Social Audit as an Evaluation Instrument for Productive Waqf Programs in Empowering MSMEs: A Literature Review

Abstract

Productive waqf is one of the Islamic economic instruments that has great potential in empowering micro, small, and medium enterprises (MSMEs). However, the effectiveness of productive waqf programs is often constrained by weak social accountability mechanisms and performance evaluation. Social audit as a non-financial evaluative approach can be an important instrument to assess the extent to which productive waqf management is able to provide social and economic impact to society. This article aims to examine the concepts, principles, and application of social auditing in the context of productive waqf oriented towards MSME empowerment. The method used is a systematic literature study of previous studies, regulations, and theories related to social auditing, accountability, and waqf management. The results of the study show that social auditing plays a role in strengthening transparency, increasing community participation, and measuring the social success of productive waqf programs. This article also offers a conceptual framework of maqashid sharia values-based social auditing to evaluate the social performance of nadzirs and the impact of waqf on MSMEs. The findings are expected to serve as a reference for waqf institutions in developing a more comprehensive and equitable evaluation system.