Exploring the Potential of Incorporating Waqf into Sharia Insurance Products in Indonesia

One such recent innovation in Sharia insurance in Indonesia is the introduction of waqf insurance products. In this study, we aim to explore the untapped potential of integrating waqf into Sharia insurance products, positioning it strategically within the insurance landscape of Indonesia. Employing a comprehensive sequential mixed methods approach, the study collected data through in-depth interviews with key stakeholders, including government officials, insurance companies, and nazhir (waqf managers). The qualitative interviews were complemented by quantitative surveys to provide a holistic understanding. A rigorous analysis was conducted, combining qualitative and quantitative techniques, such as weighting methods on the SWOT matrix. The findings resulted in a strategic formulation, highlighting the possibilities of waqf integration in the Indonesian insurance sector. The study reveals the promising trajectory of waqf insurance in Indonesia, positioning it in Quadrant I of the SWOT analysis. This implies that, with the collective support of all stakeholders, this Islamic social finance product has the potential to experience substantial growth, capitalizing on the existing opportunities.