Waqf Integrated Reporting (WAQIR) Model: Performance, Governance and Socio-Economic Impact

Challenges and Impacts of Religious Endowments on Global Economics and Finance (pp. 281-300). Pennsylvania: IGI Global, 2020

Posted: 20 May 2021

See all articles by Rosnia Masruki

Rosnia Masruki

Universiti Sains Islam Malaysia

Mustafa Hanefah

Universiti Sains Islam Malaysia (USIM) - Faculty of Economics and Muamalat

Muhammad Iqmal Hisham Kamaruddin

Universiti Sains Islam Malaysia (USIM)

Date Written: 2020

Abstract

This chapter proposes the best reporting practices for waqf institutions, concerning information disclosure on performance, governance, and socio-economic impact using the waqf integrated reporting (WAQIR) model. The WAQIR model is viewed as a comprehensive reporting tool for waqf institutions. This study reviewed previous literature and reporting guidelines for waqf and similar organisations, such as not for-profit and faith-based organisations, to identify the appropriate measurements for disclosure, limited not only to the input and output of the waqf project, but also its governance and socio-economic impact. Based on the review, the WAQIR model is explicated with four pillars of disclosure: (i) waqf financial and non-financial; (ii) waqf governance; (iii) waqf performance; and (iv) waqf socio-economic impact. The proposed WAQIR model would be useful for waqf institutions in implementing best waqf reporting practices. This could help them to enhance their accountability and to promote transparency, enabling the sustainability of the entire waqf management practices.

Keywords: Waqf Reporting, Performance, Governance, Socio-Economic Impact

Suggested Citation

Masruki, Rosnia and Hanefah, Mustafa and Kamaruddin, Muhammad Iqmal Hisham, Waqf Integrated Reporting (WAQIR) Model: Performance, Governance and Socio-Economic Impact (2020). Challenges and Impacts of Religious Endowments on Global Economics and Finance (pp. 281-300). Pennsylvania: IGI Global, 2020, Available at SSRN: https://ssrn.com/abstract=3848266

Rosnia Masruki

Universiti Sains Islam Malaysia ( email )

Bandar Baru Nilai
Nilai, 71800
Malaysia

Mustafa Hanefah

Universiti Sains Islam Malaysia (USIM) - Faculty of Economics and Muamalat

N.Sembilan
Malaysia

Muhammad Iqmal Hisham Kamaruddin (Contact Author)

Universiti Sains Islam Malaysia (USIM) ( email )

Bandar Baru Nilai
Nilai, 71800
Malaysia

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