Modern management practice has put greater emphasize on the principles of accountability and transparency. Along with the revival of Islamic institutions, there are call by the stakeholder for management of waqf institutions to adopt modern management practice to improve their efficiency in managing waqf asset. As part of good governance and best practices of waqf institutions, management of risk is fundamental to the proper functioning of any institution including waqf to ensure the accountability of mutawalli (waqf manager) and transparency of the management. Studies on risk management practices on Islamic institution indicate that risk come across in many different ways; financial, personnel, program and capital expenditure decisions due to interactions with economic, political and social environments. However, the dissimilarity of management practices of waqf asset could be due to the absence of risk management function for waqf institutions. This paper aims at exploring the major themes that constitute the basis of the discussion on accountability in waqf institutions. In doing this, the theoretical underpinnings and the existing research relating to waqf investment and its risk management practice are examined.
This study explores on the importance of financial management practices for different types of mosques in Malaysia. Questionnaireswere administered to chairman and treasurer of 192 selected mosques available in Malaysia including Sabah and Sarawak. This study suggeststhat a proper and accurate recording of financial transactions, enhancing the accountability of chairman and treasurer is required in order to improve the productivity and performance effectiveness. The inclusion of these variables provides important implications for expanding our understanding of financial management practices in nonprofit organizations and creating new research opportunities. The result suggests that Malaysian mosques can enhance internal control system and performance to achieve mission and goals of these crucial institutions of societal development
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