Table 3.

Summary of the Finance topic.

Sub-theme	Papers	Findings	What can be learned	Lessons for Governments	Further study for research
Islamic Microfinance	Haneef et al. (2014)	Integration of awqaf and Islamic microfinance can alleviate poverty in Organization of Islamic Co-operation (OIC) countries.	•Waqf integration plays an important role as financing to solve various types of problems and, at the same, time create innovation. •Evaluation, innovation, and waqf strategy need to be conducted for a few important things.	•Governments shall create a policy to introduce a cash waqf for microfinance institutions as new instruments for microenterprises that previously had a high cost of funds. •Governments shall create a policy to treat some or all of the CSR of Islamic Banking as waqf (endowed fund). •To create a policy to facilitate affordable houses for the poor, the government can design I-REITs with waqf instruments. •Governments shall give incentives for waqifs (waqf donors) who donate a cash waqf for the basic needs of the people, such as food (agriculture), education (by establishing schools), and health (by establishing hospitals).	•Comprehensive analysis of microenterprises that received cash waqf financing is needed. •Proposed model of cash awqaf and I-REITs is studied and validated by a focus group discussion by relevant parties, such as waqf regulator, Islamic capital regulator, and others. Islamic contracts underlying cash waqf financing of basic needs sectors, such as agriculture and education, is a good topic for future research studies.
	Hamber and Haneef (2017)	The integration model with Islamic microfinance (IWIM) can alleviate poverty in Bangladesh.
	Ahmed and Salleh (2016)	Integration of financial inclusion and financial planning, financial literacy with the concept of zakah and waqf in a model called inclusive Islamic financial planning (IFP).
	Thaker et al. (2016)	Norm and attitude have positive impacts on microentrepreneurs' intentions to adopt the Integrated Cash Waqf Micro Enterprise Investment (ICWME-I) model in Malaysia.
	Abdullah and Ismail (2017)	A cash waqf is suitable for Islamic microfinance institutions because the financing given to them is very inexpensive.
	Hamber and Haneef (2017)	The case of Singapore, which proposes waqf-based social microventure funds.
	Zabri and Mohammed (2018)	Integration Cash Waqf Institutions (CWIs) and Financial Cooperatives (FCs) can facilitate affordable houses in Malaysia.
Banking	Ramli and Jalil (2014)	Recommend that other corporations cooperate with the Islamic banking industry on waqf, for instance, by Perbadanan Wakaf Selangor (PWS) and Bank Muamalat Malaysia Berhad (BMMB).
	Darus et al. (2017)	Corporate social responsibility (CSR) within Islamic Banking prioritizes more the internal environment, as opposed to the external, when it comes to waqf involvement in the welfare of society because CSR has limitations.
	Hamza (2017)	An efficient cash waqf structure is needed for allocating funds for investment and considering the temporary impact on the risk level of liquidity, payments, investments, and bank costs of funds.
	Mohammad (2015)	A cash waqf can be utilized as a waqf bank operation.
Non-bank Finance	Hasan and Sulaiman (2016)	Islamic Real Estate Investment Trusts (I-REITs) can be adopted by waqf institutions as a mechanism to finance their waqf asset development.
	Rahman and Ahmad (2011)	Integration of waqf and takaful products could support the Muslim wealth redistribution function.
	Zakaria et al. (2013)	A philanthropic approach can be used in the context of waqf to reduce inequalities.
	Abdullah and Saiti (2016)	Operation of musharakah bonds in waqf property development is yet to completely fulfill the contract requirements and revenue for shariah compliance.
	Thaker and Thaker (2015)	Issues in managing waqf shares exist with the regulation, particularly taxation, mode of payment and dividend administration.
	Sulaiman et al. (2019)	Unit Trust Waqf can be used as waqf strategic investments for sustainable development.
Financing Agriculture	Orbay (2012)	Waqf can be one of the instruments utilized in developing agriculture in Konya, but the natural environment and the social and political situation have negatively influenced agriculture development.
	Shafiai et al. (2015)	There should be mechanisms for the farmer to access finance, which may come from the integration of waqf and Islamic banks dedicated to financing agriculture.
	Moh'd et al. (2017)	Three things were proposed for the case of Zanzibar. First, a waqf muzara'ah-based supply chain to solve the financing problem; second, a partnership to reduce the high interest rate; and, lastly, the existence of collateral.
Financing Education	Mahamood and Rahman (2015)	Waqf plays an important role in financing education institutions, in this case a university; thus, indirectly waqf supports education development.
	Shamsudin et al. (2015)	Propose a cross-country waqf model that could finance higher education institutions.