Accounting Standards for Awaqf: A Review

  • Zakir Hossen Shaikh Lecturer in Commercial Studies Division, (Specialization-Islamic Banking and Finance), Bahrain Training Institute, Ministry of Education, Kingdom of Bahrain
  • Adel M. Sarea Associate Professor of Accounting, Department of Accounting and Economics, College of Business and Finance, Ahlia University, Manama, Kingdom of Bahrain
  • Azam Abdelhakeem Khalid Senior Lecturer in Accounting, Department of Accounting and Finance, Faculty of Management and Economics, Universiti Pendidikan Sultan Idris, Perak, Malaysia
Keywords: Accounting Standards, Awqaf, Islamic Social Finance.


The paper focuses on establishing accounting standards for the awqaf system in order to increase the efficiency and effectiveness of its operation. Standardization could cut costs and reduce the risk of mismanagement so that services provided by awqaf   strengthen development fundamentals. Thus, it is essential that Muslim countries adopt unified accounting standards to ensure accountability and transparency of various transactions related to awqaf. This will provide flexibility concerning allocations of awqaf endowments so that priority will be given to projects related to people’s basic needs. The proposed framework is designed based on the literature review to conceptualize the need of standardization of accounting for awqaf. The contribution of this paper is to add value to the literature of accounting for awqaf.

JEL Classification:  M41, E23.


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How to Cite
Shaikh, Z. H., Sarea, A. M., & Khalid, A. A. (2019). Accounting Standards for Awaqf: A Review. International Journal of Accounting & Finance Review, 4(2), 37-42.
Regular Research Article/ Short Communication Article