Towards a holistic non-financial performance measurement for Istibdal Waqf Projects in Malaysia
Pengukuran prestasi bukan kewangan yang holistik bagi Projek Istibdal Wakaf di Malaysia
DOI:
https://doi.org/10.53840/almimbar.151الكلمات المفتاحية:
Istibdal Waqf، Non-Financial Performance Measurement، Waqf Institutions، Malaysiaالملخص
ABSTRACT
Istibdal waqf, a mechanism for replacing or exchanging waqf assets to enhance value and usability, plays a significant role in sustaining waqf development in Malaysia. While financial performance indicators are often emphasised, non-financial performance indicators remain unexplored, despite their critical contribution to long-term success. This study aims to conceptualise the non-financial performance measurement of successful istibdal waqf projects for waqf institutions in Malaysia. The research addresses the problem of limited performance benchmarks in evaluating istibdal waqf projects, which hinders effective decision-making and governance. In Malaysia, only some State Islamic Religious Councils (SIRC) actively implement such projects, reflecting the need for a more comprehensive performance assessment framework that transcends monetary returns. A qualitative approach was employed, involving semi-structured interviews with key informants from four state Islamic religious councils: Majlis Agama Islam Negeri Pulau Pinang (MAINPP), Majlis Agama Islam dan Adat Melayu Terengganu (MAIDAM), Majlis Agama Islam dan Adat Istiadat Melayu Kelantan (MAIK), and Majlis Agama Islam Negeri Kedah (MAIK). Thematic analysis using ATLAS.ti was applied to identify core dimensions. Findings reveal one overarching theme agreed upon by all informants: Istibdal waqf as land development and value enhancement. From this, six thematic dimensions of non-financial performance were conceptualised: (1) Land Development and Value Enhancement; (2) Financial & Economic Sustainability; (3) Legal & Administrative Compliance; (4) Asset Management & Replacement; (5) Addressing Challenges & Ensuring Success; and (6) Social and Public Impact. These dimensions highlight that success extends beyond profit generation to include compliance, asset stewardship, problem-solving capacity, and socio-religious benefits. The study concludes that non-financial performance indicators are essential for a holistic evaluation of istibdal waqf projects, aligning with the Maqasid al-Shariah principles. It is recommended that waqf institutions adopt these dimensions as a guiding framework to ensure sustainable development, enhance governance, and maximise public benefit in future istibdal waqf initiatives.
Keywords: Istibdal Waqf, Non-Financial Performance Measurement, Waqf Institutions, Malaysia
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