Good Governance Framework for Corporate Waqf

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Good Governance Framework for Corporate Waqf: Towards Accountability Enhancement

Paper accepted for Proceedings Of World Universities’ Islamic Philanthropy Conference 2013

The revival of waqf institution creates the needs for good governance framework, which could improve transparency and accountability of the institution. One of the aspects least focused in waqf literature generally, and corporate waqf specifically, is on the governance issue. The objective of this paper therefore, is to evaluate the potential of developing a governance framework specifically for corporate waqf. The purposes of waqf are to provide continuous charity that could generate perpetual income flow for the needy. If good governance is in place, the accountability can be discharge to various stakeholders such as givers and beneficiaries. The paper looks at the potential of governance framework for corporate waqf. Looking at the nature of waqf institution, it can be either classified as a non-profit-organization or social enterprise. While the underlying principles of corporate waqf indicated that it can be categorized as a corporation and Islamic financial institution.The governance of these institutions are been examined to gauge themes and elements for good governance for corporate waqf. Findings of this paper opens to potential development of governance framework that may improve the effectiveness and efficiency of waqf management.

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