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All Journal Al-Awqaf: Jurnal Wakaf dan Ekonomi Islam Indonesian Journal of Applied Accounting and Finance
Lusiana Handayani
Unknown Affiliation
Religion Economics, Econometrics & Finance

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Efficiency or Trust? Reforming Waqf in Indonesia Through a Tale of Two Waqf Models (Singapore and South Africa) Lusiana Handayani; Tika Widiastuti; Raditya Sukmana; Magda Ismail A. Mohsin
Al-Awqaf: Jurnal Wakaf dan Ekonomi Islam Vol. 18 No. 2 (2025): AL-AWQAF : Jurnal Wakaf dan Ekonomi Islam
Publisher : Badan Wakaf Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47411/al-awqaf.v18i2.520

Abstract

Abstract: Effective waqf governance is essential for unlocking the full socioeconomic potential of waqf institutions. This paper compares two differentgovernance models: the state-led, top-down approach in Singapore and thecommunity-based, bottom-up model in South Africa. By analyzing the strengthsand weaknesses of each, the study aims to draw lessons for Indonesia, a countrydealing with systemic governance issues. The research employs a qualitative,comparative methodology, utilizing thematic analysis facilitated by NVivosoftware to systematically code and synthesize existing findings from the threenations. The analysis reveals that Singapore's centralized model offers significantefficiency and robust oversight. Still, it also introduces regulatory rigidity that canhinder smaller institutions and raise trust issues within the community.Conversely, South Africa’s independent model has successfully created acomprehensive governance system and promoted public trust; however, it faceslogistical challenges in coordinating volunteers and managing leadershipsuccession. The findings on Indonesia point out critical weaknesses, includingpoorly developed and uncoordinated regulations, a widespread lack ofaccountability among waqf managers (nazhir), and low professional skills.Thepaper concludes that no single model is universally superior. The key implicationfor Indonesia is that reform should not focus on wholesale adoption of an externalmodel. Instead, the central recommendation is the implementation of a robustperformance measurement framework. Such a framework can serve as afoundational tool to build a hybrid model, enabling data-driven, top-downregulation while empowering bottom-up institutional improvement, therebyaddressing the nation's unique challenges.Keywords: Waqf Governance, Performance Measurement, Accountability, TopDown Governance, Bottom-Up Governance
HAMBATAN-HAMBATAN PENERAPAN ISAK 335 DALAM PENYUSUNAN LAPORAN KEUANGAN PADA MASJID AT-TAQWA BANJARMASIN Mahyuni; Basyirah Ainun; Manik Mutiara Sadewa; Lusiana Handayani
Indonesian Journal of Applied Accounting and Finance Vol. 5 No. 2 (2025): December
Publisher : P3M Politeknik Negeri Banjarmasin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31961/ijaaf.v5i2.15450

Abstract

As a non-profit organization, the At-Taqwa Banjarmasin mosque administrators are required to prepare and present financial reports in accordance with ISAK 335. However, in reality, until now, the At-Taqwa Banjarmasin Mosque administrators have not been able to prepare and present financial reports in accordance with ISAK 335. This study was conducted using an interview method conducted with the administrators and congregation of the At-Taqwa Banjarmasin Mosque to find various obstacles faced by the mosque administrators in implementing ISAK 335. From the results of the interviews, various obstacles were found faced by the At-Taqwa Mosque administrators in implementing ISAK 335 for the preparation and presentation of mosque financial reports, including the lack of understanding of the mosque administrators regarding the transparency of the presentation of mosque financial reports, limited information known to the mosque administrators regarding the existence of accounting standards that must be applied in the preparation of mosque financial reports, the lack of understanding of the mosque administrators regarding the accountability of financial reports, and the absence of administrators who handle mosque finances who have an Accounting Education background. It is also known that there is no demand from the mosque congregation for the mosque administrators to prepare and present financial reports. mosque according to ISAK 335, resulting in the mosque administrators feeling no need to prepare financial reports in accordance with ISAK 335.
Perbandingan Konsep Kesejahteraan Antara Persfektif Islam dan Barat Muhammad Yassir Fahmi; Lusiana Handayani; Aneta Rakhmawati
Indonesian Journal of Applied Accounting and Finance Vol. 5 No. 2 (2025): December
Publisher : P3M Politeknik Negeri Banjarmasin

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31961/ijaaf.v5i2.15497

Abstract

The difference in worldview and scientific methods between Western and Islamic scholars results in differences in explaining the concept of welfare and the practices to achieve it. This study aims to explain the differences in the concept of welfare between the Western and Islamic perspectives using a systematic literature review method. Based on the research results, it was found that the concept of welfare is born from theories about human needs. Muslim scholars differ from Western scholars in explaining the theory of human needs, namely by making religion the primary and priority need in human life. Therefore, the concept of welfare from the Islamic perspective is the fulfillment of human needs, both material and spiritual aspects, to obtain happiness in this world and the hereafter. Meanwhile, Western scholars negate religion as an important and priority aspect in fulfilling human needs. Thus, the concept of welfare from the Western perspective is understood as the fulfillment of material and non-material needs, but it does not bring human happiness. The difference in the concept of welfare between the two also gives rise to differences in economic ethics. The concept of welfare from the Islamic perspective will make society practice economics with values, ethics, and morals (akhlak mahmudah). Conversely, the concept of welfare from the Western perspective will make utilitarianism the ethic in economics. The ethics of utilitarianism views that morality is determined by the consequences of human behavior.
Co-Authors Aneta Rakhmawati Basyirah Ainun Magda Ismail A. Mohsin Mahyuni Manik Mutiara Sadewa Muhammad Yassir Fahmi Raditya Sukmana Tika Widiastuti