Reintegrating the Legal into the Social: Reviving Islamic Transactional Law in the Context of the Civil Economy, with Special Reference to Waqf

Abstract

The potentialities and role of Islamic transactional law (ITL) and its underpinning axio-teleological concepts are explored in the cause of reclaiming the development process. In the Islamic scheme of values, the economic enterprise is premised on the organization of livelihood for sufficiency rather than perpetual growth so as to ensure overall socio-economic equilibrium. In this respect, there are discernibly close conceptual, structural and functional connections between the socio-economic objectives of ITL and those of the civil economy (CE). By making intelligent use of these substantive connections between ITL and CE, one can then devise effective legal strategies to substantively revive the former by taking strategic advantage of the already existing legal framework governing the latter. Thus, alient aspects of ITL are discussed in terms of invisible structures serving as formal, socio-legal means toward organizing socio-economic sufficiency, with special reference to the institution of waqf (charitable endowment) as a case in point.

Do Indonesian Muslims Have Intention to Participate on Cash Waqf Through Fintech?

“…This finding supports previous researches that Indonesia has a lack of waqf understanding [30] [31] [32]. Integration of waqf and social crowdfunding can attract people to do waqf easily [33].…”

Management And Strategy In Waqf Institution: A Systematic Literature Review

“…The collected articles are then analyzed more deeply, not all articles contain the desired data. Based on the geographical location of this article, there are eight countries related to the papers collected 14 articles (Abd Jalil et al, 2019;Hasan et al, 2022;Kadir et al, 2018;Kamaruddin & Hanefah, 2021;Mohammad, 2018;Noordin et al, 2017;Rose & Ismail, 2017;Setia, 2018;Thabith & Mohamad, 2021;Umar et al, 2020;Zain et al, 2018;. Then Singapore, one article (Wu, 2018), Philippines also, one paper (Gamon & Tagoranao, 2018).…”

The Strategic Role Of Article 6 Of Law No 41 Of 2004 In The Management Of Term Waqf: A Progressive Review Of Islamic Economic Renewal

“…The development of the Islamic economy (Chokaev, 2015;Gani & Bahari, 2020;Hammami, 2020;Setia, 2018a;Tabash, 2018) through term waqf is an initiative that aims to utilize the potential of waqf to support the economic growth of the people. Waqf as part of Islamic social finance is expected to become a pillar in improving community welfare and eliminating poverty.…”

“…This practice is important because developing an Islamic economy (Benamraoui, 2021a(Benamraoui, , 2021bChachi, 2021;Daly & Frikha, 2016;Setia, 2018b) must be in accordance with sharia principles. Apart from that, term waqf provides flexibility to the community in empowering their assets.…”