Waqf within Business Model Framework: A Review and Research Agenda

Abstract

Waqf has historically played a vital role in advancing civilization, particularly within the Muslim world, yet its potential remains underexplored in contemporary business and social enterprise contexts. This study aims to investigate how waqf can be understood within business model frameworks and to provide a systematic mapping of its constructs in relation to social business. Employing a Systematic Literature Review (SLR) approach, the research identified and analyzed relevant studies on waqf and social business published between 1900 and 2024 in the Scopus and Crossref databases. The review classified the literature into four key business themes: capabilities, strategies, operations, and performance. The findings reveal that while waqf principles align closely with the objectives of social business, they are often marginalized or treated as peripheral to mainstream business model research. Furthermore, the study highlights the emerging trends, practices, and sectoral applications of waqf, demonstrating its relevance to sustainable development, inclusive finance, and community welfare. The conclusion suggests that positioning waqf within business model frameworks not only bridges the gap between traditional Islamic philanthropy and modern enterprise practices but also provides a structured pathway for integrating ethical and value-driven constructs into social business. The academic contribution of this paper lies in offering the first comprehensive mapping of waqf constructs within business model dimensions, thereby enriching both Islamic economics and social business literature and providing a foundation for future empirical and conceptual research.