THE LOCAL WISDOM APPROACH IN FINANCING WAQF ASSETS: AN EXPLORATORY STUDY
Keywords:
waqf, financing, local wisdom, al-‘urf wa al-‘adah, resource-based theoryAbstract
One of the issues faced by the mutawalli (waqf manager) in developing waqf properties is finding the proper financing. Although many waqf assets were established, most of them remained unproductive and stand idle. To be able to benefit the beneficiaries, mutawalli should find the best way to finance waqf assets. The problem is that many mutawalli have limited access to financial institutions to get financing schemes for waqf. Some modes of waqf financing are suggested by academicians and scholars, but not all are practical in the field. Meanwhile, there are some possible alternative modes of financing based on customs and local wisdom which do not contradict shariah rules. One of these financing schemes is the mampaduoi system which is commonly practised in the Minangkabau society. Hence, this study aims to explore the practice of waqf financing based on local wisdom. To do so, a case study at Masjid Ma’mur Tanah Datar West Sumatra was conducted. Through a series of in-depth interviews and observations, this study discovers that the mampaduoi system is not only able to provide financing for the mosque but also has empowered the economic potential of the society. The principle of al-‘Urf wa al-‘Adah (customs and traditions) has confirmed that any local wisdom which is in line with the shariah rules should be considered to develop waqf. In addition, the resource-based theory also suggests the mutawalli utilize all possible resources in managing waqf properties to be more productive in many ways.
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