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Articles

Vol. 1 No. 6 (2026): JULI : MUJAHADAH JURNAL ILMU MULTIDISIPLIN

WAQF ACCOUNTING: A SYSTEMATIC REVIEW OF THE DEVELOPMENT OF GLOBAL THEORY AND PRACTICE

Submitted
July 4, 2026
Published
2026-07-01

Abstract

This study aims to systematically examine the global development of waqf accounting theory and practice using a Systematic Literature Review (SLR) approach. By analyzing 126 scholarly articles published between 2000 and 2024, the study identifies the evolution of waqf accounting paradigms, key theoretical frameworks, financial reporting practices, and contemporary challenges faced by waqf institutions. The findings indicate that waqf accounting has evolved from the adaptation of conventional accounting standards toward the development of a distinct conceptual framework grounded in shariah values, integrating the principles of maqashid al-shariah and Islamic accountability. Despite notable progress—such as the issuance of AAOIFI FAS 35 and PSAK 112—a significant gap persists between normative standards and practical implementation, particularly in the areas of disclosure, asset measurement, and governance. The study also finds that the expansion of productive waqf, cash waqf, and digitalization (including blockchain technology) has increased the complexity of waqf accounting, thereby necessitating more comprehensive conceptual and regulatory innovations. Furthermore, the integration of social impact measurement into waqf reporting is increasingly recognized as essential for enhancing institutional legitimacy and public trust. This research contributes theoretically by underscoring the need for a sui generis waqf accounting framework, and practically by providing insights for regulators and practitioners to strengthen transparency, accountability, and the overall effectiveness of waqf management at the global level.

References

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