Sharia Policy in the Governance of Endowments and Its Role in the Development and Growth of Waqf Institutions

Abstract

      This study examines the role of Sharia policy in the governance of endowments and its impact on the development and growth of Waqf institutions. It explores the concept of Sharia policy and Waqf governance, highlighting the strong similarities between governance principles and the Islamic approach to prudence, sound management, and integrity in administering endowments. A careful examination of Quranic verses and the guidance of Prophet Muhammad (peace be upon him) reveals essential principles that emphasize the importance of governance, including transparency, accountability, responsibility, justice, fairness, and trustworthiness. The study further analyzes Islamic Waqf regulations in light of governance principles and the views of scholars regarding the implementation of Sharia policy, assessing their alignment or divergence.

      To achieve these objectives, the researchers employed a descriptive and deductive methodology. The findings confirm that Waqf governance aligns with the spirit of Islamic law, which prioritizes public welfare (maslaha). This alignment manifests in reducing administrative and financial corruption, fostering trust among donors and beneficiaries, and increasing the value of Waqf assets. Consequently, the study concludes that the governance of Waqf institutions is an integral aspect of Sharia policy.