Waqf Governance: Regulations and Practices

Abstract

This research focused on determining the requirements for applying governance principles to waqf operations. It employed descriptive and analytical methodologies, through which it became clear that the world became interested in corporate governance following financial crises, and the application of its principles extended to awqaf (religious endowments).Waqf governance refers to: organizing authority over awqaf and controlling decision-making processes to achieve their objectives and protect the rights of beneficiaries. It addresses multiple aspects, beginning with the formulation of the waqf deed, which is considered the most important governance document, then ensuring its implementation. It includes other aspects such as governance of authorities when there are multiple levels of administration, disclosure of the waqf's financial position, prioritizing the waqf's interest, and disclosure of any personal interests that may conflict with it. It also requires that expenditure complies with the waqif's (endower's) conditions and is optimally directed.Governance also encompasses: nomination procedures, granting of rewards, and auditing operations, similar to what is applied in corporations, in addition to Sharia governance. Laws and regulations have included some aspects of waqf governance.Among the recommendations: starting from the fundamental concept of governance to establish principles specific to waqf governance that stem from their charitable nature and Sharia rulings, taking into account the differences in their forms and diversity between charitable awqaf and family awqaf. Independent civil organizations can contribute to this effort and to monitoring and disseminating best practices in waqf governance.