ANALISIS SOCIAL RETURN ON INVESTMENT PADA SISWA PENERIMA BEASISWA SEKOLAH MENENGAH BERASRAMA YANG DIBIAYAI PENUH DENGAN DANA ZISWAF

Abstract

Character and spiritual-based education have become a crucial strategy in shaping high-quality individuals, especially when supported by Islamic philanthropic funding such as zakat, infaq, sadaqah, and waqf (ZISWAF). SMART Ekselensia Indonesia (SMART EI) is a full-scholarship secondary education program funded by ZISWAF, targeting students from underprivileged families. The program integrates academic excellence, leadership development, and spiritual growth to produce graduates who are competitive and possess strong integrity. This study aims to evaluate the social value generated by SMART EI alumni using the Social Return on Investment (SROI) method. SROI is employed to measure and quantify social impact in monetary terms, providing a basis for assessing the effectiveness of social investments. A mixed-method approach was used, including surveys, in-depth interviews, and focus group discussions (FGDs) with SMART EI alumni. The analysis identified several key outcomes, such as increased financial independence, enhanced spirituality, the development of GRIT characteristics, leadership capability, and intergenerational income mobility. The findings indicate that alumni have experienced significant growth in these areas. The calculated SROI ratios are 1.69:1 overall, 2.20:1 for alumni who are currently employed, and 1.44:1 for those still in university. These results suggest that for every Rp 1 of ZISWAF funds invested in the SMART EI program, a social return of Rp 1.69 is generated. This demonstrates that professionally managed, ZISWAF-funded education programs are socially feasible and have a tangible impact on human capital development and the reduction of social inequality