Waqf Model and Sustainability of Tourism Industry: Malaysian and Indonesian Perspectives

• Published in: AIP Conference Proceedings
• Main Author: Ratnasari R.T.; Ismail S.; Mahphoth M.H.; Laila N.; Hidzir P.A.M.
• Format: Conference paper
• Language: English
• Published: American Institute of Physics 2024
• Online Access: https://www.scopus.com/inward/record.uri?eid=2-s2.0-85192007983&doi=10.1063%2f5.0182331&partnerID=40&md5=7ede350fabfec4e99493f3bc858955ca

The tourism industry is among the largest contributor to the Malaysian and Indonesian economies. Aggressive measures have been taken to boost both countries as a leader in the tourism sector. To sustain the growing tourism industry, the government would have to increase its spending. Due to restricted budgetary resources, one choice for reducing government spending is to utilize the waqf model as an alternative mechanism that can assist the government in reducing spending. Waqf also aims to fulfill the social needs of the community besides it is an innovative way to fund the tourism industry without relying on government funding. Thus, this study attempts to address whether the waqf model can help the government of Malaysia and Indonesia to sustain the tourism industry. This study adopts the qualitative approach, through semi-structured interviews was conducted to generate items for a survey. Next, for quantitative, data were collected using an online questionnaire survey to gain input from a broader population. The sampling procedure adopted was purposive sampling. The study found that the waqf model can be used to sustain the tourism industry as well as waqf model can help the government reduce expenditure for the tourism industry. The contributions from the findings can be used by both countries, Malaysia and Indonesia, to enhance the application of the waqf model in many sectors, including tourism. This certainly will have major impacts on the economy for both countries. Therefore, it ensures long-term economic operations that will benefit communities and socio-economic activities. © 2024 American Institute of Physics Inc.. All rights reserved.