<![CDATA[The governance of waqf institutions has traditionally been evaluated through the lenses of legal compliance, shariah adherence, accountability, and transparency. While these governance principles are fundamental to safeguarding endowed assets and maintaining public trust, they offer limited insight into how governance contributes to the long-term sustainability and value creation of waqf institutions. This conceptual paper argues that sustainable waqf governance should be reframed from a compliance-oriented approach to a value-based perspective, in which governance functions not merely as a control mechanism but as a strategic enabler of sustainable economic and social value creation. Drawing upon the Waqf Business Model (WBM), the paper demonstrates that governance is not simply an organizational function but an embedded capability operating across the entire business model, coordinating endowed resources, institutional mechanisms, ethical principles, and stakeholder ecosystems to transform waqf assets into sustainable value. Rather than treating governance as a standalone structural component, the WBM illustrates how governance shapes every stage of value creation, from the stewardship of endowed capital and institutional development to ecosystem collaboration and long-term societal impact. By positioning the WBM as a conceptual lens for understanding value-based governance, the paper extends the discourse on waqf governance beyond institutional accountability toward governance as a strategic capability for sustainable value creation. The paper contributes to the waqf governance literature by bridging governance and business model thinking, demonstrating that governance should be evaluated not only by its effectiveness in ensuring compliance but also by its capacity to orchestrate sustainable economic and social value creation.]]>
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