Accounting for Waqf Institutions: Business, Not-for-Profit or Hybrid Entities?

Umar, Umar Habibu; Haron, Harashid

doi:10.18196/ijief.v4i2.11734

Cited by 3 publications

(7 citation statements)

References 27 publications

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“…In the past, waqf played a significant role in fostering the ummah's socio-economic welfare. The waqf institution's wealth was solidly established during the golden age of the Great Ottoman Empire in Turkey (Umar & Haron, 2021). Back then, the waqf organization was able to fund a variety of facilities and social services such as infrastructure development, community services, education, cultural and religious services (Hamat, 2014).…”

Section: Background Of the Studymentioning

confidence: 99%

Management of Waqf Properties: A Case Study in Sri Lanka

Bushra

Nafees

Abdullah

et al. 2022

Spr. J. Arts. Humanit. Soc. Sci.

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Waqf is an essential component of the Islamic economic instrument that is firmly considered to be capable of resolving socio-economic issues, primarily in the effort to eradicate poverty caused by a lack of income and work. Based on the analysis of the semi-structured interview, this study seeks to investigate the role of the Waqf Board of Sri Lanka and the challenges and issues arising in managing waqf assets. The review of the literature contributed to constructing its theoretical structure. The findings reveal several shortcomings in the administration of waqf assets, including insufficient skilled human resources, lack of utilization of waqf assets, unawareness of the community on waqf, misuse of the waqf assets, and shortage of transparency and accountability. Hence, the study proposes that the proper management of the waqf assets would be sufficient to meet most if not all the needs of the community to a significant extent. The findings will be beneficial to waqf managers and will help enhance waqf institution administration and management. The findings will be beneficial to waqf managers and will help enhance waqf management.

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Section: Background Of the Studymentioning

confidence: 99%

Management of Waqf Properties: A Case Study in Sri Lanka

Bushra

Nafees

Abdullah

et al. 2022

Spr. J. Arts. Humanit. Soc. Sci.

View full text Add to dashboard Cite

show abstract

“…Proper waqf management and accounting is an important tool to achieve socio-economic development and address various problems faced by beneficiaries . Waqf accounting is believed to enhance the transparency and accountability of waqf institutions, ensuring that they exercise their accountability to various stakeholders (Masruki & Shafii, 2013;Umar & Haron, 2021). In addition, accounting is an important aspect of good governance and best practices in waqf institutions, to ensure that waqf institutions adhere to high standards of management and governance (Ramli et al, 2015).…”

Section: Introductionmentioning

confidence: 99%

“…In addition, accounting is an important aspect of good governance and best practices in waqf institutions, to ensure that waqf institutions adhere to high standards of management and governance (Ramli et al, 2015). Umar & Haron (2021) also assert that accounting is essential for preparing relevant annual reports and accounts, which are essential for the proper functioning and management of waqf institutions. In line with this, the term waqf accounting has been introduced.…”

Section: Introductionmentioning

confidence: 99%

“…Waqf accounting refers to the financial management and reporting practices of waqf institutions, which are religious, educational, or charitable organizations under Islamic law. The objective of waqf accounting is to ensure proper management, transparency, and accountability, ultimately contributing to the effective achievement of socio-economic goals (Masruki & Shafii, 2013;Umar & Haron, 2021).…”

Section: Introductionmentioning

confidence: 99%

“…Nevertheless, there are several problems associated with waqf accounting, as highlighted by a number of scholarly studies. One of the main problems is the lack of accountability and transparency in the preparation of relevant annual reports and accounts, which can easily lead to mismanagement of waqf resources (Umar & Haron, 2021). In addition, the lack of universal accounting standards for waqf institutions leads to diversity in accounting practices and the absence of clear guidelines for waqf institutions to follow (Masruki & Shafii, 2013;Umar & Haron, 2021).…”

Section: Introductionmentioning

confidence: 99%

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Accounting for Waqf: A Survey on Scopus-based Literatures

Uula,

Kassim

2023

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This study aims to see the development of research on the topic of "Waqf Accounting" and research plans that can be done based on journals published on the theme. This research uses a qualitative method with a bibliometric analysis approach. The data used is secondary data with the theme "Waqf Accounting" which comes from the Scopus database with a total of 40 journal articles. Then, the data is processed and analyzed using the VosViewer application with the aim of knowing the bibliometric map of "Waqf Accounting" research development in the world. The results of the study found that in bibliometric author mapping the author who published the most research with the theme "Waqf Accounting" was Gürsoy Ç. Furthermore, based on bibliometric keyword mapping, there are 4 clusters that can be a research path with topics related to Management of Waqf Assets and Waqf Accounting, Waqf Accounting Awareness, Business Impact and Waqf Accounting, and Challenges in Waqf Accounting Reporting. Furthermore, the most used words are waqf institution, accountability, Islamic accounting, waqf accounting, reporting, and technology.

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The Implementation of Land Waqf Law in Indonesia and Malaysia as a Stage to Land Waqf Law Reform in Indonesia: A Comparative Study

Hakimah

Marom

Islamiyati

et al. 2022

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Legal problems in the implementation of land waqf in the community are found in; wakif, status of waqf land, nadzir, wakif heirs, nadzir heirs, and land waqf institutions. Therefore, it is very important to conduct a research on A Comparative Study on the Implementation of Land Waqf Law in Indonesia and Malaysia as a Stage to Land Waqf Law Reform in Indonesia to analyze land waqf practices in Indonesia and Malaysia, then to compare and identify their similarities and differences. This research can provide ideas for the government in updating the land waqf law. This study used a comparative approach. The research data include primary and secondary data. The data were analyzed qualitatively. The results showed that there are some similarities of land waqf practices in Indonesia and Malaysia. These similarities are found in terms of ; its legal basis; forms of wakif and nadzir; as well as the position of the land waqf witness. Meanwhile, the difference lies in; land waqf management practices; government policy on waqf institutions; allotment, term, and settlement of land waqf disputes. By comparing Malaysian and Indonesia land waqf law practices, Indonesia can renew the land waqf law on the aspects of its legal rules and legal institutions.

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Accounting for Waqf Institutions: Business, Not-for-Profit or Hybrid Entities?

Cited by 3 publications

References 27 publications

Management of Waqf Properties: A Case Study in Sri Lanka

Management of Waqf Properties: A Case Study in Sri Lanka

Accounting for Waqf: A Survey on Scopus-based Literatures

The Implementation of Land Waqf Law in Indonesia and Malaysia as a Stage to Land Waqf Law Reform in Indonesia: A Comparative Study

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