Islamic Financial Institutions Research Articles

Reconstruction of the Concept of Bank Interest in Islamic Economic Law: Normative Approach and Implementation in Islamic Financial Institutions to Increase Financial Inclusion

Penelitian ini bertujuan untuk merekonstruksi konsep bunga bank dalam perspektif hukum ekonomi Islam, dengan fokus pada pendekatan normatif dan implementasi di lembaga keuangan syariah. Bunga bank sering menjadi isu kontroversial dalam sistem keuangan Islam karena dianggap tidak sesuai dengan prinsip syariah. Artikel ini menawarkan model baru yang mampu meningkatkan inklusi keuangan melalui pengembangan produk keuangan syariah berbasis nilai-nilai Islam. Hasil penelitian menunjukkan bahwa rekonstruksi konsep bunga bank dapat memberikan solusi strategis untuk memperkuat daya saing lembaga keuangan syariah sekaligus mendukung tujuan inklusi keuangan global yang berkelanjutan.

Customer perspectives on reputable and accountable Islamic finance: a behavioural intention model with a meta-analysis SEM approach

Purpose This research aims to analyses the structural model of customers’ intention towards reputable and accountable Islamic finance, explained through Meta-Analysis Structural Equation Modelling (MASEM) with the Theory of Planned Behaviour approach and extended variables. Design/methodology/approach This study used MASEM to examine the factors systematically influencing behavioural intentions within Islamic finance. By synthesising 89 existing studies, the study identified key variables and their relationships, providing a comprehensive understanding of the underlying mechanisms. A rigorous methodology involving article selection, data extraction and statistical analysis enabled the development of a robust conceptual framework. Findings This study underscores the significant impact of subjective norms and perceived behavioural control on the intention to adopt Islamic finance, mediated by customer attitude. Religiosity, customer awareness and knowledge influence the intention to adopt Islamic finance products, with the Islamic financial institution's reputation and customer attitude serving as mediating variables. Originality/value This research novelty examines Islamic finance accounting, reporting and financial accountability, primarily focusing on customers’ perceived intentions towards Islamic financial practices.

The role of Sharia compliance in moderating the indirect influence of board diversity on roe mediated by Zakat disclosure

This study aims to examine the moderating role of Sharia compliance on the relationship between the diversity of the Board of Directors, Board of Commissioners, and Sharia Supervisory Board and Return on Equity (ROE), with Zakat Disclosure as a mediating factor. The research is grounded in agency theory, stakeholder theory, and legitimacy theory, focusing on how board diversity and Sharia compliance influence corporate governance and financial performance, specifically in the context of Islamic banking. The study utilizes a sample of Islamic commercial banks listed with Bank Indonesia. Data from the banks' annual reports and financial statements between 2013 and 2023 are analyzed using a panel data regression model. Multi-Group Analysis (MGA) is employed to test the moderating effects of Sharia compliance on the indirect relationships between board diversity and ROE, mediated by zakat disclosure. The results show that Sharia compliance moderates the relationship between the diversity of the Board of Directors and ROE, with zakat disclosure acting as a mediator. However, Sharia compliance does not moderate the relationship between the diversity of the Board of Commissioners and Sharia Supervisory Board with ROE, as mediated by zakat disclosure. The research provides insights for Islamic banks, highlighting the importance of Sharia compliance and board diversity in enhancing financial performance through zakat disclosure. The findings can inform regulators and practitioners in improving corporate governance practices within Islamic financial institutions. This study contributes to the literature by offering new evidence on the role of Sharia compliance in the governance-performance relationship, particularly the indirect effects through zakat disclosure, and how this dynamic operates within the unique framework of Islamic banking.

The Role of Sharia-Compliant Financial Institutions in Promoting Economic Stability: Insights from Recent Scholarly Contributions

This research examines the role of Islamic financial institutions in promoting economic stability through a literature study of recent scholarly contributions. Islamic financial institutions are seen as alternative financial instruments that operate under Islamic principles, which prohibit usury, excessive speculation, and non-transparent activities. This research aims to understand the mechanisms used by Islamic financial institutions in creating economic stability and evaluate the latest empirical evidence supporting such contributions. The research method used is a literature study with a qualitative approach, where various journals and research reports on Islamic finance, economic stability, and monetary policy are reviewed and analysed. The results show that Islamic financial institutions play an important role in economic stability through asset-based financing, portfolio diversification, as well as the application of risk management in accordance with Islamic principles. This research contributes to providing policy makers, academics, and financial practitioners with a deeper understanding of the potential of Islamic financial institutions as instruments that can strengthen economic stability.

Enhancing Regulatory Frameworks for Islamic Banking Institutions: Comparative Study Between Indonesia and Bahrain

This research analyzes and compares the regulatory frameworks governing Islamic Banking institutions in Bahrain, and Indonesia. The study explores how each country has developed its regulatory environment to support the growth and stability of Islamic finance, highlighting the successes, challenges, and areas for improvement. Using a qualitative comparative approach, the research draws on data from document analysis and previous studies to provide a comprehensive understanding of the regulatory landscapes in these countries. The findings reveal that Bahrain has established robust and internationally recognized regulatory frameworks, largely due to their proactive regulatory bodies and collaboration with global standard-setting organizations such as the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Institutions (AAOIFI). In contrast, Indonesia, despite its significant potential, faces challenges in regulatory implementation and public literacy on Islamic finance. The study concludes that effective regulatory frameworks are crucial for the credibility and stability of Islamic finance, strengthening regulatory oversight, and adopting international standards to ensure consistent and transparent practices. This research contributes valuable insight for policymakers, regulators, and practitioners aiming to improve the regulatory environment of Islamic financial institutions globally.

Interdependence of halal entrepreneurship and Islamic finance for creating a strong halal ecosystem

Purpose Ethical entrepreneurship and financing models based on Islamic principles are insufficiently researched and discussed in the emerging plural economic landscape. So far, Islamic theorists have made commendable efforts in this direction. To fill the knowledge gaps, this study aims to explore more rigorously the interdependence of halal entrepreneurship and Islamic finance in creating a strong halal ecosystem. Design/methodology/approach Using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) methodology, a systematic literature review (SLR) of 33 articles from 2001 to 2024 was conducted to answer three research questions. Publications were obtained using purposive sampling from the Scopus database. They were selected based on the ranking of high-quality journals, global coverage relevance to research and base years of publications. Findings Three key findings emerged from the SLR using the PRISMA protocol. First, halal entrepreneurship and Islamic finance complement each other by providing Shari’ah-compliant financial instruments, fostering ethical practices, enhancing market reach and ensuring business operations adhere to Islamic principles, thereby creating a cohesive halal ecosystem. Second, the strategic integration of halal entrepreneurship and Islamic finance – through innovation, sustainability practices, Shari’ah-compliant products, effective marketing and regulatory support – promotes economic growth, social welfare and sustainable development within the halal ecosystem. Third, Maqasid-ul Shari’ah principles guide halal entrepreneurship and Islamic finance by ensuring ethical standards, promoting social justice, emphasizing sustainability and ensuring that business and financial practices benefit society and adhere to Islamic ethical standards. These findings aid in developing a theoretically grounded conceptual framework for future empirical investigation. Practical implications Practically, policymakers, Islamic financial institutions and halal entrepreneurs can leverage this integrated approach to drive economic growth, social welfare and sustainable development, aligning operations with Maqasid-ul Shari’ah to ensure ethical standards and societal benefits. In addition, the findings aid in developing a theoretically grounded conceptual framework for future empirical investigation, both theoretically and methodologically. Originality/value Given the paucity of studies in this multidisciplinary area, this paper offers new insights into the interdependence of halal entrepreneurship and Islamic finance, grounded in the finance–growth nexus theory and Maqasid-ul Shari’ah principles. Unlike other exploratory studies, this research presents a theoretically grounded conceptual framework, paving the way for future empirical investigations.

Social History of Islamic Banking and First Example: Bank-I Awqāf

The cash waqf was a special category of Islamic endowment and played an important role in the economic/financial history of the Ottoman Empire. As such, it can be considered an important Islamic financial institution that facilitated the flow of funds from those who could save to those who needed capital, i.e. primarily entrepreneurs as well as the general public. This institution is also considered one of the most important Ottoman contributions to Islamic civilisations. Ottoman scholars have been discussing Islamic banking since Suleiman the Magnificent (1574). Islamic banking was known in the Ottoman state as Mu'amalah al-Shar'iyyah, which we can simply call murâbahah. The Ottoman state established the "Awariḍ Akcasi Sandiklari", which means "The Box of Waqf Money". Ottoman scholars preferred "Mudaraba" and murâbahah or qarḍ. This practice continued with the establishment of the Awqaf Bank in 1914. On 1914, the Ottoman Ministry of Awqaf decided to establish the first Islamic bank, Bank-i Ewqaf, with its central branch in Istanbul and possible new branches in all provinces. The bank's system was entirely Mu'amalah al-Shar'iyyah or simply Murâbahah. This bank had the right to issue bonds, certificates, transfer money, etc.

The Influence of Brand Image, and Sharia Label on Savings Decisions of Customers at PT Bank Syariah Indonesia Tbk KCP Jember Gajah Mada

This study aims to analyze the effect of brand image and sharia label on saving decisions on customers of PT Bank Syariah Indonesia Tbk KCP Jember Gajah Mada. Bank Syariah Indonesia is one of the largest Islamic financial institutions in Indonesia that provides banking products and services according to sharia principles. Factors such as brand image and the existe nce of sharia labels are considered to have an important role in influencing customer decisions to save at Islamic banks. The research method used is quantitative with data collection techniques through questionnaires distributed to Bank Syariah Indonesia customers at KCP Jember Gajah Mada. The data obtained were analyzed using multiple linear regression to determine the effect of each independent variable on saving decisions. The results showed that brand image, and sharia label simultaneously and partially had a significant effect on customer saving decisions. Brand image has a positive and significant effect, which shows that the positive image of Islamic banks can increase customer interest in saving. In addition, the sharia label, which shows compliance with sharia principles, also makes a significant contribution in influencing customer decisions. In conclusion, brand image, and sharia label are important factors that influence customer decisions in saving at Bank Syariah Indonesia. Therefore, the bank is expected to continue to strengthen the brand image, provide education about sharia products, and maintain the integrity of the sharia label to increase customer loyalty and trust.

An Examination of Umar bin Khattab's Policy on Zakat as a Social Security Net in the Context of Post-Covid-19 Pandemic in Indonesia

The COVID-19 pandemic has led to an unprecedented economic crisis, causing millions of people to face job losses, business closures, and financial hardship. To prevent impacts on vulnerable populations, it is essential to have a strong social safety net in the face of these difficulties. The purpose of this study is to examine the potential of zakat, the obligation of Islam to redistribute wealth, as an innovative social safety net, based on the policies of Umar bin Khattab, the second Islamic Caliph. By exploring Umar's visionary approach to zakat distribution and its relevance in contemporary times, this study examines how zakat can be used as an effective mechanism to alleviate the economic consequences of the COVID-19 pandemic for those most affected. This research uses a qualitative research approach By integrating insights from contemporary case studies and stakeholder consultations, this research proposes a comprehensive framework for implementing a robust zakat distribution system that is aligned with the United Nations Sustainable Development Goals (SDGs). This emphasizes the importance of transparent governance, accountability mechanisms, and the involvement of Islamic financial institutions, non-governmental organizations (NGOs), and community-based organizations in the zakat management process. Ultimately, this study offers an interesting case for reviving the spirit of Umar bin Khattab's zakat policy, showing how this ancient Islamic practice can serve as a powerful tool to promote financial inclusion, foster economic resilience, and support sustainable development in the face of modern crises such as the Covid-19 pandemic.

Islamic Economy to Reduce Poverty in Indonesia According to the Al-Qur’an

The poverty economy in Indonesia is a serious problem that requires attention and holistic solutions. This research aims to analyze efforts to overcome poverty by referring to economic principles in the Koran and Hadith. Through this approach, we can understand the Islamic view of social justice and economic distribution which can be the basis for more inclusive policies. This research identifies some of the main economic challenges facing Indonesia and analyzes how Islamic principles can be applied to overcome these problems. Efforts to empower communities through education, skills training and small business formation can be strategies that are in accordance with Islamic values. The results of the analysis show that the implementation of Islamic economic principles can make a significant contribution to reducing poverty levels in Indonesia. Therefore, policy recommendations include establishing regulations that support an equitable economic system, strengthening Islamic financial institutions, and increasing public awareness about socio-economic responsibility. This research contributes to our understanding of the potential for faith-based economic solutions to overcome poverty, and can become the basis for the development of more inclusive and sustainable policies in Indonesia.

Pengawasan Pelaksanaan Akad Notaris pada Perbankan Syariah oleh Dewan Pengawas Syariah

The rapid development of Islamic banking institutions must be supported by effective supervision so that operations are more efficient, so the Sharia Supervisory Board was formed by the National Supervisory Board (DSN) to oversee the application of sharia principles in Islamic banking. This research aims to find out the role of the Sharia Supervisory Board in supervising Islamic financial institutions in Indonesia and the Sharia Supervisory Board (DPS) related to supervising the implementation of contracts by Notary. The method used in this research is doctrinal legal research method using secondary data related to Islamic banking. The results of this study indicate that DPS supervision in Islamic banking is not optimal, which has an impact on the supervision of contracts in Islamic banking, as seen from the many problems in Islamic banking in the form of contract violations contrary to sharia principles. The conclusion of this problem is that the Sharia Supervisory Board (DPS) has not optimally carried out its supervision according to its rules to ensure compliance with sharia principles, as supervisors of Islamic banks must oversee every stage of the financing process to ensure the legal protection of their customers.

Non-Shariah Compliance Risks (NCR) and the Danger of Potential Fraud in the Islamic Financial Institutions: A Conceptual Framework

This research paper is a conceptual study that aims to examine financial fraud and its relation to non-compliance to Shariah for the Islamic financial institution in Malaysia. The study is unique because it seeks to understand how deviations from Shariah guidelines could contribute to financial misconduct, examining the specific non-Shariah compliance risks that arise when the deviation of internal control fails to align with Islamic law. Utilizing quantitative methodology, this study adopts and adapts from an existing structured questionnaire survey to collect data. This study also employs Structural Equation Modelling (SEM) in its analysis of the data. The implication of this study for policymakers includes the development of an effective strategy for mitigating financial fraud and ensuring Shariah compliance, thus ensuring the integrity and reputation of the Islamic financial sectors. This will undoubtedly contribute to the stability of the economy.

Implementation of Islamic Inheritance Law: Study of History, Law and Its Principles

The imposition of late payment penalties in Islamic pawnshops at the initial stage of the contract has sparked debate. This study examines the implications of such penalties on the principles of justice, customers, funders, and Islamic financial institutions. Literature study and fatwa review are the basis of the discussion. The results show that fines that are not agreed upon at the beginning of the contract have the potential to cause legal and sharia uncertainty, and open up opportunities for abuse of authority. The negative impact is a decrease in customer trust and tarnishing the reputation of Islamic financial institutions. The proposed solutions are the inclusion of a clear amount of fines in the contract, the involvement of the Sharia Supervisory Board, customer education, and the establishment of industry standards. The application of fair fines can be in the form of tiered fines, adjusted to the customer's ability, and accompanied by alternative fine options. Transparency and accountability of Islamic financial institutions are key to the sustainability of a fair and sharia-compliant Islamic pawnshop system.

Historical Trajectories and Modern Dynamics of Islamic Financial Law in Central Asia

Abstract This paper examines the historical development and contemporary landscape of Islamic financial law in Central Asia. Rooted in Sharia principles such as avoiding riba (usury), gharar (uncertainty), and maysir (gambling), Islamic finance has evolved into a sophisticated framework that promotes equity, transparency, and social welfare. In Central Asia, a predominantly Muslim region shaped by diverse cultural influences, Islamic financial jurisprudence reflects a unique blend of traditional practices and modern regulations. The growth of Islamic finance in this region is driven by increasing awareness, regulatory support, and integration with global markets. Key principles like the prohibition of interest, risk-sharing, and asset-backed financing underpin the operations of Islamic financial institutions. Case studies from Kazakhstan, Uzbekistan, and Tajikistan illustrate successful implementation strategies. The paper concludes by emphasizing the potential for Islamic finance to drive sustainable economic development in Central Asia and the need for ongoing research, collaboration, and policy support to navigate the complex dynamics of this evolving field.

CRITICAL FACTORS AFFECTING THE SUCCESS OF SHARI‘AH GOVERNANCE: INSIGHTS FROM ISLAMIC FINANCIAL INSTITUTIONS

This study examines the critical role of Shariah governance, particularly the impact of Shariah supervisory boards (SBBs) within the corporate governance framework of Islamic financial institutions (IFIs). SSBs, as critical components of Shariah governance mechanisms, significantly influence Shariah compliance processes within IFIs. This study explores the unique systemic risks inherent in the Islamic financial environment, focusing on the complexities and elements defining SSB legitimacy. The IFSB recommends four essential components for Shariah governance systems, emphasizing the importance of SSBs. However, SSBs face challenges balancing SharÊ‘ah adherence and market dynamics, highlighting a conflict between business objectives and Shariah rules. This study acknowledges the limited strength of Shariah governance, advocating for universally adopted standards to address issues such as conflicts of interest within SSBs and the need for diversified skill sets. This paper assesses the effectiveness of Shariah governance and SSBs in IFIs. For this purpose, a survey was conducted among middle and senior-level managers and employees employed in IFIs or associated regulatory entities across diverse nations. The results highlight the critical role of SSB members, specific standards for board nominations, and the moderate influence of stakeholders' interests on Shariah governance success. Shareholders’ and customers’ interests show no significant correlation with Shariah governance success.

Application of Guarantee contracts in Islamic Financial Transaction: Analysis of BNM and AAIOFI

A guarantee (Kafalah) is considered an effective Islamic finance contract aimed at providing assurance and security by having a third party; the guarantor, commit to fulfilling the financial obligations of the debtor in case of default. However, Bank Negara Malaysia (BNM) policy document considered guarantee as the term (kafālah) while the Accounting and Auditing Organization for Islamic Financial Institutions (AAIOFI) considered it as the term Damān. The term guarantee falls within the category of non-compensatory contract in classical Islamic financial contracts whereby there are no returns or compensation available for contracts like benevolence loans (Qard), gifts (Tabarru/Hibah), guarantee (Kafalah), and assignment of debt (Hawalah). In the modern financial setting, this might not fulfill one of the objectives of Islamic financial institutions to offer services for profit. This study explores the application of Guarantee (Kafalah) as a non-compensatory and noncommutative contract, falling under the category of Uqud Ghair Mua’wadha in Islamic Financial Institutions. Contracts such as benevolence loans (Qard), gifts (Tabarru/Hibah), guarantees (Kafalah), and assignment of debt (Hawalah) are characterized by the absence of return or compensation. This study uses the doctrinal approach of the qualitative method in exploring juristic meaning, justification, and implications of the shariah terms. It analyses the sustainable implication of its application in contemporary Islamic finance institutions between BNM and AAIOFI. This study found that despite the classical implication of guarantee as a non-compensatory contract guarantee contracts cannot yield a direct profit; yet can generate income through, Wakālah (agency fee), such as issuing LCs guarantees. These may be charged based on expenses incurred, potentially in amount-based (possibly slabs) but not time-based structures. The finding shows that the comparative analysis of regulatory frameworks by BNM and AAIOFI underscores the challenges of harmonizing global standards with local contexts, highlighting the necessity for ongoing dialogue and collaboration to ensure coherence and adaptability in Islamic finance regulation.

Risk Governance Unlocks Islamic Banks’ Dual Performance Goals

This study investigates the moderating effect of risk governance structures on the relationship between risk management—covering insolvency, financing, and operational risks—and the financial and social performance of Islamic banks in Indonesia. Using dynamic panel data regression, the analysis draws on annual report data from 11 Islamic commercial banks over the period from 2012 to 2021. The findings show that certain risk governance structures, such as the size and independence of the audit committee, the expertise of its members, the frequency of meetings, and the quality of external audits, significantly enhance the effectiveness of risk management in improving both financial and social outcomes. Moreover, unique Islamic banking structures, such as the size of the Shariah Supervisory Board and the frequency of its meetings, further strengthen these effects. These results highlight the importance of robust governance in optimizing risk management and improving the overall performance of Islamic banks, with implications for regulatory bodies and Islamic financial institutions aiming to improve governance frameworks.

Legal analysis of derivative transactions in islamic economics

The legal position regarding derivative transactions in Islamic economic practices has attracted significant attention from Islamic financial institutions such as AAOIFI and DSN-MUI. Derivative instruments can be incorporated into the sharia framework as long as they fulfil the core principles of sharia such as being free from elements of riba (interest), gharar (uncertainty), and maysir (gambling). These bodies have issued guidelines and fatwas such as the DSN-MUI fatwa No. 96/DSN-MUI/IV/2015, which permits the use of derivatives for hedging purposes under a number of strict requirements that ensure transparency and fairness and emphasizes that transactions are based on real needs and not speculation. However, implementing these legal guidelines on the ground faces various challenges. Key challenges include correctly applying derivative instruments so that they do not turn into prohibited tools of malicious speculation. Strict supervision and audit systems are needed to ensure compliance with Shariah principles on an ongoing basis, as well as ensuring transparency in the execution of transactions. In addition, in-depth training and education for Islamic finance practitioners is essential to support proper and effective implementation. Thus, the legal position regarding derivative transactions in the Islamic economy is clear and feasible to implement with strict supervision and supported by continuing education.

Economical rights versus God’s rights: criticising of the implementation Shariah economic in Indonesia

PurposeThis study aims to evaluate the impact of Law No. 11 of 2018 on Islamic Financial Institutions in Aceh, Indonesia. It also aims to understand the balance between the economic rights of individuals under Shariah law and the broader concept of God’s rights, as interpreted by this legislation. In addition, the research argues that the implementation of Law No. 11 of 2018 is untimely, with a focus on examining its influence on the cumulative abnormal return (CAR) of Shariah banks and its slight contribution to the direct economic impact.Design/methodology/approachThis study adopts a mixed-methods approach that integrates qualitative and quantitative analyses. The qualitative aspect uses a black-letter law approach for legislative scrutiny, whereas the quantitative aspect assesses economic indicators and firm performance using an event study analysis. The study also includes a two-tailed assessment to test hypotheses related to the law’s direct impact on institutional performance.FindingsThe study reveals that Law No. 11 of 2018 had minimal impact on national-scale corporate performance and a notable increase in poverty indices in Aceh, indicating a potential misalignment between the law’s intention and its economic consequences. The results also show the law’s ineffectiveness in significantly influencing the CAR of Islamic banks, highlighting a clash of norms and a lack of substantial economic substance in the implementation of Shariah compliance.Research limitations/implicationsThis research is geographically and legally focused on Aceh, Indonesia, with a short-term analysis that may not fully capture the long-term impacts. It primarily considers the stock price performance of specific institutions for quantitative analysis and identifies potential clashes and disharmony-in-law implementation from a qualitative perspective.Practical implicationsThe findings suggest the need for legal frameworks that better comply Shariah principles with economic realities. Regional governments should consider modifying policies to balance religious values and economic objectives.Social implicationsThis research highlights the importance of balancing religious obligations with economic rights, indicating that strict interpretations of religious law can lead to adverse socioeconomic effects.Originality/valueThis study is unique in its comprehensive analysis of the convergence between religious law and economic rights, offering insights into the challenges faced in implementing Shariah-based economic policies in diverse economies, such as Indonesia.

Productive WAQF business models through the integration of Islamic social and commercial finance

Poverty is an apparent problem in Indonesia, with the number of people living in poverty reaching 26.36 million. Islamic Social Finance (ISF), especially through productive waqf instruments, is one of the prospective solutions to overcome this problem. Although Indonesia has enormous waqf potential, waqf realisation is still very low. There are several challenges in the waqf collection process, namely low literacy or public awareness, unprofessional management, and a lack of qualified human resources (nazhir). This research aims to determine the optimal productive waqf model to be implemented in Indonesia using the Delphi ANP-BOCR method. To strengthen the research results, this study also conducted a meta-analysis as a form of robustness check and a benefits, opportunities, costs, and risks (BOCR) analysis of each model as supporting arguments. The findings of this study show that Islamic banks as a way to leverage funds for waqf are the most prioritised model. This is because Islamic banks act as intermediary institutions that have great potential for optimising the collection and management of waqf funds, which can increase economic growth. This is reinforced by the results obtained from the meta-analysis and several supporting arguments, which show that Islamic financial institutions (including Islamic banks) can improve community welfare through the utilisation of social funds (including waqf). Besides that, this research also discusses an alternative model of productive waqf through digitalisation by adopting several technologies that aim to increase efficiency, transparency, and accessibility so as to optimise the collection and management of waqf funds more effectively and efficiently.