Optimising social evolution through creating welfare and product innovation of Micro Waqf Bank in Indonesia / Muhamad Fauzi ... [et al.]

Micro Waqf Banks are a form of innovation of Islamic social and financial institutions by the government to provide access to business expansion and the welfare of the productive poor around Islamic boarding schools. Optimising product innovation for Micro Waqf Bank customers requires changes in micro-business actors to improve their welfare sustainably. This study analyses the product innovation of Micro Waqf Bank customers with a social evolution model approach. The qualitative method used a grounded theory approach. They collect data through observations, interviews, documentation, and literature studies design thinking analysis with triangulation techniques. The results found that the welfare of Micro Waqf Bank customers was created for the community around Islamic boarding schools by optimising product innovation through the involvement of the Indonesian Ulama Council and government participation in product certification bodies. The study uses a design thinking approach for formulating solutions to increase Micro Waqf Bank customers' product innovation in creating their welfare by Micro Waqf Bank optimising halal labelling, intellectual property rights-protected brands, attractive packaging, and product consumption feasibility. The social evolution model's research implication is recommendations for optimising innovative products and creating welfare.