Prioritizing Digital Waqf for Micro and Small Enterprise Resilience During Economic Crisis in Indonesia

HRMARS - Economic crises disproportionately affect micro and small enterprises (MSEs), primarily due to liquidity constraints and limited access to formal financing. In Indonesia, this study proposes an integrated digital waqf model that combines fintech, crowdfunding, Islamic financial institutions, and waqf governance to strengthen MSE resilience during economic disruptions. This study adopts a qualitative research design using NVivo-assisted thematic analysis, drawing on focus group discussions with six experts in Islamic banking, Islamic social finance, MSME development, maqashid al-shariah, Shariah governance, and fintech, complemented by a review of twenty-three national and international scholarly studies. Open coding and matrix analysis were employed to synthesize expert perspectives and empirical evidence into a coherent model. The findings indicate that the proposed model prioritizes Crowdfunding–Waqf Models (CWM) and Cash Waqf Linked Deposits (CWLD) as crisis-resilient instruments, with fintech platforms functioning as digital enablers for fundraising, transparency, and scalability. Institutional integration among nazir institutions, Islamic banks, and waqf authorities ensures Shariah compliance, trust, and capital preservation, while waqf returns are directed toward productive financing for MSE recovery and income stabilization.