Development and evaluation of Islamic green finance: A systematic review of green waqf Hantoro Ksaid Notolegowo (a*), Annisa Nadiyah Rahmani (a), Fariha Salma Anabila (a), Cindy Kristika (a)
(a) Faculty of Economics and Business, Bandung Islamic University Jalan Tamansari 10, Bandung 40116, Indonesia
*hantoro.ksaid[at]unisba.ac.id
Abstract
The global climate crisis has raised awareness among various parties to participate in environmental conservation efforts. One of them is the financial sector. Islamic finance responded quickly to this condition by providing environmentally friendly products in the form of green waqf as an implementation of environmental responsibility. This study aims to see the extent to which green waqf projects have been developed and investigate the challenges of green waqf in responding to the dynamic waqf market, evaluating the role of the government and waqif in developing green waqf objects, especially regarding their commitment to minimizing risks and costs. This study also tries to highlight management practices that are in accordance with green waqf, and at the same time provide a deeper picture of the benefits of green waqf projects. This study analyzes literature on green waqf throughout 2019-2024, which is found in the Scopus database. The methodology used in the study is descriptive analysis which aims to explain green waqf data quantitatively- Synthetic analysis is used to describe data into four dimensions, namely innovation, opportunities, challenges, and evaluation. The green waqf project is indeed quite promising, but its existence needs to be elaborated with other environmentally friendly projects to ensure continuity
Keywords: Green waqf- Developing- Evaluating- Commitment- Management
Topic: Economic Welfare in Terms of Islamic Perspective
