TECHNOLOGY WAQF: A NEW PARADIGM FOR SUSTAINABLE SOCIOECONOMIC DEVELOPMENT
DOI:
https://doi.org/10.35631/AIJBES.829106Keywords:
Digital Transformation, Islamic Social Finance, Maqasid al-Shariah, Sustainable Socioeconomic Development, Innovation, Technology WaqfAbstract
Technological advancements have transformed the world's socio-economic conditions by changing the way knowledge is created, used and shared. In Islamic Social Finance, technology is used to improve the governance and operational efficiency of waqf institutions through the use of digital platforms, financial technology and blockchain applications. Therefore, the objective of this paper is to conceptualize Technology Waqf as a new paradigm in Islamic Social Finance and assess its ability to achieve sustainable socioeconomic development using a qualitative conceptual research design through a comprehensive study and thematic synthesis of waqf, Islamic Social Finance, digital transformation, sustainable development and Islamic legal literature. The characteristics, dimensions, principles and possible uses of Technology Waqf are being developed using a broad conceptual framework by conducting a critical analysis of existing current theories and practices. This research develops the idea of Technology Waqf which means the waqf of technological assets, whether tangible or intangible, of a techno-economic nature for the ongoing public benefit in accordance with Sharia. Compared to previous studies. this paper proposes that technology resources including digital infrastructure, software, artificial intelligence applications, intellectual property, technological knowledge, research facilities and digital knowledge resources can be endowed as property waqf and constitute waqf assets. The study findings contribute to the expansion of existing waqf literature by shifting the discourse from technology as a tool for waqf management to technology as a waqf asset that can be endowed. It further introduces the Technology Waqf Model (TWM) as a conceptual framework for integrating technological resources into Islamic Social Finance to promote sustainable socioeconomic development.
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