Tourism Prosperity and the Development of WAQF Organizations in Saudi Arabia: A Conceptual Framework Aligned With Vision 2030

International Journal of Business Society, Vol. 9, Issue 5
Yousef Saleh A AlsudaysAza Azlina Binti Md Kassim
Tourism ProsperityWaqf DevelopmentVision 2030Saudi ArabiaIslamic Endowment
PDFRegular IssueDOI: 10.30566/ijo-bs/2025.05.145
9Volume
5Issue

Abstract

The paper presents a framework that explores the impact of tourism prosperity on the development of endowment (waqf) organizations in Saudi Arabia. It uses stakeholder theory and institutional theory to address Vision 2030’s goals of economic diversification and cultural revitalization. The framework suggests that tourism prosperity can stimulate waqf revitalization through heritage integration, financial sustainability, and ethical development. Despite increased tourism investment, waqf institutions are often underutilized due to structural and administrative inertia. We design the model for empirical validation, providing actionable insights for policymakers, development planners, and Islamic finance stakeholders. By leveraging this model, stakeholders can better understand the interplay between tourism and waqf institutions, fostering a more integrated approach to development. Ultimately, this could lead to enhanced cultural preservation and economic benefits, aligning with the broader aspirations of Vision 2030.

References

[1]

Abdu, M., Lamido, A. A., & Jibir, A. (2023). Assessing the awareness and perception of waqf among business owners in Gombe State, Nigeria. Islamic Economic Studies, 31 (1/2), 130 -151.

[2]

AlNemer, A. M. (2024). Examining the Kingdom of Saudi Arabia's tourism sector and assessing its potential contributions in ac hieving the kingdom’s Vision 2030 [Doctoral dissertation]. Pepperdine University.

[3]

Alnaser, A., Saeed, M., & Alrawashedh,. (2018). Adoption of e- commerce by SMEs and its impact on customer satisfaction. 8(01), 01 -14.

[4]

Alsikkah, A., Alabbasi, H., Saeed, M., & Alnaser, (2018). Attitude of Limkokwing Students toward Mobile Marketing in the Sma rtphones Era. 2(2), 7-14.

[5]

Ascarya, A., Hosen, M. N., & Rahmawati, S. (2022). Designing simple productive waqf models for Indonesia. International Journ al of Ethics and Systems, 38 (3), 380 -401.

[6]

Araya, A., Dahalan, J., & Muhammad, B. (2021a). Blockchain Technology and Regression Methods: A Case of Conceptual Framework. International Journal of Business Society, 5(11). doi:10.30566/ijo-bs/2021.11.66

[7]

Araya, A., Dahalan, J., & Muhammad, B. (2021b). Model of Heterogeneous Agents and Noise Traders’ Risk: A Case of Conceptual Framework. International Journal of Business Society, 5(12). doi:10.30566/ijo-bs/2021.12.70

[8]

Araya, A., Dahalan, J., & Muhammad, B. (2022). The Relationship Between Financial Patterns and Exogenous Variables: Empirical Evidence from Symmetric and Asymmetric ARDL. International Journal of Business Society, 6(6). doi:10.30566/ijo-bs/2022.06.90

[9]

Araya, A., & Miras, H. (2015). Determinant Risk Factors on Valuation of Banks’ Stock Return: A Case of Financial Institutions Management. International Journal of Accounting and Business Management, 3(1), 353 -367.

[10]

Azganin, H., Kassim, S., & Sa'ad, A. A. (2021). Proposed waqf crowdfunding models for small farmers and the required parameters for their application. Islamic Economic Studies, 29 (1), 2 -17.

[11]

Azrai Azaimi Ambrose, A. H., & Abdullah Asuhaimi, F. (2021). Cash waqf risk management and perpetuity restriction conundrum. ISRA International Journal of Islamic Finance, 13 (2), 162 -176.

[12]

Ben-Nun, G. (2023). Saudi Arabia’s Public Investment Fund as a tool for economic diversification and sports diplomacy.

[13]

Blau, P. M. (1964). Justice in social exchange. Sociological inquiry, 34(2).

[14]

Freeman, R. E. (1984). Corporate views of the public interest.

[15]

Kamaruddin, M. I. H., Hanefah, M. M., & Masruki, R. (2024). Challenges and prospects in waqf reporting practices in Malaysia. Journal of Financial Reporting and Accounting, 22 (3), 752 -765.

[16]

Laallam, A., Kassim, S., Engku Ali, E. R. A., & Saiti, B. (2020). Intellectual capital in non-profit organisations: Lessons learnt for waqf institutions. ISRA International Journal of Islamic Finance, 12 (1), 27 -48.

[17]

Lamido, A. A., & Haneef, M. A. (2021). Shifting the paradigms in waqf economics: Towards renewed focus on socioeconomic development. Islamic Economic Studies, 29 (1), 18 -32.

[18]

Marti, L., & Puertas, R. (2025). Relationship between tourism development and the socioeconomic progress of tourist destinations. Competitiveness Review: An International Business Journal, 35 (1), 175 -189.

[19]

Meyer, J. W., & Rowan, B. (1977). Institutionalized organizations: Formal structure as myth and ceremony. American journal of sociology, 83(2), 340 -363.

[20]

Qingjie, L. (2021). Resource endowments in emerging market countries. Global Journal of Emerging Market Economies, 13 (2), 287-310.

[21]

Sano, M. A. A., & Kassim, S. (2021). Waqf governance in the Republic of Guinea: legal framework, issues, challenges and way forward. ISRA International Journal of Islamic Finance, 13(2), 194 -210.

[22]

Saeed, M. A. Y., & Bekhet, (2018). Influencing factors of mobile marketing among young Malaysian customers. 12(9), 63 -72.

[23]

Sofyan, A. S., Rusanti, E., Nurmiati, N., Sofyan, S., Kurniawan, R., & Caraka, R. E. (2024). Islam in business ethics research: A bibliometric analysis and future research agenda. International Journal of Ethics and Systems. Advance online publication.

[24]

Tehseen, S., Ong, K. Y., Hossain, S. M., & Andrews, E. (2024). Sustainable tourism: A catalyst for the green economy. In The Need for Sustainable Tourism in an Era of Global Climate Change: Pathway to a Greener Future (pp. 53 -67). Emerald Publishing Limited.

[25]

Aldogiher, A., Halim, Y. T., El-Deeb, M. S., Maree, A. M., & Kamel, E. M. (2025). The Impact of Digital Teaching Technologies (DTTs) in Saudi and Egyptian Universities on Institutional Sustainability: The Mediating Role of Change Management and the Moderating Role of Culture, Technology, and Economics. Sustainability, 17(5), 2062.

Article Information

Article Details
Volume & IssueVol. 9, Iss. 5
Publication DateMay 31, 2025
Authors
Yousef Saleh A Alsudays
Aza Azlina Binti Md Kassim
DOI
10.30566/ijo-bs/2025.05.145
PDF Download