An investigative study of waqf management and accountability of waqf institutions :evidence from three cases in Bangladesh

Abstract

The economic development of Islamic countries is impaired for the absence of credible management and accountability practices. Accounting can be an important tool to improve the management and accountability of waqf. Moreover, no attempt has been taken on waqf research in Bangladesh from accounting perspective, so this study is unique being the starting point in this area. The research aims to explore the management and accountability practices of waqf institutions in Bangladesh. This study focuses on three waqf institutions of Bangladesh which are (1) Hajrat Shah Ali Bagdadi (Rw.) Mazar Sharif Waqf, at present it is a very famous waqf for its social activities; (2) Azimpur Dayera Sharif Waqf which is a family waqf and it has historical and religious background in the development of human welfare and (3) Hamdard Laboratories (Waqf) Bangladesh which is renowned for its contribution in the public health and has a significant amount of waqf assets. An exploratory research design is adopted which is qualitative in nature that provides an in-depth analysis of waqf practices among the three cases. The data for this study is collected mainly by interviewing mutawallis and administrative officers as well as viewing documentation. From the close observation of the three waqf institutions, it is found that the criteria and working agenda of the three waqfs are different. All the waqfs have distinctive practices regarding management, accountability and disclosing of waqf report to the public. The recommendations and suggestions implied through this study may contribute in the policy making and implication concerning management and accountability matters of waqf.