IDEAS home Printed from https://ideas.repec.org/a/idn/jimfjn/v3y2018ispecialissueip153-178.html
   My bibliography  Save this article

Waqf Fundraising Management: A Proposal For A Sustainable Finance Of The Waqf Institutions

Author

Listed:
  • Muhammad Shulthoni

    (Institut Agama Islam Negeri (IAIN) Pekalongan)

  • Norma Md Saad

    (International Islamic University Malaysia)

  • Saim Kayadibi

    (International Islamic University Malaysia)

  • Muhammad Irwan Ariffin

    (International Islamic University Malaysia)

Abstract

This paper studies the theoretical structure of financing for Islamic philanthropy in the form of waqf or endowment by looking at the past and present forms of waqf. Waqf is expected to play a more important role to tackle current social and educational issues, where financial sustainability has become one of the greatest challenges faced by waqf institutions. Using the content and thematic analysis approaches, this paper reviews the practice of successful waqf institutions and summarizes the features that are significant to a successful waqf fundraising and management. The paper analyses three models that are suitable for innovation and management of waqf fundraising: Venture Philanthropy of Waqf Model (VPWM), Value-Based Capital Model of Waqf (VBCM), and Social Enterprise Waqf Fund Model (SEWF). The paper then investigates the possibility of applying the Management by Objectives (MBO) framework to improve the overall management of waqf institutions. The discussions are hoped to be able to contribute towards developing a better fundraising and management of waqf institutions.

Suggested Citation

  • Muhammad Shulthoni & Norma Md Saad & Saim Kayadibi & Muhammad Irwan Ariffin, 2018. "Waqf Fundraising Management: A Proposal For A Sustainable Finance Of The Waqf Institutions," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 3(Special I), pages 153-178, May.
    • Handle: RePEc:idn:jimfjn:v:3:y:2018:i:specialissuei:p:153-178
    DOI: https://doi.org/10.21098/jimf.v3i0.776
    as

    Download full text from publisher

    File URL: http://jimf-bi.org/index.php/JIMF/article/download/776/715
    Download Restriction: no
    File URL: https://libkey.io/https://doi.org/10.21098/jimf.v3i0.776?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Reif, William E. & Bassford, Gerald, 1973. "What mbo really is : Results require a complete program," Business Horizons, Elsevier, vol. 16(3), pages 23-30, June.
    2. Imran Tahir & Mark Brimble, 2011. "Islamic investment behaviour," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 4(2), pages 116-130, June.
    3. Çizakça, Murat, 1998. "Awqaf In History And Its Implications For Modern Islamic Economies," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 6, pages 43-70.
    4. Zarqa, Muhammad Anas, 1994. "Financing And Investment In Awqaf Projects: A Non-Technical Introduction," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 1, pages 55-62.
    5. Imran Tahir & Mark Brimble, 2011. "Islamic investment behaviour," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 4(2), pages 116-130, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. repec:idn:jimfjn:v:3:y:2018:i:specialissuei:p:1-26 is not listed on IDEAS
    2. Shaikh, Salman, 2013. "Economic Analysis of Islamic Banking in Pakistan," MPRA Paper 53797, University Library of Munich, Germany.
    3. Shaikh, Salman, 2012. "Islamic Banking in Pakistan: A Critical Analysis," MPRA Paper 42497, University Library of Munich, Germany.
    4. repec:idn:jimfjn:v:4:y:2018:i:2h:p:1-14 is not listed on IDEAS
    5. Rashedul Hasan & M. Kabir Hassan & Mamunur Rashid, 2018. "Cash Waqf Investment And Poverty Alleviation: Case Of Tabung Masjids In Malaysia," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 4(2), pages 333-346, November.
    6. Volker Nienhaus, 2018. "Awqaf: Social Spending, Development Strategy and Financing الأوقاف: الإنفاق الاجتماعي واستراتيجية التنمية والتمويل," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 31(2), pages 91-99, July.
    7. Michalopoulos, Stelios & Naghavi, Alireza & Prarolo, Giovanni, 2016. "Islam, inequality and pre-industrial comparative development," Journal of Development Economics, Elsevier, vol. 120(C), pages 86-98.
    8. Zaman, Asad, 2008. "Islamic Economics: A Survey of the Literature," MPRA Paper 11024, University Library of Munich, Germany.
    9. Aliyu, Shehu Usman Rano, 2018. "A treatise on socioeconomic roles of waqf," MPRA Paper 91413, University Library of Munich, Germany, revised 05 Dec 2018.
    10. Ahmed,Habib & Mohieldin,Mahmoud & Verbeek,Jos & Aboulmagd,Farida Wael, 2015. "On the sustainable development goals and the role of Islamic finance," Policy Research Working Paper Series 7266, The World Bank.
    11. Miftahul Huda & Lukman Santoso, 2022. "Implementation of Corporate Waqf Core Principles in the Development of Waqf in Indonesia," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 11, September.
    12. Shahimi, Shahida & Mohd Marzuki, Mohd Umar & Embong, Zaini, 2013. "Potential of Cash Waqf for Poverty Alleviation in Malaysia: A System Dynamics Approach," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 47(2), pages 149-163.
    13. Syed Khalid Rashid, 2018. "Potential of Waqf in Contemporary World إمكانيات الوقف في العالم المعاصر," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 31(2), pages 53-69, July.
    14. Valeria Giacomin & Geoffrey Jones, 2022. "Drivers of Philanthropic Foundations in Emerging Markets: Family, Values and Spirituality," Journal of Business Ethics, Springer, vol. 180(1), pages 263-282, September.
    15. Aris Hassama & Nor Asmat Ismail, 2024. "Determinants of Cash Waqf Donation to Support Islamic Schools in Thailand," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(1), pages 1265-1278, January.
    16. Lamido , Abdullahi Abubakar & Haneef, Mohamed Aslam, 2021. "Shifting the paradigms in waqf economics: towards renewed focus on socioeconomic development," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 29, pages 18-32.
    17. Norliana Mohammad Hamber & Mohamed Aslam Haneef, 2017. "Waqf-Based Social Micro Venture Fund: A Proposal for the Malay-Muslim Community in Singapore صندوق للتمويل الأصغر القائم على الوقف للمشاريع الاجتماعية: مقترح لمجتمع المسلم الماليزي في سنغافورة," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 30(1), pages 37-60, January.
    18. Nurrachmi, Rininta, 2012. "The Implication of Cash Waqf in the Society," MPRA Paper 44605, University Library of Munich, Germany, revised 26 Feb 2013.
    19. Ezzedine Ghlamallah, 2023. "Sustainable Development And Islamic Economics Paradigms Compared," Post-Print hal-04363875, HAL.
    20. repec:abd:kauiea:v:30:y:2017:i:1:p:37-60 is not listed on IDEAS

    More about this item

    Keywords

    Waqf Fundraising; Management; Financing Models; Waqf Institutions;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • L31 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Nonprofit Institutions; NGOs; Social Entrepreneurship
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:idn:jimfjn:v:3:y:2018:i:specialissuei:p:153-178. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Lutzardo Tobing or Jimmy Kathon (email available below). General contact details of provider: https://edirc.repec.org/data/bigovid.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.