Non-Fungible Token-Based Waqf as an Innovative Financing Mechanism for Education in Marginalized Communities
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Abstract
This study explores the potential of Non-Fungible Token (NFT)-based waqf as an innovative model for financing education in marginalized communities. The emergence of blockchain technology enables digital assets to be uniquely identified, transparently managed, and sustainably utilized, creating new opportunities for productive waqf management. NFT waqf is positioned not only as a form of digital philanthropy but also as an instrument of Islamic social finance that strengthens equity and inclusiveness in educational access. The research applies a literature-based, descriptive-analytical method by reviewing classical waqf jurisprudence, blockchain applications, and current practices of digital waqf. Findings suggest that NFT waqf has strong potential to generate continuous financial resources through sales, auctions, and royalty mechanisms. These resources can be distributed to cover scholarships, improve learning facilities, and expand digital infrastructure in underprivileged communities. Despite its promise, several challenges remain, particularly related to regulatory frameworks, the digital literacy gap, and the need for clearer legal and sharia compliance of digital assets. To address these issues, the study recommends active collaboration among regulators, waqf managers, technology developers, and educational institutions. Such cooperation is essential to ensure the sustainability, legitimacy, and social impact of NFT waqf as a practical solution for inclusive and equitable education.
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