Integrating Waqf-Based Cooperative Models into Islamic Financial Regulation: Toward a Resilient and Sustainable Sharia Economy

Abstract

This study explores the integration of waqf-based cooperative models into Islamic financial regulation to strengthen the resilience and sustainability of the Sharia economy. Using a case study of Koperasi Mawar, a certified nazhir wakaf uang (cash waqf manager) under Indonesia’s BWI regulations, the research employs a qualitative descriptive method through document analysis of financial and operational reports (2017–2024). Findings reveal that integrating waqf funds within cooperative structures enhances inclusive financial participation, facilitates productive investment through direct and indirect mechanisms, and promotes continuous social benefits without depleting the waqf principal. The model demonstrates regulatory compatibility with PSAK 112 and BWI standards, providing a replicable framework for Islamic financial institutions. The study recommends that policymakers formally embed waqf-based cooperative mechanisms within Islamic financial regulations to achieve equitable, sustainable, and socially responsible economic development.

Keywords : waqf-based cooperative, Islamic finance, sustainability.