Pengelolaan Wakaf Uang pada PTKIS: Analisis SLR dalam Perspektif Ekonomi Kelembagaan

Abstract

This study examines the institutional determinants of cash waqf management in Islamic Higher Education Institutions (PTKIS) in Indonesia by integrating insights from New Institutional Economics, the governance framework of Williamson, and Ostrom’s theory of collective action. Using a Systematic Literature Review (SLR) of 21 articles published in Sinta 1–3 journals between 2021 and 2025, the study identifies dominant patterns, constraints, and institutional dynamics shaping the effectiveness of cash waqf initiatives within PTKIS. The review reveals three prevailing governance configurations internal nazhir institutions, external partnerships, and socio-religious ad hoc practices each associated with distinctive formal–informal rules, monitoring mechanisms, and transaction cost structures. Findings show that institutional complementarities among formal regulations, governance design, and community-based monitoring are crucial for improving accountability and investment decision-making. However, path dependency and limited managerial capacity continue to hinder the transition toward productive and innovative waqf models. This study contributes conceptually by offering an integrated institutional framework and practically by proposing multilayered policy strategies to strengthen governance, reduce uncertainty, and enhance the sustainability of cash waqf management in PTKIS