WAQF ACCOUNTABILITY AROUND THE WORLD: A MINI-REVIEW

Penulis

  • Ikhyanuddin Ikhyanuddin Universitas Malikussaleh image/svg+xml
  • Hendra Raza Department of Accounting, University of Malikussaleh, Lhokseumawe image/svg+xml
  • Juni Akhyar Department of Management, University of Malikussaleh, Lhokseumawe image/svg+xml
  • Muhammad Arief Department of Accounting, University of Malikussaleh, Lhokseumawe image/svg+xml
  • Hidayah Dwi Kusuma Department of Accounting, University of Malikussaleh, Lhokseumawe, Indonesia image/svg+xml

DOI:

https://doi.org/10.30659/ijibe.7.2.100-107

Kata Kunci:

Waqf accountability, waqf, accounting standards, PSAK waqf, waqf management

Abstrak

This paper aims to review and understand about waqf accounting system in the world such as Asia, Europe, and African. The study of a review shows that a Waqf accounting system in Asia, Europe, and Africa has similarities, such as every country has a waqf institution for organizing waqf accounting (waqf asset, cash waqf, etc). Every country has its own way of regulating and operating waqf accounting. The growth of waqf in some minority countries is still constrained by several legal restrictions and the high cost of living in these countries.

Biografi Penulis

  • Ikhyanuddin Ikhyanuddin, Universitas Malikussaleh
    Accounting
  • Muhammad Arief, Department of Accounting, University of Malikussaleh, Lhokseumawe
    Student of Department of Accounting, University of Malikussaleh, Lhokseumawe
  • Hidayah Dwi Kusuma, Department of Accounting, University of Malikussaleh, Lhokseumawe, Indonesia
    Student of Department of Accounting, University of Malikussaleh, Lhokseumawe

Referensi

Abu Bakar, M. (2018). Concept of Revenue, Expenses and Liabilities in Accounting for Zakat, Waqf and Baitulmal in Malaysia: An Analysis from Shariah Perspective. International Journal of Zakat, 3(4), 1–16. https://doi.org/10.37706/ijaz.v3i4.103.

Abu Talib, N. Y., Abdul Latiff, R., & Aman, A. (2020). An Institutional Perspective for Research in Waqf Accounting and Reporting: A Case Study of Terengganu State Islamic Religious Council in Malaysia. Journal of Islamic Accounting and Business Research, 11(2), 400–427. https://doi.org/10.1108/JIABR-11-2016-0132.

Abu Talib, N. Y., Abdul Latiff, R., Aman, A., & Palil, M. R. (2018). An Exploratory Study of Accounting and Reporting Practice for Waqf Among State Islamic Religious Councils in Malaysia. International Journal of Islamic Thought, 13(1), 90–105. https://doi.org/10.24035/ijit.06.2018.009.

Aldeen, K. N., Ratih, I. S., & Herianingrum, S. (2020). Contemporary Issues on Cash Waqf: A Thematic Literature Review. International Journal of Islamic Economics and Finance (IJIEF), 3(3), 119–144. https://doi.org/10.18196/ijief.3236.

Che Hassan, S. N. A., & Rahman, A. A. (2018). The Potential of Cash Waqf in the Socio-economic Development of Society in Kelantan: A Stakeholder’s Perspective. New Developments in Islamic Economics, 8(1), 67–82. https://doi.org/10.1108/978-1-78756-283-720181005.

Elesin, A. M. J. (2017). The Role of Al-AwqÄf (Islamic Endowments) in Poverty Alleviation and Community Development in the Nigerian Context. Journal of Muslim Minority Affairs, 37(2), 223–232. https://doi.org/10.1080/13602004.2017.1339497.

Habidin, N. F., Hussin, M. Y. M., Muhammad, F., Janudin, S. E., & Fuzi, N. M. (2017). Critical Success Factors, Benefit, and Auditing of Waqf Accounting. International Journal of Academic Research in Business and Social Sciences, 7(4), 1184–1189. https://doi.org/10.6007/ijarbss/v7-i4/2925.

Haneef, M. A., Amin, M. F., & Muhammad, A. D. (2015). International of Waqf-Islamic Microfinance Model for Poverty Reduction The Case of Bangladesh. Managerial Finance, 8(2), 246–270. https://doi.org/10.1108/mf.2008.00934jaa.001.

Hasan, R., & Siraj, S. A. (2016). Complexities of Waqf Development in Bangladesh. Journal of Emerging Economies and Islamic Research, 4(3), 17. https://doi.org/10.24191/jeeir.v4i3.9093.

Hasan, Z. A., Othman, A., Ibrahim, K., Md Shah, M. A. M., & Noor, A. H. M. (2015). Management of Waqf Assets in Malaysia. International Journal of Nusantara Islam, 1(2), 59–68. https://doi.org/10.15575/ijni.v3i1.412.

IAI. (2018). PSAK 112: Akuntansi Wakaf Telah Disahkan. IAIGLOBAL. http://iaiglobal.or.id/v03/berita-kegiatan/detailberita-1113=psak-112-akuntansi-wakaf-telah-disahkan.

Khamis, S. R., & Che Mohd Salleh, M. (2018). Study on the Efficiency of Cash Waqf Management in Malaysia. Journal of Islamic Monetary Economics and Finance, 4(1), 61–84. https://doi.org/10.21098/jimf.v4i1.732.

Lawal, I. M., & Plc, H. B. (2018). Waqf: a Contributory Tool for Bridging Infrastructural Deficit in Nigeria. European Journal of Islamic Finance, 0(11), 1–8. https://doi.org/10.13135/2421-2172/2667.

Listiana, L., & Alhabshi, S. M. (2020). Waqf and Legacy of Altruism in Singapore: Challenges and Development. Jurnal Ekonomi Dan Bisnis Islam (Journal of Islamic Economics and Business), 6(1), 116–133. https://doi.org/10.20473/jebis.v6i1.19736.

Mahat, M. A., Jaaffar, M. Y., & Rasool, M. S. A. (2015). Potential of Micro-Waqf as an Inclusive Strategy for Development of a Nation. Procedia Economics and Finance, 31(15), 294–302. https://doi.org/10.1016/s2212-5671(15)01193-4.

Masruki, R., & Shafii, Z. (2013). The Development of Waqf Accounting in Enhancing Accountability. Middle East Journal of Scientific Research, 13(1), 1–6. https://doi.org/10.5829/idosi.mejsr.2013.13.1873.

Moh’d, I. S., Mohammad, M. O., & Saiti, B. (2017). The Role of Waqf and Trust Commission (WTC) in Zanzibar: Problems and Prospects. Journal of Islamic Economics, Banking and Finance, 13(1), 96–107. https://doi.org/10.12816/0051157.

Mohd Thas Thaker, M. A. Bin. (2018). A Qualitative Inquiry into Cash Waqf Model as a Source of Financing for Micro Enterprises. ISRA International Journal of Islamic Finance, 10(1), 19–35. https://doi.org/10.1108/IJIF-07-2017-0013.

Mohd Thas Thaker, M. A. Bin, Mohammed, M. O., Duasa, J., & Abdullah, M. A. (2016). Developing Cash Waqf Model as an Alternative Source of Financing for Micro Enterprises in Malaysia. Journal of Islamic Accounting and Business Research, 7(4), 254–267. https://doi.org/10.1108/JIABR-09-2014-0029.

Mohd Thas Thaker, M. A., Amin, M. F., Mohd Thas Thaker, H., Khaliq, A., & Allah Pitchay, A. (2020). Cash Waqf Model for Micro Enterprises’ human Capital Development. ISRA International Journal of Islamic Finance, 1(1), 1–18. https://doi.org/10.1108/ijif-08-2018-0091.

Mohsin, M. I. A. (2012). Waqf-shares: New Product to Finance Old Waqf Properties. Banks and Bank Systems, 7(2), 72–78. https://doi.org/10.30997/jsei.v6i1.2502.

Munuswamy, S., & Bin Mohamed, Z. (2016). Financial Disclosure Pattern of State Waqf Boards in India : An Exploratory Study. Journal of Islamic Economics Banking and Finance, 12(4), 138–154. https://doi.org/10.12816/0050983.

Noipom, T., & Hassama, A. (2017). Waqf in a Non-Muslim Country: a Preliminary Survey of Waqf in Thailand. Share: Jurnal Ekonomi Dan Keuangan Islam, 6(1), 41–52. https://doi.org/10.22373/share.v6i1.1517.

Rahman, M. M., & Sohel, M. N. I. (2019). Cash Waqf Deposit Product: An Innovative Instrument of Islamic Banks for Socio-Economic Development in Bangladesh. In Revitalization of Waqf for Socio-Economic Development, Volume I (Issue October). Springer International Publishing. https://doi.org/10.1007/978-3-030-18445-2.

Saad, N. M., Kassim, S., & Hamid, Z. (2016). Best Practices of Waqf: Experiences of Malaysia and Saudi Arabia. Journal of Islamic Economics Lariba, 2(2), 57–74. https://doi.org/10.20885/jielariba.vol2.iss2.art5.

Sano, M. A. A., & Kassim, S. (2021). Waqf Governance in The Republic of Guinea: Legal Framework, Issues, Challenges and Way Forward. ISRA International Journal of Islamic Finance, 1(1), 1–18. https://doi.org/10.1108/ijif-03-2020-0064.

Shaikh, Z. H., Sarea, A. M., & Khalid, A. A. (2019). Accounting Standards for Awaqf: A Review. International Journal of Accounting & Finance Review, 4(2), 37–42. https://doi.org/10.46281/ijafr.v4i2.424.

Suhaimi, F. M., Rahman, A. A., & Marican, S. (2014). The Role of Share Waqf in the Socio-economic Development of The Muslim Community: The Malaysian Experience. Humanomics, 30(3), 227–254. https://doi.org/10.1108/H-12-2012-0025.

Suhaimi Nahar, H., & Yaacob, H. (2011). Accountability in The Sacred Context: The Case of Management, Accounting and Reporting of a Malaysian Cash Awqaf Institution. Journal of Islamic Accounting and Business Research, 2(2), 87–113. https://doi.org/10.1108/17590811111170520.

Yaacob, H., & Nahar, H. S. (2017). Investigating Awqaf Management, Accounting and Investment Practices in Malaysia: The Case of a State Religious Institution. Global Journal Al-Thaqafah, 7(1), 59–70. https://doi.org/10.7187/gjat12720170701.

Yaacob, H., Petra, S., Sumardi, A., & Nahar, H. S. (2015). Accountability Through Accounting and Reporting Lenses: Lessons from an Awqaf Institutions in a Southeast Asia Country. Humanomics, 31(3), 299–313. https://doi.org/10.1108/h-07-2013-0049.

Yusof, N. (2021). Specific Accounting Standards for Waqf Institutions: The Impact of Its Non-Existence to Waqf Accounting Practices in Malaysia. Journal of Emerging Economies and Islamic Research, 9(1), 29–42. https://doi.org/10.24191/jeeir.v9i1.11305.

Zain, N. S., & Muhamad Sori, Z. (2020). An Exploratory Study on Musharakah SRI Sukuk for the Development of Waqf Properties/Assets in Malaysia. Qualitative Research in Financial Markets, 12(3), 301–314. https://doi.org/10.1108/QRFM-09-2018-0099.

Unduhan

Diterbitkan

2022-09-30

Terbitan

Vol 7 No 2 (2022): September 2022

Bagian

Articles

Lisensi

License and Copyright Agreement
In submitting the manuscript to the journal, the authors certify that:
  • They are authorized by their co-authors to enter into these arrangements.
  • The work described has not been formally published before, except in the form of an abstract or as part of a published lecture, review, thesis, or overlay journal.
  • That it is not under consideration for publication elsewhere,
  • That its publication has been approved by all the author(s) and by the responsible authorities – tacitly or explicitly – of the institutes where the work has been carried out.
  • They secure the right to reproduce any material that has already been published or copyrighted elsewhere.
  • They agree to the following license and copyright agreement.
Copyright
Authors who publish with IJIBE agree to the following terms:
  1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC BY-SA 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
  2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
  3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
Licensing for Data Publication
IJIBE uses a variety of waivers and licenses, that are specifically designed for and appropriate for the treatment of data:
Other data publishing licenses may be allowed as exceptions (subject to approval by the editor on a case-by-case basis) and should be justified with a written statement from the author, which will be published with the article.

Open Data and Software Publishing and Sharing
The journal strives to maximize the replicability of the research published in it. Authors are thus required to share all data, code or protocols underlying the research reported in their articles. Exceptions are permitted but have to be justified in a written public statement accompanying the article.
Datasets and software should be deposited and permanently archived inappropriate, trusted, general, or domain-specific repositories (please consult http://service.re3data.org and/or software repositories such as GitHub, GitLab, Bioinformatics.org, or equivalent). The associated persistent identifiers (e.g. DOI, or others) of the dataset(s) must be included in the data or software resources section of the article. Reference(s) to datasets and software should also be included in the reference list of the article with DOIs (where available). Where no domain-specific data repository exists, authors should deposit their datasets in a general repository such as ZENODO, Dryad, Dataverse, or others.
Small data may also be published as data files or packages supplementary to a research article, however, the authors should prefer in all cases a deposition in data repositories.

This work is licensed under a Creative Commons Attribution 4.0 International License.