Modelling Maqasid Waqf Performance Measures in Waqf Institutions

Abstract

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.

Developing maqasid index for Islamic CSR: the case of Ummah’s Endowment Fund in Indonesia

“…Hudayati and Tohirin (2019) developed MI for zakat institution (MI-ZI) based on Al-Ghazali and Ibn Ashur concept of maqasid Shariah, as well as Islamic enterprises theory, resulting in a scorecard to calculate the MI-ZI. Meanwhile, Arshad et al (2018) designed conceptual model of MI for waqf institution based on Al-Ghazali concept of maqasid Shariah, comprising of input, output, outcome and network, which need to be further developed.…”

“…Moreover, studies on designing and/or calculating MI for ISFI and Islamic CSR are limited. Arshad et al (2018) tried to formulate MI for waqf institution qualitatively, whereas Hudayati and Tohirin (2019) aimed to design MI for zakat institution. However, there has been limited study to design MI for Islamic CSR, such as Ummah's Endowment Fund (Dana Abadi Umat [DAU]), managed by Hajj Financial Management Board (BPKH).…”

Fiqh Mu’āmalah in Theory and Practice: an Overview of Islamic Economics

“…47 In the context of Islamic economics, LKS must aim to stimulate so that the goals of Islamic economics can deliver Maqāshid sharia to its holistic position. Several previous studies have shown that socio-economic problems from the perspective of Maqāshid sharia can 45 Citing research by Arshad et al, (2018) that Maqāshid waqf includes all social benefits or goodness and does not limit actions with any good intentions. In this study, it was proven that waqf is a potential mechanism that can stimulate the community's socio-economic development.…”

Factors That Determine Donors Intention to Endow Cash Waqf for Microenterprises in Malaysia

“…The ulama (Islamic scholars) agreed that the most important thing which leads to the reform of the human condition is to keep up the five holistic purposes (Kulliyyat), which are (religion, life, intellect or mind, posterity, and wealth). Thus, the law of Islam (Shariah) came in strict provisions to preserve these five necessities, both in terms of existence, as they began to achieve their existence in society, and in terms of survival and continuity of development and protection from the causes of corruption and disappearance (Roshayani, Norzaihan, Sharina, & Ahmed, 2018).…”

“…This, therefore, contributes to the protection of the human life (Hifzu'n-Nafs) which is considered as a Shari'ah objective. This product will also attract money from those who have a surplus in their income and turn it to those have deficit through donations and humanitarian aid, and this will participate to keeping wealth and its circulation among people rather than hoarding, and this enters in the heart of the last point of Maqasid Al-Shari'ah which is Hifzu'l-Mal (Roshayani et al, 2018).…”