WAQF ACCOUNTABILITY: A CORPORATE GOVERNANCE ANALYSIS

Abstract

This study aimed to determine best method of governing the Waqf accountability of Majlis Nethara. There are four interviewees that have been selected through consulting with bankers, business men, and academics which have knowledge and experience in the waqf. The participant profiles were conducted as well as a thorough personality test was conducted. The study duration for data collection began from March 2015 until May 2015. In this study, semi-structured method was used for interview. In the interview, data was also collected through abbreviated notes in a hardbound note book. The interviews were divided into five main themes. First theme was consisted of a historical brief overview as per the interviewee’s opinion. Second theme had discussed the reasons behind non development of Waqfs in the current Islamic world. Third theme had debated the legal personality of Waqf. Meanwhile, fourth theme was discussed some legalities and last theme was lope whole in the Saudi system. The study found all participants were optimistic towards developing the waqf institute in the sense that observed as core puzzle in the Islamic financial system if governed correctly. However, the participants also agreed that the current waqf was vastly mismanaged. Another interesting finding was that the Majlis Nethara was not required to publish their financial statement which leave room for manipulation