Risk management in waqf institutions : a preliminary study

Joint Authors

Khalid, Muhammad Muhyi al-Din
Bhari, Azri
Yaqub, Mohd Ashrof Zaki
Yusuf, Mohd Fayiz Muhammad

Source

مجلة إدارة و بحوث الفتاوى

Publisher

Islamic Science University of Malaysia World Fatwa Management and Research Institute

Publication Date

2019-04-30

Country of Publication

Malaysia

No. of Pages

13

Main Subjects

General Management

English Abstract

Modern management practice has put greater emphasize on the principles of accountability and transparency.

Along with the revival of Islamic institutions, there are call by the stakeholder for management of waqf institutions to adopt modern management practice to improve their efficiency in managing waqf asset.

As part of good governance and best practices of waqf institutions, management of risk is fundamental to the proper functioning of any institution including waqf to ensure the accountability of mutawalli (waqf manager) and transparency of the management.

Studies on risk management practices on Islamic institution indicate that risk come across in many different ways; financial, personnel, program and capital expenditure decisions due to interactions with economic, political and social environments.

However, the dissimilarity of management practices of waqf asset could be due to the absence of risk management function for waqf institutions.

This paper aims at exploring the major themes that constitute the basis of the discussion on accountability in waqf institutions.

In doing this, the theoretical underpinnings and the existing research relating to waqf investment and its risk management practice are examined.

Data Type

Conference Papers

Record ID

BIM-1140599

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