Abstract
Although reports revealed substantial improvements have been reported in the accounting and reporting of waqf properties, the lack of a sound internal control mechanism is of concern. The existing practice of performance measurement among waqf institutions is less standardised and did not consider their overall performance as a religious and voluntary institution. Organisations engagement in waqf affairs has also caused various issues relating to the ineffectiveness of management and administration of waqf assets. Thus, a systematic and comprehensive performance measurement system is required to adequately assess the performance and ensure proper governance of waqf institutions. Drawing from the Balance Scorecard (BSC) framework and Islamic concept, the paper aims to study and analyse relevant literature on the performance measurements for waqf institution and to develop a holistic performance measurement model suitable to assess the performance of waqf institutions. In this concept paper, the inductive and deductive methods besides analysis of relevant literature were utilised to arrive at the findings. A fifth perspective has been added to the traditional BSC framework. The fifth dimension focuses on the assessment of all activities of waqf institutions in accordance with the Shariah principles. The paper concludes that the governance of waqf entity can be achieved through a sound internal control system, which suggests the implementation of a shariah-based performance measurement system that incorporates both qualitative and quantitative dimensions to examine its current stance better. This type of performance measurement system can also ensure accountability and transparency of waqf institutions, as well as for them to strategize their initiatives better to contribute to long-term wealth creation of the society. The framework developed in this study can be utilised to provide one possible way for management of waqf institutions to address the issues arise from the inefficiency in managing waqf resources.
Highlights
When we started teaching case studies in Kazan State University, the teaching materials for more advanced students were still biased towards theoretical aspects of business and law
Students at the university have become more and more aware of the importance of English to their professional careers. They have come themselves to feel the necessity of developing their professional skills, and so have their teachers, who realise that the design of any curriculum has to be student-centred
Though the pattern of a ready made case study may be followed, it is tailor made for the class
Summary
When we started teaching case studies in Kazan State University, the teaching materials for more advanced students were still biased towards theoretical aspects of business and law. Students at the university have become more and more aware of the importance of English to their professional careers They have come themselves to feel the necessity of developing their professional skills, and so have their teachers, who realise that the design of any curriculum has to be student-centred. It has to be determined primarily by the long-term needs of the students. Students graduating from the university have to be ready to go on to the stage in their lives, join the work force and function effectively in English Since they are going to be lawyers, managers, business people, executives and so on, they will need to use English effectively in their business transactions. They must absorb information quickly, read selectively, and make decisions under pressure
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