<![CDATA[This study examines which governance components explain the quality of waqf governance in Indonesia’s waqf-based insurance sector, using the Waqf Core Principles as the reference framework. Data were collected through a cross-sectional survey of 210 respondents involved in waqf-based insurance operations and analysed with partial least squares structural equation modelling. Good Waqf Governance was modelled as the endogenous construct, with Effective Supervision, Leadership Strategy, Risk Management, Shariah Governance Compliance, and Transparency Disclosure as predictors. The measurement model met the recommended thresholds for reliability, convergent validity, and discriminant validity. Transparency Disclosure (β = 0.4598, p = 0.0008) and Effective Supervision (β = 0.4089, p < 0.001) had positive and significant effects, while Risk Management showed a significant negative effect (β = -0.2191, p = 0.0462). Leadership Strategy and Shariah Governance Compliance showed no significant direct effect. The model explained 36.28 per cent of the variance in Good Waqf Governance. Supervision and disclosure carry the most weight at the sector’s present stage, while the negative risk management coefficient requires further investigation. Penelitian ini menguji komponen tata kelola yang menjelaskan kualitas tata kelola wakaf pada sektor asuransi berbasis wakaf di Indonesia dengan Waqf Core Principles sebagai kerangka rujukan. Data dikumpulkan melalui survei potong lintang terhadap 210 responden yang terlibat dalam operasi asuransi berbasis wakaf dan dianalisis menggunakan partial least squares structural equation modelling. Good Waqf Governance diposisikan sebagai konstruk endogen, dengan Effective Supervision, Leadership Strategy, Risk Management, Shariah Governance Compliance, dan Transparency Disclosure sebagai prediktor. Model pengukuran memenuhi ambang reliabilitas, validitas konvergen, dan validitas diskriminan. Transparency Disclosure (β = 0,4598; p = 0,0008) dan Effective Supervision (β = 0,4089; p < 0,001) berpengaruh positif dan signifikan, sedangkan Risk Management berpengaruh negatif dan signifikan (β = -0,2191; p = 0,0462). Leadership Strategy dan Shariah Governance Compliance tidak menunjukkan pengaruh langsung yang signifikan. Model menjelaskan 36,28 persen varians Good Waqf Governance. Pengawasan dan keterbukaan paling berbobot pada tahap perkembangan sektor saat ini, sedangkan koefisien negatif pada manajemen risiko menuntut penelusuran lebih lanjut.]]>
