ISFIRE REVIEW
DYNAMICS OF TRUST FOR GOOD‘WAQF’ GOVERNANCE DIAN MASYITA
LECTURER AT THE FACULTY OF ECONOMICS AND BUSINESS UNIVERSITY OF PADJADJARAN
The phenomenon of philanthropy is dynamic and complex involving different values and activities brought together to produce such a system. Waqf is one example of Islamic philanthropies. Trust, emanating from the belief system in Islam, as social capital has remained as an important working mechanism for waqf to work efficiently. The static perpetuity, rigidity, and the mismanagement of awqaf with the decline in trust between individuals, and between individuals and institutions in the recent past had created inefficiencies and ineffectiveness. However, mismanagement and moral hazard can be avoided by a good governance system based on religion with the enhanced notion of trust among all stakeholders of a waqf. For this, in addition to the form oriented understanding of fiqh, ethical norms of Islam should reemerge to provide substance, such as through ethics, in making sure that the high objectives of Shari’a are achieved through activities of waqf based on the articulation of trust and good governance.
ALTRUISM - CONCEPT AND REALITY Altruism, as a universal concept, refers to the willingness to do things which benefits other people as part of human nature. In other words, altruism refers to selfless acts that put others welfare before one’s own. If the ultimate goal of benefiting another is to increase their welfare, then the motivation is altruistic. If the ultimate goal is to increase one’s own welfare, then the motivation is egoistic.
A FRAMEWORK OF WAQF MANAGEMENT Good waqf governance is purposed as an integrated system (figure 1). Every element in this system is supposed to support each other in order to achieve efficient waqf management.
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ISFIRE, DECEMBER 2019
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ISFIRE REVIEW
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