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Critical assessment of Islamic endowment funds (Waqf) literature: lesson for government and future directions - PMC As a library, NLM provides access to scientific literature. Inclusion in an NLM database does not imply endorsement of, or agreement with, the contents by NLM or the National Institutes of Health. .

2020 Oct 13;6(10):e05074. doi: 10. 1016/j.

heliyon. 2020.

e05074 Critical assessment of Islamic endowment funds (Waqf) literature: lesson for government and future directions 1 Department of Islamic Economics, Faculty of Economics and Business, Universitas Airlangga, Jl Airlangga No. 4, Surabaya, 60286, Indonesia Find articles by Raditya Sukmana 1 Department of Islamic Economics, Faculty of Economics and Business, Universitas Airlangga, Jl Airlangga No. 4, Surabaya, 60286, Indonesia ∗ Corresponding author.

raditya-s@feb. unair. ac.

id Received 2020 Feb 21; Revised 2020 May 17; Accepted 2020 Sep 23; Collection date 2020 Oct. This is an open access article under the CC BY license (http://creativecommons. org/licenses/by/4.

0/). PMCID: PMC7567918 PMID: 33088936 In this paper, the literature on Islamic endowment funds (awqaf) was surveyed. The data suggest that banking, accountability, law, and norms constitute most of the coverage in this body of literature.

The finance topic, with 35% coverage, dominated the literature, whereas history (with 6% coverage) recorded the least interest. In this sample, the second most popular theme was related to economic development (25% coverage). Also discovered was that 59% of the papers employed a normative approach, and the balance adopted an empirical approach.

A direct benefit of this study is that it provides input for government policy and directions for future researchers.

Keywords: Endowment fund, Waqf, Awqaf, Islamic economics, Islamic social finance, Public economics, Economic development, Economic growth, Research and development, Religion Endowment Fund; Waqf; Awqaf, Islamic Economics; Islamic Social Finance; Public economics; Economic Development; Economic Growth; Research and development; Religion.

This study presents an extensive survey of the available literature on Islamic endowment funds (Awqaf 1 ) in reputable journals. The ultimate objective of this survey is to provide input for government policies to accommodate individuals' funds that support socioeconomic development. Indeed, as a government responsibility, poverty alleviation can be significantly supported by individuals' charitable efforts ( Kaleem and Ahmed, 2009 ).

A waqf is an endowment (donation) made by a Muslim under Islamic Law to a fund manager (mutawali/nazhir) who is responsible for generating profits that are subsequently used to support socioeconomic development. A waqf is similar to an endowment fund but is strongly encouraged in Islam as a contribution to society. A further objective is to guide researchers toward more quality research.

In doing so, this paper uncovers various findings from reputable journals and adopts strict criteria for selecting papers. High-quality papers ensure that a comprehensive and in-depth analysis is elaborated on in the papers. Recent papers are selected to ensure that the government has the latest waqf advanced model because old waqf papers that present old models might not be suitable in the current socioeconomic environment.

A good journal is chosen to ensure that the government has studies that have high academic accountability. Moreover, researchers also receive benefits because this paper proposes further potential topics to be studied. After applying the rigorous criteria, only 63 papers remained.

The selected papers were then classified into five main topics, namely, Finance, Accountability, Law and Norms, Economic Development, and History. The major topic among the papers is Finance (35%), and History made the least contributions. The sequence of this paper is as follows.

The next section is about the methodology adopted in this study. Section 3 discusses all of the selected literature that has been classified into five topics and several of their subtopics.

For the following section, because some of the collected papers discussed empirical waqf development in certain countries and because this development differed from one country to another, a brief discussion of waqf performance in selected countries is worthwhile. Next section is lessons learned for the government and proposed topics for future research and this paper ends with the section on conclusion.

This study has gone through several stages with the specific criteria to ensure that only high-quality papers were selected with the aim to provide the best recommendation for the government and further studies. When designing this research on the waqf literature review, this study gained benefits from several papers on the methodology for doing the research on the literature review.

Snyder (2019) , Hoque (2014) , Aguinis and Glavas (2012) , and Narayan and Phan (2019) are the main papers. One of the concepts proposed by Snyder (2019) and Aguinis and Glavas (2012) is how papers were classified based on author, discipline, type, and contribution. This classification is vital to enabling readers to look into the state-of-the-art of certain topics and focus on how to extend them from specific topics.

Furthermore, Snyder (2019) and, to some extent, Hoque (2014) stressed that the motivation for conducting a literature review is to ensure the quality of the selection process and to select only quality papers. The motivation of this study, which provides recent high-quality research on awqaf, is twofold.

First, in the past, awqaf (donated by individuals and non-government institutions) played a vital role in developing various sectors, such as health, education, and religion ( Mohsin, 2013 ; Çizakça, 2015 ). Its role was important in lessening the burden of the government budget. Therefore, the government must understand the role of a waqf before designing socioeconomic development policies.

Second, this paper aims to provide new ideas for further research based on the state of the art elaborated on in this study. Moreover, two important benefits were realized from the study conducted by Aguinis and Glavas (2012) . First, their paper elaborated on many issues, such as human resource management, marketing, and organizational theory within Corporate Social Responsibility (CSR).

Second, their paper synthesized what was done in previous studies and provided a critical analysis of what is known (where we have been) and what is not known (where we need to go) regarding Corporate Social Responsibility. Aguinis and Glavas (2012) and, to some extent, Hoque (2014) are used by this paper to elaborate on various aspects of a waqf. Additionally, this paper explains the current status on waqf research.

Moreover, this paper is a significant extension of the work by Agunis and Glavas in the context of who benefits from a study of waqf research and how.

In this case, this study finds that the government is the entity that benefits from this study (in response to who benefits), and this paper provides suggestions on the utilization of the waqf instrument regarding adoption as a government policy and alternative development tool (in response to how it benefits). Moreover, filtering papers has the following four stages, as modified from Narayan and Phan (2019) .

Identify journal database First, this study selects the following seven commonly used journal databases: Science Direct, Emerald Insight, JSTOR, SpringerLink, Oxford Journal Academic, Cambridge Core, and Sage. Use of keywords “Waqf,” “Awqaf,” and “Islamic Endowment Fund” Second, these three keywords are used to search for papers.

Type of paper is Research Article Third, the seven journal databases contain the following main types of papers: research paper, conceptual paper, general review, chapter item, review, case study, secondary article, and technical paper. This study focuses on the research article type of paper to ensure that the existing study is only based on research.

Fourth, this study only considers papers published since 2010 because older waqf papers might offer models that are only suited for the period around which they were published. Given the current dynamic advancements in the economic, social, and technological environments, the current waqf model might be better than those of the past. Papers that pass the previously described criteria are scrutinized on the basis of the following.

1. Scopus index: Selected paper is checked for whether the journal is indexed on Scopus using scimagojr. com .

2. Eliminate predator journal and/or publisher: In this case, the bell list predator journal ( predatoryjournal. com ) was used as a filter.

3. Waqf portion discussion: Lastly, the selected papers must have a dominant waqf discussion. In some papers, a waqf discussion ensues but as a small part of the larger theme of philanthropy.

In this case, the paper is not included in this study. These criteria were adopted for all seven databases. This study found 8,452 papers using the keyword “WAQF,” 2,564 papers using the word “AWQAF,” and 42,035 papers using the phrase “Islamic Endowment Fund 2 .

” When “research article” was selected, the remaining 30,704 papers included 5,867 for “WAQF,” 1,521 for “AWQAF,” and 23,316 for “Islamic Endowment Fund. ” When the publication year was limited, the 10,515 remaining papers included 1,105 for “WAQF,” 442 for “AWQAF,” and 8,968 for “Islamic Endowment Fund. ” Then, the Scopus index, predator journal, and the waqf domination criteria were applied, which resulted in 63 papers.

See Table 1 . Process for filtering papers. Publication Date 2010–2019 This section is divided into two parts.

In the first part, this section presents studies classified into the five main topics of Finance, Economic Development, Law and Norms, Accountability, and History. Each topic is divided into several subtopics. For example, Finance has the largest number of papers and has the following five subtopics: Islamic Microfinance, Banking, Non-bank Finance, Financing Agriculture, Financing Education.

Other subtopics are listed in Table 2 . In the second part, toward the end of each topic, general lessons to be learned are discussed. Classification of Waqf research topic, subtopics, and papers.

Abdullah and Ismail (2017) Zabri and Mohammed (2018) Hasan and Sulaiman (2016) Abdullah and Saiti (2016) Mahamood and Rahman (2015) Sanusi and Shafiai (2015) Sulaiman and Zakari (2019) Rahman and Amanullah (2017) Abdullah and Hudaib (2019) Masruki and Shafii (2013) Ihsan and Septriani (2016) The Finance topic had the most papers, at 22 out of the 63 selected papers. These 22 papers were subdivided by subtopics, which are discussed next.

3. 1. 1.

Islamic Microfinance Haneef et al. (2014) argued that the integration of awqaf and Islamic microfinance can alleviate poverty in Organization of Islamic Cooperation (OIC) countries. Haneef et al.

(2015) proved that the Islamic Micro Finance (IWIM) integration model can alleviate poverty in Bangladesh. This research was conducted using a survey of 381 respondents, a literature review, and in-depth interviews with experts.

Ahmed and Salleh (2016) also proposed a conceptual framework for inclusive Islamic financial planning (IFP) that integrates the issues of financial inclusion, financial planning, and financial literacy using the zakah and waqf concepts that ultimately aim to reduce poverty. Thaker et al.

(2016) found that factors such as norms and attitudes have a positive impact on a microentrepreneurs' intentions to adopt the Integrated Cash Waqf Micro Enterprise Investment (ICWME-I) model in Malaysia. A cash waqf is suitable for Islamic microfinance institutions because such financing is very inexpensive for these entities ( Abdullah and Ismail, 2017 ).

Similarly, another example of a cash waqf supporting microenterprises is described for Singapore, which proposes waqf-based social micro-venture funds ( Hamber and Haneef (2017) ). The integration of cash waqf institutions (CWIs) and financial cooperatives (FCs) would provide affordable financing in the context of Malaysia ( Zabri and Mohammed, 2018 ).

This study offers a theoretical contribution regarding the ability of low- and middle-income earners to own houses. Ramli and Jalil (2014) analyzed the utilization of a waqf under “Wakaf Selangor Muamalat,” which was established jointly by Perbadanan Wakaf Selangor (PWS) and Bank Muamalat Malaysia Berhad (BMMB).

This empirical study is the first on awqaf and recommends that other corporations cooperate with the Islamic banking industry, which adopted awqaf as a banking product. Darus et al. (2017) found that CSR within the Islamic banking industry prioritizes the internal as opposed to the external environment with respect to waqf involvement in contributing to the welfare of society.

This finding is the result of the fact that CSR has limitations. Hamza (2017) argued that an efficient cash waqf structure is needed to allocate funds for investment and for considering the temporary impact of the risk level of liquidity, payments, investments, and the cost of bank funds. Mohammad (2015) found that a cash waqf can be utilized as a bank waqf operation.

Hasan and Sulaiman (2016) argued that Islamic real estate investment trusts (I-REITs) can be adopted by waqf institutions as a mechanism to finance their waqf asset development. Rahman and Ahmad (2011) stated that the integration of awqaf and takaful products could support a wealth redistribution function among Muslims. Similarly, Zakaria et al.

(2013) found that the integration of a waqf with a venture philanthropy model can reduce inequality. Abdullah and Saiti (2016) found that musharakah bonds for waqf property development have yet to completely fulfill the contract requirements and revenue generation necessary for shariah compliance.

Thaker and Thaker (2015) revealed several issues related to regulations for managing waqf shares and, more specifically, taxation, payment modes, and dividend administration. Moreover, waqf unit trusts can be applied as an alternative strategy to ensure sustainable returns for beneficiaries ( Sulaiman et al. , 2019 ).

3. 1. 4.

Financing agriculture Orbay (2012) suggested that awqaf can be utilized as an instrument to develop agriculture in Konya but that the natural environment and the social and political situations remain prime obstacles. Shafiai et al. (2015) opined that farmers should have access to finance mechanisms that may come from the integration of awqaf and Islamic banks dedicated to financing agriculture.

Moh'd et al. (2017) reviewed the existing literature on financing models and made three proposals related to Zanzibar. First, waqf muzara'ah-based supply chains could be designed to solve the financing problem.

Second, partnerships could help reduce the high interest rates and, finally, collateral could be included. 3. 1.

5. Financing education Mahamood and Rahman (2015) found that awqaf play an important role in financing education institutions (universities) in Malaysia and Turkey; thus, awqaf indirectly support the development of education. Shamsudin et al.

(2015) proposed a conceptual cross-country waqf model that could finance higher education institutions. 3. 1.

6. In general, what lessons can be learned? Two important lessons on awqaf for financing can be learned.

First, the collaboration between awqaf and financial institutions may have a significant impact on development. Cash awqaf managed by financial institutions have zero costs of funds. The money being put as awqaf into a financial institution—other than a temporary cash waqf—does not need to be returned to the waqif (waqf giver), creating room for liquidity for banks and allowing them to conduct profit or nonprofit programs.

The financial institution may finance a profitable project with the profits being channeled to social purposes. Alternatively, the financial institution can finance social programs at zero financing rates. This collaboration can also reduce poverty ( Haneef et al.

, 2014 , 2015 ; Ahmed and Salleh, 2016 ), reduce the gap between the rich and the poor ( Rahman and Ahmad, 2011 ; Zakaria et al. , 2013 ), increase financial access ( Hamber and Haneef, 2017 ; Moh'd et al. , 2017 ; Abdullah and Ismail, 2017 ; Hamber and Haneef (2017) ; Zabri and Mohammed, 2018 ), create new banking products ( Ramli and Jalil, 2014 ).

and possibly establish waqf-based banks ( Mohammad, 2015 ) that are distinct from other common banks. Moreover, awqaf can support the social and basic needs sectors, such as education and health ( Mahamood and Rahman, 2015 ; Shamsudin et al. , 2015 ) and agriculture ( Shafiai et al.

, 2015 ; Orbay, 2012 ). Therefore, the government is expected to adopt this waqf instrument as important to socioeconomic development. Second, evaluations, strategies, and innovations related to waqf-based financing need to be conducted for a number of reasons.

Evaluation creates more efficient governance ( Hamza, 2017 ) and improves rules and regulations for better waqf performance ( Thaker and Thaker, 2015 ; Abdullah and Saiti, 2016 ). Meanwhile, strategies ( Sulaiman et al. , 2019 ) and innovations related to awqaf ( Hasan and Sulaiman, 2016 ) can also improve the morality of the nazhir/mutawalli ( Thaker et al.

, 2016 ). An example of a strategy is for banks to use CSR as a waqf. The previously described studies made a few recommendations.

The government has to focus on the various types of waqf innovation through comprehensive and updated rules and regulations, particularly on the uses of CSR as a waqf. Moreover, the government should also address the negative impact of innovation because innovation may create disruptive economics through the existent of a larger number of unemployed. 3.

2. Economic development Abdullah (2018) found that 17 objectives of the Sustainable Development Goals (SDGs) promoted by the United Nations are in line with the long-term objectives of shariah. Stakeholders can undertake developments on the basis of awqaf for the SDGs framework.

Hisham et al. (2013) opined that istibdal in Malaysia—if well-managed—can support sustainable economic development. Amuda et al.

(2016) suggested that cash awqaf can also positively affect human development and, thus, is an important aspect of economic development. Noor and Yunus (2014) suggested that Build, Operate and Transfer (BOT) schemes offer a shariah option that is compatible with a waqf.

Shabbir (2018) used the analytical hierarchy process (AHP) and divided waqf land into the four sectors of agriculture, commercial, residential, and religious—important factors for socioeconomic development and that may create many job opportunities.

Mohsin (2013) stated that cash awqaf (managed by non-governmental organizations) should be channeled not only into religious sectors but also other sectors, such as education, health, commercial activities, and infrastructure, for greater benefit. Waqf institutions differ from other social organizations that primarily rely on donations from others (not guaranteeing sustainability) ( Shaikh et al. , 2017 ).

Empirically, Suhaimi et al. (2014) showed that endowment fund schemes play an important role for the Muslim community in Penang Malaysia. Iman and Mohammad (2017) argued that waqf-based entrepreneurship is also an alternative for promoting the welfare of society.

Sanusi and Shafiai (2015) conducted a study on two waqf institutions in Malaysia and proved that awqaf contribute to the religious, economic, and social sectors. Moreover, awqaf have been implemented by the Malaysian government to finance public goods ( Ambrose et al. , 2018 ).

This study is based on semi-structured interviews of academicians who specialize in awqaf and relevant government and private institutions, as well as available studies. However, according to Adeyemi et al. (2016) , the challenges are the awareness that cash awqaf are still low because of social and cultural problems and the lack of their promotion in Malaysia.

Similarly, the sustainability of the waqf institution is an issue, given that only one out of seven waqf institutions in Malaysia are financially sustainable, which is based on the few components adopted in the study ( Sulaiman and Zakari, 2019 ). Moreover, the existence of many idle parcels of waqf land encouraged Pitchay et al.

(2018) to propose a cooperative waqf model that creates a relationship between a waqif (waqf donor) and a waqf institution that is aimed to make idle waqf land productive. This model puts the status of the waqif as a waqf project member, which has the special right to receive benefits from commercial projects developed on idle waqf land.

A crowdfunding waqf model (CWM) can also be adopted to support the waqf institution in optimizing idle waqf land in Malaysia ( Thaker, 2018 ). Implementing this CWM requires an IT system as an enabler to integrate all aspects of the operational waqf ( Thaker et al. , 2018 ).

3. 2. 1.

In general, what lessons can be learned? Previous discussions stress the collaboration of awqaf and financial institutions. To a large extent, this section discusses awqaf in relation to economic development.

First, a waqf is an instrument that ensures the sustainability of economic development, which is in line with the SDGs ( Abdullah, 2018 ) introduced in 2015 by the United Nations and general economic development ( Hisham et al. , 2013 ; Suhaimi et al. , 2014 ).

The utilization of a waqf is very flexible relative to that of zakah. For zakah, beneficiaries are already fixed, as is taught in the Islamic religion, but the beneficiaries of a waqf can be anyone (more general). Zakah and awqaf are complementary in supporting economic development ( Mohsin, 2013 ; Sanusi and Shafiai, 2015 ; Amuda et al.

, 2016 ; Shaikh et al. , 2017 ; Ambrose et al. , 2018 ) and awqaf in the form of land, building, and cash certainly create more jobs ( Shabbir, 2018 ).

The third classification is Law and Norms, which each has six papers. Rahman and Amanullah (2017) investigated the implementation of a temporary cash waqf in several states in Malaysia and found that improvements in procedures and legal issues, among others, are still required. Abbasi (2012) focused on hanafi jurisprudence and found that family waqf law needs to be harmonized with the laws of inheritance and gifts.

Beverley (2011) explained the criticisms of Muslim law activists of colonialism and the procedures in the law on waqf. Akhtar (2012) argued that the waqf status provision can function as a way to reduce the tax burden in England—as that of charity. Abdullah and Hudaib (2019) showed that awqaf and trusts have similar functions, but also have differences in their religious doctrines.

If awqaf are based on the shariah (divinity), trusts are ruled by humans and may change from time to time. The motivation of awqaf and trusts are also different. An individual's motivation to donate to a waqf is for the reward hereafter, whereas for a trust, the motivation might only be for worldly gain.

Another important point is the governance of endowment management and not as much the general rules and regulations of a foundation ( Siregar, 2016 ). The impact of this point is on the foundation's attempt regarding tax issuance. Paying less taxes is normally the objective, given fewer regulations on the governance of an endowment.

Pitchay et al. (2015) revealed that attitudes and subject norms are important factors in relation to their cash waqf contributions through salary deductions. Khadijah et al.

(2017) showed that religiosity, altruism, personal satisfaction, and commitment are among the personal characteristics that explain waqf preferences. The performance measurement system of Noordin et al. (2017) is an important step toward promoting good governance and morality within waqf institutions.

Rizal and Amin (2017) indicated a significant relationship among perceived benevolence (Ihsan), Islamic egalitarianism, and Islamic religiosity and cash waqf contributions. Shukor et al. (2019) identified that an important factor in determining an individual's intention to give a cash waqf is trust in the waqf institution.

The trust of a waqif is influenced by integrity and institutional reputation. This reputation can be developed through the waqf institution's openness, honesty, and transparency with the public. Moreover, a waqf institution is to maintain the confidentiality of waqif data.

Any data leakage ruins the integrity of the waqf institution. Jalil et al. (2019) indicated that the roles of trust, communication, and payment method do not have a direct relationship with waqif commitment.

Instead, these roles only act as moderating variables. Meanwhile, other factors, such as information disclosure, basic information, financial and non-financial information, information on future activities, and information on governance, have a direct relationship with waqif commitment. 3.

3. 3. In general, what lessons can be learned?

Two important lessons can be learned from the aspect of laws and norms. First, laws on awqaf should be in line with the laws that are regulated by each country. Aspects of the laws of awqaf should be improved and ensure harmony with other related laws ( Rahman and Amanullah, 2017 ; Abbasi, 2012 ; Beverley, 2011 ) to have a positive impact on society ( Akhtar, 2012 ).

The second lesson is regarding the religiosity and morality aspect of waqf governance. These aspects can support waqf contributions and preferences ( Pitchay et al. , 2015 ; Noordin et al.

, 2017 ; Khadijah et al. , 2017 ; Rizal and Amin, 2017 ; Shukor et al. , 2019 ; Jalil et al.

, 2019 ). Lessons learned from the aspect of laws and norms are related to the issue of the establishment of standard-setting for waqf governance. To date, the only standard-setting body related to Islamic financial institutions is the Islamic Finance Service Board (IFSB).

However, the IFSB focuses on producing standards for Islamic banking, Islamic capital markets, and Islamic insurance—more of a business focus. However, a standard-setting body that focuses on social orientation is yet to be established. Nine papers were found on the issue of accountability.

A waqf study on the conceptual framework was conducted by Masruki and Shafii (2013) , who stressed the importance of accounting and accountability in waqf administration and management. For the future, this study recommends the introduction of accounting standards that are suitable for waqf institutions. Daud (2019) showed the importance of Islamic governance waqf reporting on the issue of transparency.

This study recommends a few strategies for improving the governance of Islamic institutions. A larger number of studies empirically investigated waqf accountability issues. Nahar and Yaacob (2011) and Yaacob and Nahar (2017) found that waqf accountability in management, accounting practices, and reporting in the context of Malaysia requires improvement to ensure the production of high-quality reports.

Ihsan and Septriani (2016) proposed accountability in current practice given past examples. Ihsan et al. (2011) conducted an empirical study of accountability practice on two waqf institutions in Indonesia and showed that ABC 3 (a waqf institution) is more efficient, transparent, and accountable relative to that of XYZ (another waqf institution) because ABC is managed by people who are committed and professional.

Ihsan et al. (2017) empirically evaluated the accountability practices of Dompet Dhuafa and found that Dompet Dhuafa has been successfully integrating accountability and a commitment to preserve the organization's values, especially to the Mutawalli. A similar empirical study was conducted by Yaacob et al.

(2015) in the case of Waqf-S Management. However, a waqf institution does not always follow AAOIFI standard No. 33 (SS 33) on awqaf. This study proposes two important aspects of disclosure/reporting on a shariah basis for a waqf institution ( Azmi and Hanifa, 2015 ).

These two aspects reflect the importance of waqf funds as dictated by waqif and modifications to waqf financial reporting. 3. 4.

1. In general, what lessons can be learned? Lessons from these studies are related to the importance of specifically complying with waqf accounting reports.

Accountability in reporting is vital for the waqf institution as an aspect of transparency ( Nahar and Yaacob, 2011 ; Yaacob and Nahar, 2017 ; Masruki and Shafii, 2013 ; Daud, 2019 ). Transparency is not a contemporary issue ( Ihsan et al. , 2011 , 2017 ; Yaacob et al.

, 2015 ; Azmi and Hanifa, 2015 ) but, rather, has been accomplished in the past ( Ihsan and Septriani, 2016 ). Transparency and accountability within a waqf institution as part of a nonprofit organization need to improve because their roles are important in socioeconomic development.

Therefore, for the waqf institution to attract stakeholders, transparency and accountability have to be at the forefront of the performance indicator, and misinformation from the stakeholder's perspective must be reduced. Reichmuth (2010) describes the 1920 waqf document collection held at the national archives in Tashkent, Uzbekistan (CGA). The structure of these documents is compared with that of existing waqf documents.

Çizakça (2015) argued that waqf research from a historical perspective until today continued to develop. Furthermore, the use of Islamic waqf in the west and China is also elaborated on. Khalfan and Ogura (2012) explored the management aspects of how to conserve a historical building in Zanzibar using Islamic waqf and found that good management systems can protect it from external threats.

Igarashi (2019) analyzed a waqf by Qijmās al-Isḥāqī, a leader in Egypt during the Mamluk and Suriah dynasties, and showed that waqf systems have multidimensions and complex functions. 3. 5.

1. In general, what lessons can be learned? The fact that, in the past, awqaf were central to socioeconomic development is a good lesson for current governments when managing socioeconomic development.

This important role can be learned from the waqf document heritage ( Reichmuth, 2010 ; Igarashi, 2019 ). Moreover, awqaf were important to maintaining the historical heritage ( Khalfan and Ogura, 2012 ). Given limited studies in a good journal on successful past awqaf, academicians need to engage in further research on this issue.

Such research is important as input for current governments to optimize awqaf for socioeconomic development. 4. Waqf performance in selected countries Awqaf play a vital role in the history of Islamic civilization.

The Prophet Muhammad was the initiator of the waqf practice in many forms, such as a waqf of a piece of land that could be utilized for pious purposes and booty from war being used as a waqf for equipment for Muslim soldiers. After the prophethood, the waqf practice was continued by the companion.

During that time, all awqaf were classified by type and size, starting from house, land, equipment for war, and water source ( Muljawan et al. , 2016 ). All of these awqaf were used for socioeconomic development in that area.

Awqaf developed rapidly during the Islamic reign. As more countries embraced Islam, the growth of awqaf followed because of the large amount of war booty used for general social purposes—not only for the poor and needy but also for knowledge development. A judge was appointed as the manager (nazhir) to monitor all waqf assets and ensure that the corpus was maintained and developed.

Taubah Bin Namr was the judge and nazhirin of Egypt for the first time during the administration of Hisyam bin Abd al Malik. Moreover, during the Abbasiyah period, a judge was no longer appointed as nazhir. Since then, growth in development accelerated.

A famous school, Al-Mustanshiriyah, is funded by a waqf ( Muljawan et al. , 2016 ). After the Abbasiyah Period, a waqf was developed by the next dynasty, al-Fatimiyah, al-Batiniyah, al-Ayubiyah, al-Mamalik, al-Bahriyah in Egypt and Syam, and al-Utsmaniyah in Turkey and some Arabic countries.

In today's contemporary world, the waqf management approach adopted by a country might differ from that of another country. Some of the collected papers on awqaf described a few country cases. Hence, observing the characteristic of a