An empirical investigation onwaqfgovernance practices inwaqfinstitutions in Malaysia

Muhammad Iqmal Hisha Kamaruddin and Mustafa Mohd Hanefah

Journal of Financial Reporting and Accounting, 2021, vol. 19, issue 3, 455-473

Abstract: Purpose - This study aims to examine and compare the currentwaqfgovernance practices inwaqfinstitutions in Malaysia. Design/methodology/approach - This paper reviews professional documents and literature to propose a new and practicalwaqfgovernance measurement.Waqfgovernance measurements were used to examine and compare the currentwaqfgovernance practices amongwaqfinstitutions in Malaysia. The annual reports of allwaqfinstitutions under the State Islamic Religious Councils (SIRCs) were analysed using content analysis on the currentwaqfgovernance practices using binomial logic. Findings - Overall, the results indicate moderatewaqfgovernance practices under threewaqfgovernance categories, namelywaqfgovernance policy,waqfgovernance board andwaqfgovernance processes. This study also found a significant impact of corporatisation reformation ofwaqfinstitutions onwaqfgovernance practices. Research limitations/implications - The findings indicate the need for allwaqfinstitutions in Malaysia, especially for non-corporatewaqfinstitutions, to enhance theirwaqfgovernance practices by disclosing all relevant information to the public. This is because the success ofwaqffund management can be portrayed through the management’s transparency inwaqfgovernance practices on how they deliver and use their resources to attain socio-economic objectives. Originality/value - To the best of the authors’ knowledge, this study is among the first studies that examined and evaluated the currentwaqfgovernance practices in several waqf institutions in Malaysia.

Keywords: Islamic accounting; Waqf governance; Waqf governance board; Waqf governance policy; Waqf governance process (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfrapp:jfra-03-2020-0055

DOI: 10.1108/JFRA-03-2020-0055

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