Digital Endowments: An Analysis of Their Legitimacy, Applications, and Impact on Sustainable Development
Keywords:
wqaf, Enovation, Islamic Finance, Sustainable DevelopmentAbstract
Waqf (Endowment) is a key practice in Islam that is highly encouraged as part of ibadah. The growth of waqf property has been instrumental in advancing both the socioeconomic development of communities and the progression of Islamic civilization. This study explores the concept of digital endowments, focusing on their legitimacy within Islamic law, practical applications, and their role in fostering sustainable development. Using a qualitative approach, the research involved in-depth interviews and group discussions with government officials, financial regulators, Muslim community members, and the conference participants. The findings show that digital endowments, including cryptocurrencies and online platforms, are deemed legitimate if aligned with Shari'ah principles. The study also highlights their significant contribution to achieving global Sustainable Development Goals by providing transparent and sustainable funding. Recommendations include establishing Shari'ah oversight for digital endowments, creating clear regulatory frameworks, raising public awareness, and fostering collaboration between Islamic finance and technology companies to promote the growth of digital endowments.
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