Risk Management in Waqf Institutions: A Preliminary Study

Authors

  • Mohammad Mahyuddin Khalid Senior Lecturer, Academy of Contemporary Islamic Studies, Universiti Teknologi MARA, 40450, Shah Alam, Selangor, Malaysia
  • Mohd Ashrof Zaki Yaakob Senior Lecturer, Academy of Contemporary Islamic Studies, Universiti Teknologi MARA, 40450, Shah Alam, Selangor, Malaysia
  • Azri Bhari Senior Lecturer, Academy of Contemporary Islamic Studies, Universiti Teknologi MARA, 40450, Shah Alam, Selangor, Malaysia
  • Mohd Faiz Mohamed Yusof Senior Lecturer, Academy of Contemporary Islamic Studies, Universiti Teknologi MARA, 40450, Shah Alam, Selangor, Malaysia

DOI:

https://doi.org/10.33102/jfatwa.vol16no2.16

Keywords:

Accountability, Audit, Investment, Risk, Waqf, Accountability, Audit, Investment, Risk, Waqf

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.

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Published

2019-10-02

How to Cite

Khalid, M. M., Yaakob, M. A. Z., Bhari, A., & Mohamed Yusof, M. F. (2019). Risk Management in Waqf Institutions: A Preliminary Study. Journal of Fatwa Management and Research, 16(2), 207–219. https://doi.org/10.33102/jfatwa.vol16no2.16

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