The role of Islamic governance in the reinforcement waqf reporting: SIRC Malaysia case

• Published in: Journal of Islamic Accounting and Business Research
• Main Author: Daud D.
• Format: Review
• Language: English
• Published: Emerald Group Publishing Ltd. 2019
• Online Access: https://www.scopus.com/inward/record.uri?eid=2-s2.0-85066910840&doi=10.1108%2fJIABR-01-2017-0008&partnerID=40&md5=0a3500deb3478d47dacbd7d107708a2e

Purpose: Waqf has the quality of perpetuity so waqf properties cannot be sold, bought or given as a gift to others. Therefore, it is necessary to make sure that the property is fully used and properly managed by the Malaysian Islamic councils. To properly manage these properties, it is essential for the councils to have a proper reporting. Unfortunatley, this is not the case in the present situation for waqf. It was found that there is a lack of reporting on waqf matters. The purpose of this paper is to explore how the Islamic governance can contribute to the sufficient and adequate of waqf reporting. Design/methodology/approach: This paper described what is being practised at present for waqf reporting. A series of Islamic governance literature was proposed in reinforcing waqf reporting. Findings: This paper fulfils a gap in prior research by discussing several systems in Islamic governance to achieve transparency in waqf reporting. The findings of this paper may provide a significant contribution to any organisation that act as a trustee for waqf. Practical implications: This paper provides an opportunity for further theoretical approach in defining and describing the role of governance in the reinforcement of waqf reporting. The paper has recommended several strategies towards better governance in Islamic council, and these suggestions can be offered to the councils for improvement. Social implications: This research will be of interest to policy makers, especially Government and State Government. Given the current debate in Malaysia on the most appropriate forms of regulation for the Islamic sector, this study aims to provide valuable insights into the role of Islamic governance in the system of regulation. Originality/value: This paper examined several governance system in Islamic governance to be applied in any Islamic organisation. This paper specifically deals governance issue that should be practised by present councils to prevent lack in waqf reporting. This system discusses the ways Islamic councils should perform since the system was originally implemented by a previous, distinguished caliph, Umar Al-Khattab. © 2019, Emerald Publishing Limited.