Waqf Institutions Sustainability Through Corporate Governance, Marketing, Technology, And Legislation

As the most rapidly growing waqf institution in Malaysia, its charitable endowment entity raises concerns regarding the sustainability of managing waqf institutions. Thus, this paper aims to address concerns about Muslim development in relation to the nonprofit nature and growth potential of Islamic Social Finance by identifying the constraints affecting the sustainability of waqf institutions. To undertake this study, the author investigated marketing, technology, legislation, corporate governance, and other related factors that contribute to the sustainability of waqf institutions and their interrelations. Restrictive quantitative methods were employed through the distribution of a structured survey questionnaire to a wider audience using Google Forms. A total of 203 responses were collected and deemed valid, signifying that the responses could address the study gaps. The data were processed using Multiple Regression Analysis via SPSS statistical software. The findings indicated that while corporate governance, technology, and legislation significantly impacted waqf institution sustainability, the impact of marketing was minimal and statistically insignificant, suggesting that further exploration into its contextual and operational relevance is warranted. Numerous facilities registered within the governance index indicated that marketing is the least contributing element towards the sustainability of waqf institutions. Governance emerged as the strongest determinant in supporting sustainable waqf institutions. To strategically manage waqf properties through improved maintenance over time, it is recommended that standard operational procedures (SOPs) be established for waqf institutions. Furthermore, active engagement in income-generating activities should be prioritised to ensure that waqf assets are put to productive use. It is essential to emphasise that researchers must set goals aimed at building socio-economic awareness of waqf to enhance public marketing and, consequently, the sustainability of waqf.