Modern management practice has put greater emphasize on the principles of accountability and transparency. Along with the revival of Islamic institutions, there are call by the stakeholder for management of waqf institutions to adopt modern management practice to improve their efficiency in managing waqf asset. As part of good governance and best practices of waqf institutions, management of risk is fundamental to the proper functioning of any institution including waqf to ensure the accountability of mutawalli (waqf manager) and transparency of the management. Studies on risk management practices on Islamic institution indicate that risk come across in many different ways; financial, personnel, program and capital expenditure decisions due to interactions with economic, political and social environments. However, the dissimilarity of management practices of waqf asset could be due to the absence of risk management function for waqf institutions. This paper aims at exploring the major themes that constitute the basis of the discussion on accountability in waqf institutions. In doing this, the theoretical underpinnings and the existing research relating to waqf investment and its risk management practice are examined.

The implementation of waqf introduced by the Prophet SAW and his companions are the main reference and guidance for Muslim to expand its continuity for particular category of waqf infrastructure. This article aims to examine the definition and concept of waqf infrastructure. The discussion focuses on analysis of textuals Hadith of waqf that derived from al-Kutub al-Sittah and its application in the perspective of Maqasid al-Sunnah. It is found that there are 36 textuals Hadith regarding waqf in al-Kutub al-Sittah whereby 27 textuals Hadith are categorised as waqf infrastructure. In terms of the discussion on waqf infrastructure within the framework of textuals Hadith, there are 3 main categories such as religious infrastructure, public infrastructure and general infrastructure. In addition, there are 6 types of waqf infrastructure under those categories including waqf of land, waqf of garden, waqf of well Bayruhaʾ, waqf of land for mosque and waqf of military weapons. In the light of Maqasid al-Sunnah, it signifies the development of waqf infrastructure must be in line with the principals and its implementation that introduced by the Prophet SAW and his companions RA.

No abstract

No abstract