Waqf Institutions Research Articles

Building Trust in Waqf Management: Implications of Good Governance and Transparent Reporting

This study seeks to highlight the implications of governance and reporting practices in ensuring accountability and building donors trust in Waqf Institutions (WIs). Data gathered through the survey are analysed using PLS-SEM technique. The conceptual model was developed based on the critical review of the past literature. Among the three proxies of board attributes, only board ability has a significant positive impact on accountability. Voluntary information disclosure has a significant positive impact on accountability. Accountability has a significant impact on building trust in waqf management. Results provided by the study advocates for the adoption of formal reporting and improved governance mechanisms to enhance donors’ trust in WIs.

Critic Analysis of Responsibility Practices of Waqf Institution: Reason Condition from Pondok Modern Darussalam Gontor

Good waqf corporate management will contribute to the maximum achievement of waqf goals. Responsibility is one of the achievement of good waqf corporate management, however few waqf institutions cannot produce waqf assets due to lack of responsibility in management. This paper aims to analyze the practice of management responsibility in waqf institutions, evidenced by Pondok Modern Darussalam Gontor (PMDG) waqf management. This research is a field research with a qualitative approach. Data collection techniques using interviews, observation, documentation were analyzed with descriptive and thematic analysis. The result of the responsibility practice at PMDG intended for sustainability of independence education, namely; First, its waqf corporate management stands on official law in accordance with prevailed regulations. Second, the awareness of the responsibility of waqf governance, PMDG has implemented the vision, mission and objectives of the Gontor waqf charter as well as the application of Islamic corporate governance. Third, mapping waqf assets by producing various business units, expanding and utilizing land assets annually, and implementing the waqf motto that waqf must always move. Keywords: Waqf, Responsibility, Waqf Institution, Pondok Pesantren, Waqf Corporate Management. Abstrak Manajemen pengelolaan wakaf yang baik akan berkontribusi maksimal tercapainya tujuan wakaf. Tanggungjawab merupakan salah satu tercapainya pengelolaan korporasi wakaf yang baik, namun tidak sedikit institusi wakaf yang tidak bisa memproduktifkan asset wakaf dikarenakan oleh kurang terciptanya tanggungjawab dalam manajemennya. Tulisan ini bertujuan untuk menganalisis praktek responsibilitas manajemen dalam institusi wakaf, dibuktikan dengan fakta yang terjadi di Pondok Modern Darussalam Gontor (PMDG). Penelitian ini merupakan penelitian lapangan dengan pendekatan kualitatif. Teknik pengumpulan data menggunakan wawancara, observasi, dokumentasi yang dianalisis dengan deskriptif dan tematik analisis. Hasilnya adalah praktek prinsip tanggungjawab di PMDG bertujuan untuk mendorong keberlansungan kemandirian pendidikan melalui yaitu; pertama, pengelolaan wakaf berdiri di atas legal resmi sesuai dengan peraturan perudang-undangan yang berlaku. Kedua, dilihat dari kesadaran pertanggungjawaban tata kelola wakaf, PMDG telah menerapkan visi, misi dan tujuan piagam wakaf Gontor serta menerapkan manajemen korporasi islam. Ketiga, pemetaan aset wakaf yaitu dengan memproduktifkan berbagai unit-unit usaha, perluasan dan pemanfaatan aset tanah pertahunnya, serta menerapkan motto wakaf yaitu wakaf harus selalu bergerak. Kata Kunci : Wakaf, Responsibilitas, Institusi Wakaf, Pondok Pesantren, Manajemen Korporasi Wakaf.

Financial Performance and Sustainability in Malaysian Waqf Institutions

This paper aims to measure the financial performance and sustainability in Malaysian waqf private entity and corporations. Examining its performance and sustainability could be useful to assess waqf perpetual existence. Besides that, the waqf private entity and corporations frequently compare actual performance with standards or expectations to enhance the organizations’ achievements. Thus, by using ratio analysis, this study examines five years (2014-2018) annual reports of waqf private entity administered by Pusat Wakaf Majlis Agama Islam Wilayah Persekutuan Sdn. Bhd (PWMSB) and two waqf corporations Pusat Wakaf Selangor (PWS) and Wakaf An-Nur Corporation (WANCorp). The results indicate that only one waqf corporation was financially performed and sustainable in all seven components. The findings provide useful insights into the financial performance and sustainability of waqf private entity and corporations and highlight the need for policy makers in Malaysia and other Muslim countries to give due attention to the holistic accountability of waqf institutions to ensure waqf’s systematic revival. It is hoped that the results and the recommendations of the study would enable the financial reporting and accountability of such institutions at a higher level

Islamic endowment (Waqf) in India: Towards poverty reduction of Muslims in the country

This paper aims to examine the potential role of Waqf (Islamic endowment or philanthropic institution) in poverty alleviation and socio-economic development of the Indian Muslim community. The paper attempts to critically analyze the structure, mechanism and legal framework of Waqf management in India followed by pinpointing the existing lacuna and insufficiency of the Waqf governance model and practices in the country. The paper finds that the institution of Waqf possesses a mammoth amount of financial and infrastructural resources in India, and the role of this institution can be critically important in reducing the poverty of, particularly, the Muslim community. Muslims in India are trapped in the incidence of poverty more than other communities except for Buddhists. In aggregate terms, one in every three Muslims lives below the poverty line in India. Proper utilization of Waqf institution can be critical in reducing the poverty of the Muslim community in the country. The paper is based on a qualitative research paradigm and it adopts a socio-legal research methodology for the analysis of the available literature. The paper concludes with some critical policy recommendations for enhancing the role of Waqf in reducing the poverty rate among Muslims in the country.

Selanik’teki XVI. Yüzyıla Ait Vakıflardan Biri: Yakub Paşa’nın Vakıf Eserleri ve Vakfettikleri

II. Bayezid dönemi vezirlerinden olan Yakub Paşa, XVI. yüzyıl başlarında Selanik merkezde cami, zaviye ve çeşme inşa ettirerek bir vakıf kurmuş ayrıca -muhtemelen bir zaviye kütüphanesi oluşturmak amacıyla- çok sayıda kitap bağışlamıştır. Vakfiyede Bayır Mahallesi'nde yaptırıldığı ifade edilen bu vakıf eserlere zamanla bir imaret de dahil olmuş, imaretin hizmetini devam ettirmesini sağlamak neredeyse vakfın birincil gayesi haline gelmiştir. Paşa bu vakıf eserlerin faaliyetlerini sürdürebilmesi için nüfusunun büyük kısmının gayrimüslim olduğu Maruda/Karoye isimli bir köy ile büyük bir ev bağışlamış, satılarak elde edilen parayla vakfa gelir sağlayacak mülk alınması şartıyla ayrıca çok sayıda menkul vakfetmiştir. Bu gayrimenkullerden başka Virlanova/Virlaniç adındaki bir Müslüman köyü ile çok sayıda hane ve dükkan sonradan vakfın gelir kaynakları arasına katılmıştır. Köylerden alınan vergiler ve diğer taşınmazların kiralarıyla zemin gelirleri, vakfın kesintisiz hizmet vermesini sağlamış, vakıf çalışanlarının ücretleri ve kurumlar için yapılan tüm harcamalar bu gelirlerden karşılanmıştır. Vakfiyenin esas alındığı çalışmada, bazı arşiv materyaline dayanarak vakfın XVI. yüzyılı değerlendirilmiş, verilen bilgiler bu dönemle sınırlandırılmıştır. Aslında vakıf uzun ömürlü olmuş, Selanik'te Osmanlı egemenliği boyunca hayrâtını ve akarâtını koruyarak kuruluş amacı doğrultusunda hizmet sunmuştur.

Intellectual capital in non-profit organisations: lessons learnt for waqf institutions

PurposeThis study aims to highlight the importance of intellectual capital (IC) for the operation of waqf (Islamic endowment) institutions, as few studies have discussed this issue in relation to non-profit religious organisations, particularly waqf organisations. Consequently, this study hopes to contribute to the development of waqf institutions in terms of human capital proficiency, the efficiency of operations and the effectiveness and sustainability of performance.Design/methodology/approachThe authors reviewed a significant body of relevant studies written on various aspects of IC, to highlight the significance of considering IC in the operation of non-profit organisations (NPOs) and waqf institutions.FindingsThis study highlights the importance of IC in the operation of waqf institutions. It provides a platform that facilitates understanding of the existing obstacles and challenges in waqf institutions (such as lack of accountability, lack of funding, mismanagement and lack of trained labour, among others) and offers potential solutions through the consideration of knowledge and IC.Research limitations/implicationsThis study is a conceptual analysis of IC in the context of NPOs. Future studies should conduct empirical testing, which will provide more detailed discussion and enriching insights into the issue of IC and the performance of NPOs, particularly in the case of waqf institutions.Practical implicationsThis study provides several important implications for waqf institutions and other NPOs, as it sheds light on the consideration of knowledge and IC in their operations.Originality/valueTo the best of the authors’ knowledge, this study is the first to discuss the issues of waqf in the light of IC and provide an integrated framework for the operation of waqf institutions.

THE ROLE OF SINCERITY AS A MOTIVATING FACTOR TO WORK FOR NON-PROFIT ORGANIZATIONS

Purpose of the study: This study aimed to examine the sincerity factor as the main motivation to work for non-profit organizations, especially in waqf institutions. To be more specific, the paper examines the factor of sincerity influence commitment and professionalism. In Indonesia, the majority of waqf asset is used for mosques, prayer rooms, orphanages, tombs, schools include pesantren or Islamic boarding school. Methodology: This study uses a qualitative approach, interviews with 20 waqf practitioners (Nadzir) both as top leaders and implementers in pesantren or Islamic boarding school. The set of the location of this study was taken at Java and Madura, based on data from the Indonesian Ministry of Religious Affairs most of the Islamic boarding schools in Indonesia are located on this island. The criteria for Islamic Boarding School which are the objects of this study are having assets above 50 billion rupiahs (3,6 million USD). Main Findings: Based on the interviews with the waqf managers sincerity is a motivation that is felt right to foster commitment and professionalism of waqf property managers. Sincerity (ikhlas) does not only originate from wakif who inherits his property for waqf, but also the managers of the waqf property. The continuity of represented institutions (especially Islamic schools) is then managed with sincerity more guaranteed. Applications of this study: This research covers only several waqf institutions that manage education (pesantren) and have productive business charities to meet their needs. Further study can be extended to waqf institutions that manage education (other than pesantren) or other modern waqf institutions. Novelty/Originality of this study: This paper is the first paper to discuss the role of sincerity in waqf management, particularly that uses an empirical approach. A previous paper in waqf management discusses waqf from productive waqf, cash waqf, accountability of waqf and trust in waqf.

PERAN NAZHIR DALAM MENGELOLA HASIL WAKAF UANG PADA BADAN WAKAF INDONESIA JAWA TIMUR

This research aims at determining the competence of Nazhir on its efforts to manage cash waqf to empower productive society. Analysis technic done on this study is descriptive qualitative with case study method where this research is done by doing direct observation, taking documentation and all the data provided, and interviewing all the related parties to this matter, so that the data gained are able to answer all the research questions. The result of this research show that Indonesian Waqf Board has done its duty in accordance with the Regulation no 41 year 2004 to manage and develop cash waqf properly, it needs human resources which are reliable, professional, knowledgeable in economics, perseverance, and having strong commitment. Therefore, cash waqf institution has a really strategic role on creating a productive waqf in Indonesia, therefore a training is needed to the waqf managers (nazhirs), a continuous socialization from academicians, ulamas, sharia economics practicians, either from seminar, training, preaches, or mass media articles.Keywords: Baitul Mal Wat Tamwil, Financing Fund, Prosperity, SME, Maqasid shariah

The Influence of Waqf Distribution and Promotion on Community Trust (Case Study: Tabung Wakaf Indonesia)

Waqf is a potential source of funds to overcome social problems, but most poverty reduction programmes rely on foreign credit, especially from the World Bank. In this case, the development of a waqf by a nadzir can be an alternative source of funding in the general economic empowerment, which is supported by society�s trust in waqf institutions. Therefore, this study is conducted to identify the factors that determine public trust and to examine the influence of waqf distribution and promotion on society trust in waqf funds managed by Tabung Wakaf Indonesia. This paper used quantitative methods and utilized primary data through direct surveys with questionnaires were collected and analyzed using multiple regression analysis. The findings reveal that promotion and distribution have significant relationships with society trust. In addition, this study indicates that distribution has the greater impact than promotion on influencing society trust in waqf management. The findings nevertheless give a wide understanding of the concept of public trust and its antecedent in the context of Tabung Wakaf Indonesia.

MEDIA PROMOTION, ISLAMIC RELIGIOSITY AND MOSLEM COMMUNITY PERCEPTION TOWARDS CHARITABLE GIVING OF CASH WAQF

In Islamic countries, the waqf fund is important and serves as a relief provided to facing poverty issues. However, in Indonesia, the concept and Muslim perception of cash waqf is relatively new as compared to the two traditional practices. Thus, this study intends to develop a conceptual model elucidating the Malang Muslim community's willingness towards charitable giving of cash waqf. Using structural equation modelling (SEM), these findings indicate that there is a significant relationship between media, Islamic religiosity, and perception of cash waqf contribution. The result strongly urges that the waqf institutions using media more to increase the awareness of the Muslim community in order to enhance involvement in waqf.

Coverage of the theme of the waqf (foundation) in the novel-al-hidoyah; by burhoniddin marghinani

In the IX-XIII centuries, Movarounnahr became one of the most important centers of development of jurisprudence, where thousands of Islamic jurisprudences worked. Our compatriot Burhoniddin Marginoni has a special place among Movarounnahr jurists. As a great representative of the Hanafi School, he made a great contribution to the development of jurisprudence. Burhaniddin Marginoni's work “Al-Hidoyah” is the main textbook, manual, program in all madrassas and Dar al-Funun of the Muslim world. State and religious leaders, public figures, scholars and scholars used the work of Burhaniddin Marginoni and relied on him. Social welfare institutions have existed for a long time. They were first carried out in Islamic society through waqfs. As the waqf institution expanded, special jurisprudence books were classified about it, and separate chapters were devoted to the subject of the waqf in each general jurisprudence book. In the tenth and thirteenth centuries, the science of jurisprudence was particularly advanced, and during this period many works on Islamic law were written. One of such books is “Al-Hidoyah” by Burhaniddin Marginoni. The article deals with the coverage, arguments and methods of the waqf in the work “Al-Hidoyah”.

Optimization of Waqf Land for The Construction of Hospitals Through Build Operate And Transfer (BOT)

The Waqf (endowment) paradigm which is understood only for religious purposes results in a lot of unproductive waqf lands. The aim of this article is to analyze the use of waqf land for the construction of hospitals through the Build, Operate and Transfer (BOT) model in order to increase the Human Development Index in Indonesia. The research method in this article is qualitative which belongs to the category of library research with the research approach of descriptive analytic. The results of this research state that waqf positivation through Law No. 41 of 2004, which requires Nadzir (management of waqf) to manage and develop waqf property in accordance with its purpose, function and designation, becoming one of the cornerstones of the utilization of waqf land for health service business activities by building hospitals. Build Operate and Transfer (BOT) can be used as a model for utilizing waqf land in hospital business activities that play a role in entrusting waqf institutions facing limited financial resources as well as providing strategic land for investors.

Waqf Development in Indonesia: Challenges Faced by Muhammadiyah Waqf Institutions

Abstract: As a potential financial instrument, waqf has played an essential role in resolving the social problems of the society (ummah). Although Indonesia has long applied the existence of waqf, it has not had an impact on providing an optimal contribution to the welfare of the people. Several studies identified patterns of administration in the management of waqf. The purpose of this study aims to identify and explore the model of empowerment of Mahammadiyah waqf land in Magelang and its challenges in the development of the ummah. The study method used to collect data was descriptive qualitative and interviews, which covered the areas administered by the Mahammadiyah. About 78% of these areas are empowered in the form of educational and worship facilities. However, it was observed that empowerment of the land in Magelang was not optimized due to lack of financial resources, unproductivity, and the presence of incompetent and professional Nazhirs. The solution to these problems is through collaboration with financial institutions in collecting cash equivalents, land specifications, formulating a special legal framework for empowering Muhammadiyah waqf, and training for the development of the capacity of the areas.Abstrak: Sebagai instrumen finansial yang potensial, wakaf memiliki peran penting dalam menyelesaikan permasalahan sosial masyarakat (ummah). Meski keberadaan wakaf sudah lama diterapkan di Indonesia, namun belum berdampak pada memberikan kontribusi yang optimal bagi kesejahteraan masyarakat. Beberapa penelitian mengidentifikasi pola administrasi dalam pengelolaan wakaf. Tujuan penelitian ini adalah untuk mengidentifikasi dan mendalami model pemberdayaan lahan wakaf mahammadiyah di Magelang dan tantangannya dalam perkembangan umat. Metode penelitian yang digunakan untuk mengumpulkan data adalah deskriptif kualitatif dan wawancara meliputi wilayah-wilayah yang dikelola Mahammadiyah. Sekitar 78% dari wilayah tersebut diberdayakan dalam bentuk sarana pendidikan dan ibadah. Namun, teramati bahwa pemberdayaan tanah di Magelang belum optimal karena kurangnya sumber daya finansial, tidak produktif, dan adanya Nazhir yang tidak kompeten dan profesional. Solusi dari permasalahan tersebut adalah melalui kerjasama dengan lembaga keuangan dalam pengumpulan setara kas, spesifikasi tanah, penyusunan kerangka hukum khusus pemberdayaan wakaf Muhammadiyah, dan pelatihan pengembangan kapasitas daerah.

The Question of Waqf in Turkey from its Ottoman Past to the Present

After the collapse of the Ottoman Empire, the traditional waqf law has gone through a reform. Republican reforms abolished the Islamic waqfs and replaced them with foundations, an institution adapted from the Swiss Civil Code as it was regarded practically more eligible to reshape the former system. Turkish Republic introduced a new civil code in 1926. Under this new code , the waqf institution was changed into an organization detached from its Islamic background. The present essay is going to examine the waqf reform carried out in modern Turkey. The kind of the waqf prescribed by the code of 1926 and the waqfs existed during the Ottoman times were entirely different institutions. The predominant aspect of the newly introduced waqf is evident in its new status which is detached from its religious background. It was actually created and appropriated by considering the similar European organizations. Under the new law waqf is realized as a legal entity. The Islamic perpetuity principle has a rather different meaning under the Turkish Civil code. In this respect, this article will not only consider the legal aspects of waqf law but also it will consider the historical circumstances that paved the way to reshaping the former waqf system in the Republican era.

An empirical study of the challenges facing zakat and waqf institutions in Northern Nigeria

Purpose The purpose of this paper is to unearth the factors inhibiting the development of zakat (the Islamic obligatory alms) and waqf (endowment) institutions in Northern Nigeria, with the aim of proffering appropriate solutions. Design/methodology/approach This paper uses a qualitative research methodology whereby data was sourced from relevant stakeholders in Northern Nigeria. To select the appropriate interviewees, maximum variation and homogenous purposeful sampling techniques were used. Findings The findings of the paper show that zakat and waqf institutions in Northern Nigeria have not achieved their inherent Sharīʿah objectives because members of the public have little or no trust or confidence in the institutions. Also, the potential zakat payers and waqf donors dislike political office holders’ involvement in the appointment of the institutions’ administrators. Finally, the administrators lack adequate managerial and administrative knowledge of the two institutions. Research limitations/implications The current research focusses on causes of low performance of zakat and waqf institutions solely in Northern Nigeria. It is envisaged that subsequent researchers may conduct research on the possibility of having a federal law that will strengthen the overall establishment and development of zakat and waqf in Nigeria. This will affect both Muslim-majority and Muslim-minority communities. Originality/value This paper represents a referenceable work in the field of zakat and waqf in Northern Nigeria, as it uses an approach that sources primary data in the form of participants’ point of view instead of relying on literature or document analysis. It is not a mere theoretical study of the literature but an empirical investigation of the problem.

Venture waqf in a circular economy

Purpose This paper aims to enhance the impact of incorporated waqf institutions by blending their resources to promote responsible small businesses that are inclusive of human development, service to society and preservation of ecological environment and other species. This is expected to shift the paradigm of businesses from the current waste-oriented linear economy to ideally a zero-waste circular economy. Design/methodology/approach This is an analytical study building on the experience of European Venture Philanthropy Organizations (VPOs) that work with the primary objective of making impactful businesses successful, with capital protection and return on investment being of secondary concern. This paper suggests an incorporated institutional design that blends resources for promoting responsible businesses using a new hybrid financial mechanism, namely, equity-at-default (EaD) to replace collateral and foreclosure requirements with responsibility and compassion. Findings The research calls for changing the business paradigm from linear to circular, an incorporated institutional framework for venture waqf, purpose of the waqf to make impactful small businesses successful and designing a financial contract to loan in favor of responsible businesses that convert to equity stake for the waqf in case of default (EaD) replacing collateral and foreclosure requirements. Research limitations/implications This is a theoretical study motivated by the success of VPOs but assigns a new role to waqf institutions. Furthermore, the incorporated nature of waqf is a new idea and EaD is a new mechanism. Being new, these ideas have the risk of not being implemented. However, the broader message that waqf shall promote businesses that are inclusive of ecological concerns is generally applicable. Practical implications The paper has a significant practical implication to transform the responsibility and consciousness of businesses. Waqf is fundamentally a compassionate institution, and it must enhance the responsibility of businesses to become more inclusive of the environment and other species. It should also become more compassionate toward businesses that are in distress and default. In this sense, the paper tries to internalize compassion in financial contracting that can potentially change the architecture of lending. Social implications Altering businesses’ mindset from a waste-driven extractive linear economy to inclusive circular economy has a tremendous transformative role. This will have implications for enhancing business consciousness and responsibility. As poverty is a phenomenon of state of mind, changing the society’s state of thought in Muslim communities is expected to have basic positive implications. Entrepreneurs with a new mindset can have far-reaching positive impacts on the society. Originality/value The paper offers potentially innovative perspectives in four key areas and blends the different resources in an incorporated waqf that makes responsible entrepreneurs assume a partnership role in times of distress through EaD. Furthermore, the integration of compassion in financial contracting could have better implications for return on investment as well. The ideal state of an economy is where waste is turned into wealth and well-being is something that all policymakers must keep on the top of their agendas.

WAQF DEVELOPMENT IN MINORITY MUSLIM COUNTRY: SINGAPORE’S EXPERIENCE

Waqf is one of the important mechanisme in Islamic economic structure in developing countries besides zakat. The institutional role of Waqf is to reduce government burden in developing and fulfil social needs especially for Muslim society. In the majority of Muslim countries nowadays, where they have strict Shariah laws, charities such as zakat are managed by government bodies. While in non-Muslim countries such practise are managed by voluntary agencies. The methodology for this study is secondary data approach by using data analysis from the related journals, articles, and papers. This paper will discuss the role of Waqf institution in minority Muslim states in order to meet socio-economic development particularly for Muslim society. In addition, to explore to what extent Waqf institution could achieve the objective which is to minimise the poverty and improve quality life based on experince that have been through by minority Muslim in Singapore. Moreover, to identify the obstacles or challenges that the minorty Muslim face in order to improve Waqf instituition among majority non-Muslim. This paper will end up with the suggestion that may contribute for Waqf development in such countries. Keywords: Waqf, Minorty Muslim, Development, Socio-economic

Management Effectiveness in Waqf Institutions in Malaysia: A Literature Review

Waqf continues to be a significant source for developing the Muslim community today. Waqf institutions thus need to ensure their unceasing effectiveness in managing Waqf funds so as to establish a Muslim economy that is more vibrant, progressive and inclusive. The improved performance of the institution, which can be achieved by improving public trust, will in turn lead to social improvements as well. To ensure that a Waqf institution remains competitive, it is crucial to identify its core competencies in terms of leadership styles and roles which allow it to establish a productive working environment. Therefore, the institution’s leader plays a major role in ensuring management effectiveness. This paper reviews several literatures on the management effectiveness of Waqf institutions and proposes viable leadership communication styles for the institutions. It has been suggested that clear, regular and constant communication is necessary for the growth and effectiveness of any institution.

Three Eighteenth-Century Waqf Documents from the Ottoman Courts of Aleppo

Abstract This article is a study of three 18th-century documents from the archives of the Ottoman qāḍī-courts of Aleppo. Although the nature of the cases they relate differ, they all deal with various aspects of the waqf institution: istibdal – i.e. the exchange of ruined or unprofitable waqf property for a more productive one – the creation of a new waqf, and, finally, a dispute over the right to benefit from waqf property. Juridical considerations aside, the interest of these cases lies primarily in the fact that the individuals mentioned and involved in the three documents belong to a restricted circle of notable family groups which are at various degrees linked to one another through marriage relations. Even in their limited scope, these documents provide valuable information on some of the notable families of the city and their social networks.

Highlighting the Links Between Islamic Accounting and the Cash Waqf

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.