Published date: Jan 24 2024

Journal Title: KnE Social Sciences

Issue title: The 6th International Research Conference on Economics and Business (6th IRCEB)

Pages: 398–407

DOI: 10.18502/kss.v9i4.15088

Vika Annisa Qurratavika.annisa.fe@um.ac.idDepartment of Economics, Faculty of Economics and Business, Universitas Negeri Malang

Muhammad Hakimi Mohd. ShafiaiDepartment of Economics, Center for Sustainable & Inclusive Development (SID), Faculty of Economics & Management, Universiti Kebangsaan Malaysia

Suhaili Alma'amunDepartment of Economics, Center for Sustainable & Inclusive Development (SID), Faculty of Economics & Management, Universiti Kebangsaan Malaysia

Hairunnizam WahidDepartment of Economics, Center for Sustainable & Inclusive Development (SID), Faculty of Economics & Management, Universiti Kebangsaan Malaysia

Abdul Ghafar IsmailDepartment of Economics, Center for Sustainable & Inclusive Development (SID), Faculty of Economics & Management, Universiti Kebangsaan Malaysia

Pudji PurwantiDepartment of Fisheries Agribusiness, Faculty of Fisheries and Marine Sciences, Universitas Brawijaya

Blue forests are areas that protect the coastline from flooding and erosion. They harbor wildlife and provide a sustainable livelihood for communities. One of the blue forest types is mangrove forest. Indonesia has the most expansive mangrove forest area in Southeast Asia, but nearly 25% has been deforested. Maintaining the sustainability of mangrove forests is one of the sustainable development goals (SDG) 14. Therefore, to achieve this goal, financing is needed to support the needs in maintaining the sustainability of mangrove forests. This paper is a conceptual framework that provides an Islamic social finance-based funding model for the blue forest sector. This program is called Blue Waqf. In order to implement this program, Indonesian Waqf Board and registered nazir are needed as the program’s coordinators. In addition, a colossal campaign needs to be conducted. The involvement of the surrounding community as a social adaptor is also vital. Last, waqf management through blue waqf requires protection from takaful/project guarantees. It has to be done to minimize the economy. The impact will be sustainable for the economy, society, and the environment. The profits obtained from blue waqf will be distributed to beneficiaries.

Keywords: Blue Waqf, sustainable, Blue Forest, conceptual framework

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