• Muhammad Shulthoni Faculty of Islamic Economics and Business, Institut Agama Islam Negeri (IAIN) Pekalongan, Central Java, Indonesia
  • Norma Md Saad International Islamic University Malaysia, Malaysia
  • Saim Kayadibi International Islamic University Malaysia, Malaysia https://orcid.org/0000-0002-4753-4216
  • Muhammad Irwan Ariffin International Islamic University Malaysia, Malaysia https://orcid.org/0000-0002-3528-2576
Keywords: Waqf Fundraising, Management, Financing Models, Waqf Institutions


This paper studies the theoretical structure of financing for Islamic philanthropy in the form of waqf or endowment by looking at the past and present forms of waqf. Waqf is expected to play a more important role to tackle current social and educational issues, where financial sustainability has become one of the greatest challenges faced by waqf institutions. Using the content and thematic analysis approaches, this paper reviews the practice of successful waqf institutions and summarizes the features that are significant to a successful waqf fundraising and management. The paper analyses three models that are suitable for innovation and management of waqf fundraising: Venture Philanthropy of Waqf Model (VPWM), Value-Based Capital Model of Waqf (VBCM), and Social Enterprise Waqf Fund Model (SEWF). The paper then investigates the possibility of applying the Management by Objectives (MBO) framework to improve the overall management of waqf institutions. The discussions are hoped to be able to contribute towards developing a better fundraising and management of waqf institutions.

Author Biographies

Muhammad Shulthoni, Faculty of Islamic Economics and Business, Institut Agama Islam Negeri (IAIN) Pekalongan, Central Java, Indonesia

Lecturer, The Islamic Economics Undergraduate Program, Faculty of Islamic Economics and
Business, Institut Agama Islam Negeri (IAIN) Pekalongan, Central Java, Indonesia;

Ph.D candidate at International Islamic University Malaysia (IIUM).


Norma Md Saad, International Islamic University Malaysia, Malaysia
Professor, Department of Economics, Kulliyyah of Economics and Management Sciences (KENMS) International Islamic University Malaysia Scopus ID: 25723690000
Saim Kayadibi, International Islamic University Malaysia, Malaysia

Associate professor, Kulliyah of Economics and Management Sciences, International Islamic University Malaysia

Scopus ID: 55943753400 

Muhammad Irwan Ariffin, International Islamic University Malaysia, Malaysia

Assistant Professor, Kulliyyah of Economics and Management Sciences (KENMS)

International Islamic University Malaysia


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How to Cite
Shulthoni, M., Saad, N., Kayadibi, S., & Ariffin, M. (2018). WAQF FUNDRAISING MANAGEMENT: A PROPOSAL FOR A SUSTAINABLE FINANCE OF THE WAQF INSTITUTIONS. Journal of Islamic Monetary Economics and Finance, 3, 153 - 178. https://doi.org/10.21098/jimf.v3i0.776

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