The Socio-Economic Impacts of Waqf Investment Funds as a Model for Sustainable Financing in Saudi Arabia

Round 1

Reviewer 1 Report

Comments and Suggestions for Authors

• The paper format should be adjusted according to MDPI format; similarly, the tables, figures, etc.
• Abstract: “Waqf investment funds represent a revolutionary concept”….. Replace revolutionary with a more appropriate word.
• Kindly try to avoid the abundance of a lot of terminology when they are unnecessary also, avoid describing your results with words like “encouraging, beneficiary, most significant” … Let the readers explore that.
• Keywords: Waqf Investment Funds, Financial Sustainability, Income, Health, Education, KSA, JEL Classification: JEL Classification: Q1, Q2, Q3, Z12, Z18. What is meant by JEL Classification? And also, what are Q1, Q2, Q3, Z12, and Z18 referred to?
• Please clarify this statement throughout the research’s sections: “The study adds to the literature on Islamic finance and policy discussions by combining theoretical and empirical insights and providing strategic recommendations to increase the sustainability and efficacy of Waqf investment funds in promoting social development and economic resilience”.
• Introduction” Please try to update references dealing with WAQF in KSA, especially “1998” and 2000.”
• The Waqf Landscape in Saudi Arabia: “Saudi Arabia possesses the world’s most extensive Waqf system”, please mention the reference. List some other countries in rank at least three; it’s better to mention the budgets of WAQF in those countries.
• Table 1. Saudi Arabia’s Waqf Investment Funds: It’s better to associate the classification of Waqf investments with the amount of these funds and their percentages.
• Waqf investment funds and personal income: These statements are ambiguous. Is it a formula or an equation? Please clarify: The hypothesis examining the correlation between waqf funds and personal income might be articulated as follows:

- H1 = There is a significant causal relationship between Waqf Investment funds and Personal income.

- H2: There is a significant causal relationship between Waqf investment funds and improved access to healthcare.

- H3 = There is a significant causal relationship between Waqf investment funds and education services.

- H4 = There is a significant causal relationship between Waqf investment funds and sustainable finance.

 Data Collection: “Primary data was collected through structured surveys and semi-structured interviews……” On what basis the sample size was determined, Why Steven K formula was adopted to determine sample size and not others, what is the scale of response (3 or 5 or 7? what are the characteristics of research society, what are the targeted sample characteristics, where is the respondent’s profile data???

• Where is the reference of these statistics; Economic-Social Funds (67%), Health Funds (15%), and Educational Funds (18%)???

                                 

• Data analysis, either quantitative or qualitative: Why were these statistical tests selected in particular?
• Where is the version of used software? The study utilized Python and Excel.???
• Figures 1, 2, 3, and 4: The impact of Waqf Investment Funds on Personal Income (based on Ranking): where is the legend of this figure? Titles of X and Y axes?
• The whole section of statistical analysis needs reorganization and restructuring to be clearer, determined, and specified.
• Discussion of Findings: Please clarify the last sentences in a determined manner in comparison with previous studies; the results confirm the transformative capacity of Waqf investment funds as a fundamental element for sustainable development. These funds integrate Islamic financial principles with modern difficulties, addressing urgent community needs while promoting long-term resilience. Future initiatives must prioritize the enhancement of governance, the expansion of new applications, and the promotion of entrepreneurial activities to optimize socio-economic contributions.
• Conclusion and Policy Recommendations: better to be shortened and listed in points or bullets.

 

 

Author Response

"Please see the attachment."

Author Response File: Author Response.pdf

Reviewer 2 Report

Comments and Suggestions for Authors

1. Overall Evaluation
   This paper conducts research on the socio-economic impacts of Waqf investment funds in Saudi Arabia. The topic selection is of great practical significance and closely combines Islamic finance and sustainable development themes. The research results have reference value for relevant policy formulation and practical development in Saudi Arabia and other Muslim countries. The research comprehensively uses multiple methods, with complete content, clear structure, and coherent logic. However, there are still some issues that need to be revised and improved.

 

(I) Research Methods

 

Data Collection: Only 346 valid questionnaires were collected, which has a certain gap compared to the target sample size of 384. This may affect the representativeness of the research results. It is recommended to supplement data or consider the impact of sample bias during analysis. 1

Research Design: The cross-sectional research design is adopted, making it difficult to determine the causal relationship and long-term impact between variables. In follow-up studies, a longitudinal research design can be used to conduct follow-up investigations to obtain more accurate conclusions. 1

 

(II) Research Content

 

Insufficient Depth of Theoretical Application: Although various theories are mentioned, in the analysis process, the theories are not fully closely combined with the research results. The paper fails to deeply elaborate how theories explain the research findings, weakening the supporting role of theories for the research. It is recommended to further explore the connotations of theories and strengthen the connection between theory and practice. 1

Lack of Specificity in Policy Recommendations: The proposed policy recommendations are relatively general and lack specific implementation steps and operability. It is difficult to directly guide policy formulation and practice. It is recommended to combine the actual situation in Saudi Arabia and put forward more targeted and implementable policy recommendations. 1

 

(III) Other Issues

 

Language Expression: Some sentences are complex and obscure, and there are grammatical and word usage errors, affecting the readability of the paper. It is recommended to carefully proofread and revise to ensure that the language is concise, clear, and accurate. 1

Chart Quality: Some charts do not convey information clearly enough. For example, axis labels and legend explanations are not detailed, affecting readers' understanding of the research results. It is recommended to optimize chart design to enhance the readability and information transmission effect of charts.

 

Comments on the Quality of English Language

 The English could be improved to more clearly express the research.

Author Response

"Please see the attachment." 

Author Response File: Author Response.pdf

Reviewer 3 Report

Comments and Suggestions for Authors

Dear Authors,
The manuscript provides valuable insights into the socio-economic impacts of Waqf investment funds in Saudi Arabia. Detailed comments and suggestions for improving the clarity, analytical depth, and presentation of the study can be found in the attached report.

Comments for author File: Comments.pdf

Author Response

"Please see the attachment." 

Author Response File: Author Response.pdf

Round 2

Reviewer 1 Report

Comments and Suggestions for Authors

The modifications covered previous comments adequately.  

Reviewer 2 Report

Comments and Suggestions for Authors

The author has satisfactorily addressed the required revisions as per the previous feedback. No further comments or modifications are deemed necessary at this stage.

Reviewer 3 Report

Comments and Suggestions for Authors

Thank you for your careful attention in revising the manuscript in accordance with the suggestions and questions raised.