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Developing a comprehensive performance measurement system for waqf institutions

Noordin, Nazrul Hazizi and Haron, Siti Nurah and Kassim, Salina (2017) Developing a comprehensive performance measurement system for waqf institutions. International Journal of Social Economics, 44 (7). pp. 921-936. ISSN 0306-8293

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Purpose The purpose of this paper is to contribute to the literature on management of waqf institutions by developing a contingency framework and outlining approaches that can be followed to instigate a comprehensive performance measurement system (PMS). Design/methodology/approach It conducts a thorough and critical review of the literature on relevant performance measurement literature of third sector organizations and waqf institutions. Findings The findings suggest that an effective PMS is undoubtedly significant in promoting good governance and ethical management of waqf institutions. However, the current practice of performance measurement in waqf institutions is less standardized and does not cover its entire aspects of performance as a religious as well as a voluntary organization. It is also found that most waqf institutions’ management and researchers primarily rely on financial reporting and economic indicators to report to the stakeholders about the performance of waqf institutions. Practical implications The contributions of this paper are twofold. First, the authors develop a contingency framework for assessing performance of waqf institutions. Second, the authors outline eight necessary steps that can serve as guidelines for waqf institutions in designing their own comprehensive PMS. Originality/value The novelty of this paper lies in highlighting the feasibility of adopting qualitative approaches by waqf institutions. This study hopes to shed light on a standard measurement system that can be adopted by the waqf institutions to ensure efficiency and sustainability of the waqf institutions, not just in Malaysia but in the Muslim world.

Item Type: Article (Journal)
Additional Information: 4600/60128
Uncontrolled Keywords: Third sector, Performance measurement, Qualitative method, Waqf
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HG Finance
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. Salina Kassim
Date Deposited: 28 Dec 2017 14:38
Last Modified: 03 Jan 2024 10:32
URI: http://irep.iium.edu.my/id/eprint/60128

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