Designing a business model for waqf land-based conservation : case studies of Wakaf Hutan in Indonesia

Abstract

The global environmental crisis, marked by deforestation and climate change, calls for a paradigm shift toward natural resource management grounded in moral and spiritual values. This study examines the potential of green waqf, particularly land-based environmental waqf, as a Sharia-compliant instrument for promoting environmental, social, and economic sustainability in Indonesia. Using a qualitative case study approach, this research investigates three waqf forest initiatives: Inisiatif Konservasi Hutan Wakaf Aceh (IKHW), Yayasan Hutan Wakaf Bogor (HWB), and Hutan Wakaf YPM Mojokerto. Thematic analysis using NVivo 12 was conducted based on the Quadruple Bottom Line framework. Each pillar includes assessment indicators related to the factors that contribute to the success of a waqf forest: Profit (Governance, Productive Waqf, Revenue Model), People (Improved Welfare, Local Community Empowerment, Stakeholder Participation), Planet (Ecological Balance, Forest Conservation, Natural Resource Management), and Prophet (Waqf Values, The Role of Nazhir, Integration of Islamic values in operational processes). Interview findings revealed several key areas for improvement, including designing a Canva business model as a key component of increasing waqf forestry. The business model is a key indicator of institutional transition from charity-based fund to becoming more independent with sustainable financing. Waqf institutions' financial reports must be aligned with PSAK 411 to enhance public trust and accountability, encouraging continued donations and increasing public trust. Furthermore, this study proposes a business model canvas that can be adopted and used as a framework for implementing waqf forests.