What can Waqf organisations learn from non-profit organisations on accountability? a proposal for social impact measurement

Hassan, Rusni and Zain, Nor Syahirah (2022) What can Waqf organisations learn from non-profit organisations on accountability? a proposal for social impact measurement. In: International Conference on Business and Technology, ICBT 2021, 6-7 November 2021, Istanbul, Turkey.

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Abstract

Waqf organisations are not only known as a religious organisation, but also as a non-profit organisation (NPO) that are responsible and accountable to manage endowment funds and properties of the donors (waqif) to address socio-economy issues. Despite their growing prominence, they have not yet achieved their fullest potential in exerting their accountability to stakeholders. This could be attributed to the limited disclosure on how they measure and report their social impact and values. Disclosing appropriate information on the impact of waqf can garner support and increase confidence from the public to continue to invest in waqf. This paper attempts to investigate how waqf organisations can learn from NPO’s experience in the adoption of performance measurement systems (PMSs) that address the issue of accountability to their stakeholders. On the back of these issues, this study attempts to propose the need for social impact measurement (SIM) to measure performance to enhance organisations’ accountability towards their stakeholders. The study adopts an integrative or critical review of the literature in areas of accountability, PMS for NPOs andwaqf organisations, and analysing the missing link thatwaqf organisations can learn from the practice of NPOs, particularly in the introduction of SIM. It is hoped that this paper is able to provide significant insight on the importance of SIM to be introduced in waqf organisations in efforts to discharge accountability to all stakeholders.

Item Type:	Conference or Workshop Item (Plenary Papers)
Uncontrolled Keywords:	Non-profit organisation (NPO) · Third-sector organisation (TSO) · Waqf organisation · Performance measurement system (PMS) · Social impact measurement (SIM)
Subjects:	H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Prof Dr Rusni Hassan
Date Deposited:	09 Nov 2022 15:46
Last Modified:	09 Nov 2022 16:15
URI:	http://irep.iium.edu.my/id/eprint/101050

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