The financial reporting landscape within Islamic finance, particularly in Waqf, stands at a crossroads where standardisation is imperative for enhanced transparency and accountability. This research addresses the critical need for a standardised framework in Waqf reporting, examining the challenges faced by institutions involved in Waqf management. The diverse management practices, variations in financial reporting and asset valuation across different Waqf entities create obstacles to comparability and reliability. Employing a qualitative research methodology and using content analysis, this paper navigates the intricacies of Waqf reporting, emphasising the unique nature of Waqf assets and transactions. The absence of universally accepted guidelines tailored for Waqf reporting prompts exploring the multifaceted challenges inhibiting standardisation. Issues such as variations in asset valuation methodologies and disparities in financial reporting practices need to be addressed. The research aims to contribute to developing comprehensive guidelines and frameworks for Waqf reporting, aligning with Islamic finance principles while ensuring consistency and clarity in reporting practices. This study seeks to foster transparency, comparability, and accountability within Waqf institutions by analysing the challenges and proposing solutions. The findings are expected to inform regulatory bodies, Waqf institutions, and stakeholders, guiding them towards a standardised approach for sustainable development and effective governance in Islamic finance.
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