A systematic literature review on the socio-economic roles ofwaqf: evidence from organization of the Islamic cooperation (OIC) countries

Fahmi Medias, Asmak Ab Rahman, Akhmad Akbar Susamto and Zulfikar Bagus Pambuko

Journal of Islamic Accounting and Business Research, 2021, vol. 13, issue 1, 177-193

Abstract: Purpose - This paper aims to analyze the role ofwaqfin the socio-economic development of the organization of the Islamic Cooperation (OIC) countries. Various projects currently usewaqfas an instrument for socio-economic development, as reported in the scholarly literature. This study will investigate this literature to explore trends inwaqfstudies and the role of this Islamic form of endowment in the socio-economic development of OIC countries. Design/methodology/approach - This systematic literature review focuses on peer-reviewed journals and data obtained from the Mendeley database using specific criteria to analyze the socio-economic developmental role ofwaqfin OIC countries from 2011‐2020. Findings - The socio-economic developmental role ofwaqfin OIC countries has been widely studied. In total, 68 academic articles were found that are relevant to themes of poverty alleviation, social welfare, entrepreneurship, education, health services and religious facilities. They reveal that the role ofwaqfin social welfare was the most discussed topic in the research. In addition, the majority of studies used an interview method to studywaqfinstitutions in nine OIC countries. Furthermore, the number of publications on the theme has increased significantly every year, although the largest proportion occurred in unindexed journals. Practical implications - This study provides an overview of research trends in the socio-economic developmental role ofwaqf. Its results can provide practical input forwaqfinstitutions as they encourage its practice in OIC countries, and for policymakers in formulating their management strategies to promote the role ofwaqfin the social and economic aspects of society. Originality/value - This paper reviews the current development of the socio-economic role ofwaqfin OIC countries. It will help researchers improve their understanding of this role. It will also providewaqfmanagers in OIC countries with adequate information onwaqfprojects which they can implement to achieve socio-economic development in their countries.

Keywords: Waqfrole; Socio-economic development; OIC countries; Literature review (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jiabrp:jiabr-01-2021-0028

DOI: 10.1108/JIABR-01-2021-0028

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