Innovation on Islamic Microfinance Waqf Management: Problems and Strategies

Abstract

Baitul Maal wa Tamwil (BMT) as Islamic microfinance has various business and social functions. This study aims to analyze the problems and its strategies of waqf management in Islamic microfinance institutions. This study employed the Analytic Network Process (ANP) method to discover the priority of problems and feasible strategies. Data were collected from in-depth interviews with experts like academics and practitioners. The finding of this study shows that human resources take priority over other problems with waqf management in BMT. The next top priorities are regulation, management, and literacy. The most feasible strategy is giving regular training to create qualified human resources (nazir). This study contributes to developing the social functions of BMT and so optimizing BMT in their effort to collect low-cost third-party funds as well as supporting BMT continuity.