Productive Waqf Development Policy as the way for Sustainable Economic Development in Organization of Islamic Cooperation (OIC): Saudi Arabia, Mesir, and Kuwait

Abstract

As geo-economically, the Organization of Islamic Cooperation (OIC) has a strategic role in political economy issues in the region, especially Islamic Economy way. It refers to access to community welfare through sustainable economic development. One of the possible capital mechanisms is Productive Waqf. It is a finance-based alternative aimed at empowering assets for sustainable economic development with Islamic value. The mechanism is universal, however each country has autonomy in waqf governance, especially for waqf development policies. Each state has "best practices" for managing productive endowments and policy considerations for that state. This study used qualitative research methods with SWOT Analysis to draw the final analysis. The research finding is the development of productive waqf policies. In order to increase economic growth in OIC member countries, systematic efforts in creating a sharia economic political design that includes the realm of regulation and rule of law, institutional strengthening and expansion, and internalization of sharia economic value in the life of the state and society. In this regard, the development of a good and integrated productive waqf policy is one of the important instruments in achieving the goals of sustainable economic development.