WAQF EMPOWERMENT-BASED GREEN CAMPUS FOR ENHANCING LITERACY IN ISLAMIC SUSTAINABLE FINANCE: A PROPOSED MODEL

Abstract

Environmental sustainability has become an important agenda that requires the involvement of various stakeholders, including higher education institutions, through the development of green campuses. However, funding remains a significant challenge in establishing green campuses, which typically require substantial financial resources. Waqf, as an Islamic financial instrument that has economic and social impacts, possesses relevant characteristics to support sustainability and has the potential to serve as an alternative funding source for green campus development. This research aims to construct a model for green campus development based on waqf empowerment. A qualitative method is utilized in this study, relying on secondary data gathered from various written documents, such as scholarly journals, books, and relevant articles from websites concerning sustainability, green campuses, and waqf empowerment. The findings indicate that collected waqf can be allocated for the procurement of various facilities and equipment needed for green campus projects, including waste management, water management, and the provision of essential infrastructure to support green initiatives. Moreover, cash waqf can be developed through investment schemes in green sukuk and financing schemes for green SMEs or agriculture and plantations. These waqf-based facilities and equipment are intended to support academic and operational activities on campus, particularly through the three main pillars of Indonesian higher education, namely education, research, and community service, aimed at enhancing education and sustainability literacy for the broader community from an Islamic perspective. This study recommends a novel concept for optimizing the collaborative management of waqf to develop green campuses in various regions, thereby maximizing the potential of waqf to support environmental sustainability initiatives.