Presenters: Moh Shadam Taqiyyuddin Azka, Muhammad Zein Dedy Setiawan
Affiliation: UIN Sunan Kalijaga Yogyakarta
Room: 3
ICIES News- At the 4th International Conference on Islamic Economics Studies (ICIES) 2024, held in Room 3, Moh Shadam Taqiyyuddin Azka and Muhammad Zein Dedy Setiawan from UIN Sunan Kalijaga Yogyakarta presented their research titled “Sustainable Revitalization of Waqf Management: Empowering Micro Enterprises for Economic Development of the Special Region of Yogyakarta.” Their study provides innovative insights into how sustainable waqf management can be leveraged to stimulate the growth of micro, small, and medium enterprises (MSMEs) in Yogyakarta, ultimately contributing to the region’s economic development.
The research highlights the use of sustainable waqf as a mediating variable to explore its potential contribution to MSME growth, as emphasized by Kasi et al. (2019). The study focuses on how productive waqf can serve as a catalyst for MSME development, thereby having a broader impact on the regional economy. Mitchell (2013) also noted that sustainability is closely related to the long-term goals of organizations, a concept that the researchers applied to the context of waqf management in Yogyakarta.
A key novelty of the study lies in its focus on Yogyakarta, offering a fresh perspective on waqf management aimed at empowering MSMEs in the region. The researchers employed rigorous validity tests, including Loading Factor and Discriminant Validity Tests, to ensure the reliability and accuracy of their findings. The results confirmed that all constructs and variables used in the study were valid and reliable, with composite reliability values exceeding 0.6, thus affirming the robustness of the research model.
The study proposes several strategic recommendations for waqf institutions:
- Adoption of Good Governance Practices: Waqf institutions are encouraged to enhance transparency, accountability, and stakeholder participation. Regular training and workshops on effective governance could help achieve this.
- Investment in Human Resource Development: The research underscores the importance of investing in training and development for human resources, including management, financial, and technical skills. Mentorship programs and collaborations with educational institutions are also recommended.
- Policy Strengthening and Legislative Support: Collaboration with government and policymakers is crucial to ensure that existing policies support the sustainability of waqf institutions. The study advocates for policy updates or adjustments to better meet the needs and challenges faced by these institutions.
- Evaluation of Entrepreneurship Financing Programs: The researchers suggest that waqf institutions need to reassess their entrepreneurship financing programs to identify barriers and improve program effectiveness.
- Infrastructure Support: The study calls for a reassessment of strategies to strengthen supportive infrastructure, ensuring that investments yield the maximum impact on MSME development.
In conclusion, the research by Azka and Setiawan provides a comprehensive framework for revitalizing waqf management in a way that empowers MSMEs and supports sustainable economic development in Yogyakarta. Their findings offer valuable guidance for waqf institutions, policymakers, and other stakeholders interested in harnessing Islamic financial principles for regional economic growth.