Waqf as a socioeconomic institution and its governance and development for welfare and sustainability

This study examines the role of waqf as a socio-economic institution, highlighting its contributions to social welfare, poverty alleviation, and sustainable development. By addressing governance inefficiencies and operational constraints, the paper explores how waqf can serve as a tool for economic empowerment and equitable resource distribution in contemporary societies. A multi-method review was conducted following PRISMA guidelines, analyzing 180 peer-reviewed articles from Scopus. Using Structural Topic Modeling (STM), a machine learning approach, the study identifies key themes in waqf management, governance, and policy integration. The analysis reveals ten key themes, including waqf development models, integration with Islamic social finance, governance frameworks, and its role in education, healthcare, and social protection. The findings highlight persistent challenges, including legal ambiguities, institutional inefficiencies, and underutilized assets, which hinder waqf’s full potential in addressing socio-economic disparities. Strengthening waqf governance, implementing policy reforms, and integrating modern financial and administrative frameworks can enhance its role as a sustainable economic institution. This study uniquely contributes to social economic discourse by applying machine learning-based analytical methods to examine waqf’s evolving role in sustainable development and social policy. The findings offer insights for policymakers, researchers, and institutions on optimizing waqf as a transformative tool for welfare and economic resilience.