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Performance Measurement System in the Governance of Waqf Institution: A Concept Note

Author

Listed:
  • Aliza Ramli*

    (Faculty of Accountancy, Universiti Teknologi MARA, Puncak Alam, Malaysia)

  • Fadzlina Fahmi

    (Faculty of Accountancy, Universiti Teknologi MARA, Puncak Alam, Malaysia)

  • Faizah Darus

    (Faculty of Accountancy, Puncak Alam & Accounting Research Institute Universiti Teknologi MARA, Shah Alam, Malaysia)

  • Zarinah Abdul Rasit

    (Faculty of Accountancy, Universiti Teknologi MARA, Puncak Alam, Malaysia)

Abstract

Although reports revealed substantial improvements have been reported in the accounting and reporting of waqf properties, the lack of a sound internal control mechanism is of concern. The existing practice of performance measurement among waqf institutions is less standardised and did not consider their overall performance as a religious and voluntary institution. Organisations engagement in waqf affairs has also caused various issues relating to the ineffectiveness of management and administration of waqf assets. Thus, a systematic and comprehensive performance measurement system is required to adequately assess the performance and ensure proper governance of waqf institutions. Drawing from the Balance Scorecard (BSC) framework and Islamic concept, the paper aims to study and analyse relevant literature on the performance measurements for waqf institution and to develop a holistic performance measurement model suitable to assess the performance of waqf institutions. In this concept paper, the inductive and deductive methods besides analysis of relevant literature were utilised to arrive at the findings. A fifth perspective has been added to the traditional BSC framework. The fifth dimension focuses on the assessment of all activities of waqf institutions in accordance with the Shariah principles. The paper concludes that the governance of waqf entity can be achieved through a sound internal control system, which suggests the implementation of a shariah-based performance measurement system that incorporates both qualitative and quantitative dimensions to examine its current stance better. This type of performance measurement system can also ensure accountability and transparency of waqf institutions, as well as for them to strategize their initiatives better to contribute to long-term wealth creation of the society. The framework developed in this study can be utilised to provide one possible way for management of waqf institutions to address the issues arise from the inefficiency in managing waqf resources.

Suggested Citation

  • Aliza Ramli* & Fadzlina Fahmi & Faizah Darus & Zarinah Abdul Rasit, 2018. "Performance Measurement System in the Governance of Waqf Institution: A Concept Note," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 1026-1034:5.
    • Handle: RePEc:arp:tjssrr:2018:p:1026-1034
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    References listed on IDEAS

    as
    1. Norma Md Saad & Salina Kassim & Zarinah Hamid, 2013. "Involvement of Corporate Entities in Waqaf Management: Experiences of Malaysia and Singapore," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(6), pages 736-748, June.
    2. Amizawati Mohd Amir, 2011. "The indirect effects of PMS design on Malaysian service firms' characteristics and performance," Asian Review of Accounting, Emerald Group Publishing Limited, vol. 19(1), pages 31-49, May.
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    Cited by:

    1. Sakina Anzar Basha & Ezzedine Ghlamallah, 2023. "The conditions for implementing Islamic banking in France [Les conditions de mise en oeuvre de la banque islamique en France]," Post-Print hal-04140771, HAL.

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