Highlighting the Links Between Islamic Accounting and the Cash Waqf

Oluwaseun Sulaiman Saidu

doi:10.28918/ijibec.v3i2.1404

Abstract

The paper explores and ultimately highlights the link between the two concepts via a diachronic approach, tracing the Islamic institution of the cash waqf and its book keeping activities thereby garnering sufficient evidence to conclude that the Islamic Accounting is in fact an old concept as it has been used in the accounting for cash waqf in the Ottoman times and in relatively recent times. Implication wise, understanding the accountability rudiments relative to Islamic institutions would go a long way in bolstering these institutions and ensuring their survival intergeneration ally.

Highlights

A radical developmental offshoot and extensive modification of the traditional Waqf, the cash Waqf has evolved to be an important phenomenon in today’s voluntary re-distribution and wealth management discourse
This cannot be categorically said about the cash waqfs as their legitimacy did not come directly from the Prophet and their would-be inherent corpus characteristics are questionable
The Waqf, an age-long institution would not have been able to see the light of the day without thorough accounting

Summary

Introduction

A radical developmental offshoot and extensive modification of the traditional Waqf, the cash Waqf has evolved to be an important phenomenon in today’s voluntary re-distribution and wealth management discourse. As with any wealth related phenomenon, there are accountability issues. These accounting procedures, processes and conventions are indispensable for the operation, management as well as continuity of the Waqf institution. Islamic accounting naturally renders itself to the accounting task of the cash Waqf institution as it is arguably an Islamic conception. The author is aware that Islamic Accounting as well as the Cash Waqf are widely perceived as new concepts in today’s Islamic finance discourse. While this might be true for uninitiated students of Islamic economic and financial history, but as for informed historians this is a fallacy. The study set out to highlight the link between Islamic Accounting and the cash waqf so as to strengthen the powerful institution of waqf in today’s world

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Conclusion