Developing a comprehensive performance measurement system for waqf institutions

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...

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Main Authors:	Noordin, Nazrul Hazizi, Haron, Siti Nurah, Kassim, Salina
Format:	Article
Language:	English English
Published:	Emerald Publishers 2017
Subjects:	H Social Sciences (General) HG Finance HG3368 Islamic Banking and Finance
Online Access:	http://irep.iium.edu.my/60128/ http://irep.iium.edu.my/60128/ http://irep.iium.edu.my/60128/ http://irep.iium.edu.my/60128/1/010%20IJSE%20Hazizi%20Nurah.pdf http://irep.iium.edu.my/60128/7/60128-Developing%20a%20comprehensive%20performance%20measurement%20system%20for%20waqf%20institutions_SCOPUS.pdf

id	iium-60128
recordtype	eprints
spelling	iium-601282018-04-18T01:04:43Z http://irep.iium.edu.my/60128/ Developing a comprehensive performance measurement system for waqf institutions Noordin, Nazrul Hazizi Haron, Siti Nurah Kassim, Salina H Social Sciences (General) HG Finance HG3368 Islamic Banking and Finance 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. Emerald Publishers 2017 Article PeerReviewed application/pdf en http://irep.iium.edu.my/60128/1/010%20IJSE%20Hazizi%20Nurah.pdf application/pdf en http://irep.iium.edu.my/60128/7/60128-Developing%20a%20comprehensive%20performance%20measurement%20system%20for%20waqf%20institutions_SCOPUS.pdf 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 http://www.emeraldinsight.com/doi/abs/10.1108/IJSE-09-2015-0257 10.1108/IJSE-09-2015-0257
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	H Social Sciences (General) HG Finance HG3368 Islamic Banking and Finance
spellingShingle	H Social Sciences (General) HG Finance HG3368 Islamic Banking and Finance Noordin, Nazrul Hazizi Haron, Siti Nurah Kassim, Salina Developing a comprehensive performance measurement system for waqf institutions
description	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.
format	Article
author	Noordin, Nazrul Hazizi Haron, Siti Nurah Kassim, Salina
author_facet	Noordin, Nazrul Hazizi Haron, Siti Nurah Kassim, Salina
author_sort	Noordin, Nazrul Hazizi
title	Developing a comprehensive performance measurement system for waqf institutions
title_short	Developing a comprehensive performance measurement system for waqf institutions
title_full	Developing a comprehensive performance measurement system for waqf institutions
title_fullStr	Developing a comprehensive performance measurement system for waqf institutions
title_full_unstemmed	Developing a comprehensive performance measurement system for waqf institutions
title_sort	developing a comprehensive performance measurement system for waqf institutions
publisher	Emerald Publishers
publishDate	2017
url	http://irep.iium.edu.my/60128/ http://irep.iium.edu.my/60128/ http://irep.iium.edu.my/60128/ http://irep.iium.edu.my/60128/1/010%20IJSE%20Hazizi%20Nurah.pdf http://irep.iium.edu.my/60128/7/60128-Developing%20a%20comprehensive%20performance%20measurement%20system%20for%20waqf%20institutions_SCOPUS.pdf
first_indexed	2023-09-18T21:25:13Z
last_indexed	2023-09-18T21:25:13Z
_version_	1777412146417631232

Developing a comprehensive performance measurement system for waqf institutions

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