integrating social entrepreneurship principles with the traditional Islamic waqf system, which has rarely been explored in existing literature. This research addresses the urgent need for a sustainable and productive waqf development model by focusing on the implementation and social impact efficiency of Baitul Wakaf's waqf-based social entrepreneurship initiative. Primary data were collected through interviews and field studies, and analysed using the Social Return on Investment (SROI) method to determine the ratio of investment to social impact. The resulting SROI ratio of 1:2.01369848 indicates a high level of efficiency, suggesting that for every unit of investment, more than two units of social value are created. Compared with other similar SROI-based studies, this result highlights the relative effectiveness of the Baitul Wakaf model in delivering measurable social impact, thus offering a replicable framework for future waqf-based development initiatives.