Waqf is viewed as one of the potential mechanisms to stimulate the economic and social development of the society. However, despite the great contributions from waqf, the potential and benefits of waqf have not been fully capitalised. Acknowledging such issue, there is a need for the institutions responsible to manage waqf assets to enhance their performance in fulfilling their accountability towards relevant stakeholders, consistent with maqasid waqf perspective. Therefore, the aim of this study is to explore the indicators of performance measurement for waqf institutions based on the non-profit organization, given some similarity to non-profit organizations, and maqasid waqf perspectives. To achieve the research objective, this study will conduct two stages of data collection and analysis: reviews of the literature and semi-structured interview with waqf managers and Islamic scholar. The outcome of the study will be in the form of a proposed performance measurement model, in line with maqasid waqf that can be adapted by waqf institutions in assessing their performance as well as discharging their accountability and enhancing the value creation of waqf assets for the Ummah.