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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
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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. Mariarosa Scarlata & Luisa Alemany, 2010. "Deal Structuring in Philanthropic Venture Capital Investments: Financing Instrument, Valuation and Covenants," Journal of Business Ethics, Springer, vol. 95(2), pages 121-145, September.
    6. 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)

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    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

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