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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, mosques are expected to present financial statements in accordance with ISAK 35. However, the implementation of this standard at At-Taqwa Mosque Banjarmasin has not yet been optimal. This study aims to identify the problems encountered in the implementation of ISAK 35 in the preparation of mosque financial statements. This research employs a qualitative approach using interviews with mosque administrators and congregants. The findings reveal several obstacles, including the limited understanding of mosque administrators regarding financial transparency and accountability, insufficient knowledge of applicable accounting standards, and the absence of financial managers with an accounting background. In addition, the lack of demand from congregants for financial statements prepared in accordance with ISAK 35 contributes to the low motivation of mosque administrators to implement the standard.
Co-Authors Basyirah Ainun Magda Ismail A. Mohsin Mahyuni Manik Mutiara Sadewa Raditya Sukmana Tika Widiastuti