An Analysis of the Implementation of GRC in Optimizing Productive Waqf Management for Socio-Economic Development
DOI:
https://doi.org/10.61455/sicopus.v4i03.595Keywords:
compliance, governance, risk management, socio-economic sector, productive waqfAbstract
Objective: This study aims to analyze the application of Governance, Risk, and Compliance (GRC) in optimizing the management of productive waqf (endowments) within the socio-economic sector, to enhance nazhir (waqf manager) professionalism, the sustainability of waqf assets, and community welfare. Theoretical framework: The study employs the OCEG GRC Capability Model (2021), which integrates governance, risk management, and compliance combined with the concept of productive waqf and the perspective of Maqashid Sharia (objectives of Sharia). Literature review: Previous studies indicate that research on waqf governance, risk management, and Sharia compliance remains fragmented, failing to present an integrated waqf management model. Method: This study utilizes a qualitative method with a descriptive approach based on library research. Secondary data were sourced from Law Number 41 of 2004 concerning Waqf, regulations from the Indonesian Waqf Board (BWI), the OCEG GRC Capability Model, academic books, and national and international articles, all analyzed using content analysis. Results: The application of GRC is proven to enhance transparency, accountability, risk mitigation, and compliance with regulations and Sharia principles. It also optimizes the utilization of productive waqf for real sector development, MSME empowerment, education, healthcare, and socio-economic resilience, although challenges regarding nazhir competence, digitalization, and oversight persist. Implications: This study contributes theoretically to the development of literature on GRC-based waqf governance and offers practical recommendations for the Indonesian Waqf Board, nazhirs, and regulators to establish a professional, transparent, accountable, and sustainable waqf management system. Novelty: This study proposes a GRC-based analysis model for productive waqf management that integrates governance, risk management, regulatory and Sharia compliance, and a Maqashid Sharia orientation into a comprehensive management framework.
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