Primary Drivers of Sustainable Performance: The Case of Corporate Waqf

Abstract

Despite Waqf institutions being perceived as the social mechanism to facilitate equitable economic growth and progress for the ummah, getting its concept accepted and implemented by business organizations remains a challenge. A significant number of waqf institutions are also faced with recurring issues such as underdeveloped waqf properties, unproductive nature of the assets, inability to generate self-income, loose documenting system and mismanagement. Therefore, this paper aims to shed light on the drivers of the successful practice of corporate waqf of a selected waqf institution in Malaysia. Specifically, this paper examines the critical factors that continuously drive the performance of the corporate waqf institution. The framework for the case study was premised upon the tawhidic concept which stemmed from the Quran and Sunnah. In the case study, data were drawn from interviews with key informants, participant observations and reviews of documents. Data collected from multiple sources of evidence enabled the triangulation of data. The situation has enhanced the validity and reliability of the findings. NVivo software was used to code and analyze the data as well as to search for patterns and emerging themes. The results revealed that the case company successfully engaged in waqf practice as well as, sustain its performance. The essential criteria in managing and administering waqf funds at the case company can be linked to the jihad attitude, healthy mindset, an in-depth knowledge of Islamic and waqf fundamentals and strategic leadership. The findings put forth to advance the literature on corporate waqf besides provide insights for policymakers on the drivers for an effective and efficient management of waqf funds and sustainable corporate waqf performance.

Keywords

• Corporate Waqf
• Tawhidic
• Sustainable Performance
• Case study