REPOSITIONING ISLAMIC BANKS AS WAQF NAZHIR FOR STRENGTHENING THE PRODUCTIVE WAQF ECOSYSTEM IN INDONESIA’S HALAL INDUSTRIAL DEVELOPMENT
Abstract
This study aims to analyze the repositioning of Islamic banks’ role as nazhir (waqf managers) in strengthening the productive waqf ecosystem to support the development of halal hubs and halal industrial parks as part of the national Islamic economic acceleration strategy. The research employs a qualitative-explorative method using a case study approach focused on Bank Muamalat Indonesia and Bank Syariah Indonesia (BSI), both of which have been officially designated as nazhir under the supervision of the Indonesian Waqf Board (BWI). The findings reveal that the role of Islamic banks as nazhir has not been systematically optimized to support the financing of productive waqf assets oriented toward the development of the halal sector. According to BWI data (2024), of the total waqf asset value amounting to IDR 1,065 trillion, only 4.39% has been utilized productively. Meanwhile, the development of halal industrial zones such as the Modern Halal Valley in Banten and the Bintan Inti Halal Hub in the Riau Archipelago still faces challenges in accessing inclusive sharia-based financing. As financial institutions and nazhir, Islamic banks hold a strategic position in managing waqf funds through mechanisms such as Cash Waqf Linked Sukuk, venture waqf capital, and the Halal Endowment Fund to finance halal industrial infrastructure development. The repositioning of Islamic banks as nazhir requires synergy and integration among Bank Indonesia (BI), the Financial Services Authority (OJK), the Indonesian Waqf Board (BWI), the National Committee for Islamic Economy and Finance (KNEKS), and the National Sharia Council–Indonesian Ulema Council (DSN-MUI) to regulate the governance of Islamic banking as professional nazhir capable of managing high-value economic waqf assets transparently and accountably. This study recommends a digitally-based collaborative model involving Islamic banks, BWI, and halal industry stakeholders to accelerate the realization of national halal hub development based on productive waqf. The policy implication of this research highlights the need to amend regulations in the Islamic Banking Law, the Waqf Law, and other related legal frameworks to enhance the institutional capacity of Islamic banks in fulfilling their socio-productive function.
References
Anas, P., & Nabila, M. (2023). Wakaf Klasik dan Implementasi Wakaf di Indonesia. ZISWAF ASFA JOURNAL, 1(1), 69–89. https://doi.org/10.69948/ziswaf.7
Anggraini, R. D., Dewi, N. D., & Rofiq, M. (2024). Optimalisasi Potensi Wakaf di Indonesia: Tantangan dan Peran Digitalisasi dalam Penguatan Manfaat Wakaf bagi Masyarakat. Journal of Islamic Business Management Studies (JIBMS), 5(1), 60–67. https://doi.org/10.51875/jibms.v5i1.292
Arifin, M. R., Raharja, B. S., & Nugroho, A. (2022). Do young Muslim choose differently? Identifying consumer behavior in Halal industry. Journal of Islamic Marketing, ahead-of-print(ahead-of-print). https://doi.org/10.1108/JIMA-02-2021-0049
Bashir, A. M. (2019). Effect of halal awareness, halal logo and attitude on foreign consumers’ purchase intention.British Food Journal, 121(9), 1998–2015. https://doi.org/10.1108/BFJ-01-2019-0011
BWI.go.id, R. (2025, July 7). Bank Syariah sebagai Nazhir Wakaf, Pro Kontra dan Potensi Miliar Rupiah. Badan Wakaf Indonesia | BWI.go.id. https://www.bwi.go.id/11364/2025/07/07/bank-syariah-sebagai-nazhir-wakaf-pro-kontra-dan-potensi-miliar-rupiah/
Cania, E. S. (2024). Pengembangan Wakaf Perumahan bagi Keluarga Berpenghasilan Rendah di Perkotaan Indonesia. 1(2).
Choiriyah, A. L. F., Rato, D., & Anggono, B. D. (2023). Urgensi Pembaharuan Pengelolaan Wakaf Di Indonesia. JURNAL RECHTENS, 12(2), 239–256. https://doi.org/10.56013/rechtens.v12i2.2417
Ely Eka Saputri, Siti Elita, & Anisatul Kamilah. (2024). Analisis Perkembangan Perbankan Syariah Di Indonesia Dengan Melaksanakan Spin Off Pada Unit Usaha Syariah. Jurnal Inovasi Ekonomi Syariah dan Akuntansi, 1(4), 01–10. https://doi.org/10.61132/jiesa.v1i4.210
Fachrurrazy, M., Adliyah, N., & Kartikawati, D. (2021). Aspek Hukum Wakaf Sebagai Jaminan Suatu Kredit Produktif. 2(2).
Gateway, S. (n.d.). State of the Global Islamic Economy (SGIE) 2024/25 Report. Salaam Gateway - Global Islamic Economy Gateway. Retrieved August 6, 2025, from https://salaamgateway.com/specialcoverage/SGIE24
Hidayah, N., & Solihah, U. (2025). Challenges and Opportunities in the Indonesian Halal Industry. In Exploring the Halal Industry and Its Business Ecosystem Prospects (pp. 75–96). IGI Global Scientific Publishing. https://doi.org/10.4018/979-8-3693-8618-7.ch004
Ilyas, M. (2017). Profesional Nazhir Wakaf dalam Pemberdayaan Ekonomi. Jurnal Al-Qadau: Peradilan Dan Hukum Keluarga Islam, 4, 71. https://doi.org/10.24252/al-qadau.v4i1.5719
Industry.co.id. (2017, May 23). Transformasi Modern Cikande Industrial Estat sebagai Kawasan Ekslusif. Industry.co.id. https://www.industry.co.id/read/8994/transformasi-modern-cikande-industrial-estat-sebagai-kawasan-ekslusif
Iskandar, A., & Sungit, F. (2023). The Role of Waqf on Halal Industry and Islamic Economic Development in Indonesia: A SWOT Analysis. Tasharruf Journal Economics and Business of Islam, 8, 198–221. https://doi.org/10.30984/tjebi.v8i1.2372
Judijanto, L., Hambali, H. R., Sani, A., Hendriyanto, H., & Ruhliandini, P. Z. (2025). Implementasi Undang-Undang Wakaf dalam Perspektif Hukum Islam: Studi Terhadap Efektivitas Pengelolaan Wakaf Produktif. Jurnal Al-Mizan, 12(1), 88–99.
Kemenag. (n.d.). Potensi Capai Rp180 T, Kemenag Perkuat Kualitas Nazir dan Kebijakan Tata Kelola Wakaf Uang. https://kemenag.go.id. Retrieved August 31, 2025, from https://kemenag.go.id/nasional/potensi-capai-rp180-t-kemenag-perkuat-kualitas-nazir-dan-kebijakan-tata-kelola-wakaf-uang-nNKZD
Lubis, S. Y., Wati, P., & Samri, Y. (2024). Transformasi Digital Wakaf di Indonesia. Al-Sharf: Jurnal Ekonomi Islam, 5(1), 65–74. https://doi.org/10.56114/al-sharf.v5i1.11439
Mursyid, M., Kusuma, H., & Tohirin, A. (2021). Performance Analysis of Islamic Banks in Indonesia: The Maqashid Shariah Approach. Journal of Asian Finance Economics and Business, Vol 8, 307–318. https://doi.org/10.13106/jafeb.2021.vol8.no3.0307
Nasir, F. M., Ihsan, H., Haikal, M., & Husen, S. M. (2024). Isu-Isu Kontemporer Wakaf Indonesia. Bandar Publishing.
Negara, K. S. (n.d.). Wapres Arahkan Penaikan Status KIH Sidoarjo Menjadi KEK Industri Halal | Sekretariat Negara. Retrieved September 1, 2025, from https://www.setneg.go.id/baca/index/wapres_arahkan_penaikan_status_kih_sidoarjo_menjadi_kek_industri_halal
Niswah, F. M., Hakimi, F., Fathurochman, S. F., Hafizah, I., & Indrawan, I. W. (2023). Problem and solution of stock waqf practice in Indonesia: Stakeholder’s point of view. Journal of Islamic Economics Lariba, 9(2), 479–498. https://doi.org/10.20885/jielariba.vol9.iss2.art11
Nu’man, A. H., Mulyaningsih, H. D., Saraswati, N., Rachmawati, A. W., & Saripudin, U. (2023). Global Halal Industry Outlook: Current Issues and Development. In Technologies and Trends in the Halal Industry. Routledge.
Perkembangan Ekonomi Syariah di Indonesia: Menuju Pusat Ekonomi Syariah Global. (n.d.). Media Keuangan. Retrieved September 1, 2025, from https://mediakeuangan.kemenkeu.go.id/article/show/perkembangan-ekonomi-syariah-di-indonesia-menuju-pusat-ekonomi-syariah-global
Perusahaan China Antre Investasi di Kawasan Industri Halal Pertama RI. (n.d.). ekonomi. Retrieved September 1, 2025, from https://www.cnnindonesia.com/ekonomi/20250813141243-532-1261980/perusahaan-china-antre-investasi-di-kawasan-industri-halal-pertama-ri
Prehantoro, P. (2010). Fungsi Sosial Bank Syariah. Perspektif: Kajian Masalah Hukum dan Pembangunan, 15(2), 139–157.
Rachman, A., & Sangare, B. (2023). SYNERGY AND COLLABORATION BETWEEN GOVERNMENT AND PRIVATE INSTITUTIONS IN BUILDING HALAL ECOSYSTEMS IN INDONESIA. Jurnal Ilmiah Islam Futura, 23(2), Article 2. https://doi.org/10.22373/jiif.v23i2.17507
Rahman, M. I. F., Nurwahidin, N., & Adnan, N. (2021). Analisis Model Cash Waqf Linked Sukuk (CWLS) Sebagai Instrumen Pembiayaan Pemulihan Dampak Pandemi Covid-19: An Analysis of Cash Waqf Linked Sukuk (CWLS) Model as a Financing Instrument for Economic Recovery from Covid-19 Pandemic Impact. Jurnal Bimas Islam, 14(1), 77–102. https://doi.org/10.37302/jbi.v14i1.343
Rizvi, S. A. R., Narayan, P. K., Sakti, A., & Syarifuddin, F. (2020). Role of Islamic banks in Indonesian banking industry: An empirical exploration. Pacific-Basin Finance Journal, 62, 101117. https://doi.org/10.1016/j.pacfin.2019.02.002
Sari, K. (2019). Bank syariah: Peran sosial dalam kerangka maqashid syariah dan profitabilitas di negara Qatar dan Indonesia. Journal of Business & Banking, 9(2), 179–196. https://doi.org/10.14414/jbb.v9i2.1834
Shaifudin, R. N., & Fahrullah. (2022). Peran Nadzir Dalam Mengelola Harta Benda Wakaf Untuk Meningkatkan Kesejahteraan Umat. Jurnal Ekonomika Dan Bisnis Islam, 5(1), 95–105. https://doi.org/10.26740/jekobi.v5n1.p95-105
Sriani, E. (2025). Pelaksanaan Wakaf Uang pada Bank Syariah di Indonesia. Iqtisad: Reconstruction of Justice and Welfare for Indonesia, 12(1), 1–24. https://doi.org/10.31942/iq.v12i1.12365
Sulistiani, S. L. (2021). Penghimpunan dan Pengelolaan Wakaf Uang Melalui Perbankan Syariah di Indonesia. Jurnal Wawasan Yuridika, 5(2), 249–266. https://doi.org/10.25072/jwy.v5i2.343
Suryana, & Ikram, S. (2024). Implementasi Good Waqf Governance Pada Nazhir Wakaf Dalam Meningkatkan Ekonomi Umat Di Indonesia. Jurnal Ekuilnomi, 6(2), 233–239. https://doi.org/10.36985/2r3a5456
Syahr, Z. H. A., Syaifullah, D. H., Buyamin, B., & Abidin, Z. (2025). The Growth of Halal Certification in Building Indonesia as a Global Halal Hub. In Innovative Ventures and Strategies in Islamic Business (pp. 375–396). IGI Global Scientific Publishing. https://doi.org/10.4018/979-8-3693-3980-0.ch018
Syaifullah, H., Muttaqien, M. K., & Hasbillah, M. F. N. (2022). Pengembangan Wakaf Produktif Oleh Nazhir Berbadan Hukum. Misykat Al-Anwar Jurnal Kajian Islam Dan Masyarakat, 5(2), 275–290. https://doi.org/10.24853/ma.5.2.275-290
Syaripudin, E. I., & Nurhuda, R. (2025). Perspektif Hukum Islam Tentang Implementasi Wakaf Produktif Dalam Pemberdayaan Ekonomi Umat. Jurnal Hukum Ekonomi Syariah, 3(2), 46–53. https://doi.org/10.37968/jhesy.v3i2.832
Sylvianie, L. (2023). Kecakapan Nazhir Dalam Pengelolaan Wakaf Produktif Di Indonesia. Ulumuddin: Jurnal Ilmu-Ilmu Keislaman, 13(2), 199–220. https://doi.org/10.47200/ulumuddin.v13i2.1773
Tindaklanjuti Progres Pembentukan KIH, Wapres Tinjau Bintan Inti Halal Hub—Wakil Presiden Republik Indonesia. (2023, June 8). https://www.wapresri.go.id/tindaklanjuti-progres-pembentukan-kih-wapres-tinjau-bintan-inti-halal-hub/
Ulhusna, N. S. A. N., Azizah, N., Dinanti, S. P., & Adriansyah, Z. (2024). Peran Wakaf Digital dalam Mencapai Tujuan Pembangunan Berkelanjutan (SDG’s). OIKONOMIKA : Jurnal Kajian Ekonomi dan Keuangan Syariah, 5(1), 52–63. https://doi.org/10.53491/oikonomika.v5i1.1128
Ulum, M., & Mun’im, A. (2025). Perkembangan Wakaf Produktif dalam Analisis Bibliometrik. Miftah : Jurnal Ekonomi Dan Bisnis Islam, 3(1), 21–33. https://doi.org/10.61231/miftah.v3i1.351
Wujudkan Indonesia Menjadi Global Halal Hub pada 2024, Menko Airlangga Tegaskan Peran Signifikan UMKM dan Kawasan Strategis Ekonomi—Kementerian Koordinator Bidang Perekonomian Republik Indonesia. (n.d.). Retrieved March 6, 2023, from https://www.ekon.go.id/publikasi/detail/4761/wujudkan-indonesia-menjadi-global-halal-hub-pada-2024-menko-airlangga-tegaskan-peran-signifikan-umkm-dan-kawasan-strategis-ekonomi
Wulandari, S., Effendi, J., & Saptono, I. T. (2019). Pemilihan Nazhir Dalam Optimalisasi Pengelolaan Wakaf Uang. Jurnal Aplikasi Bisnis Dan Manajemen, 5(2), 295–295. https://doi.org/10.17358/jabm.5.2.295

This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.