Waqf is pivotal in socio-economic development and community empowerment. Accurately measuring Waqf assets is crucial for effective resource allocation, strategic planning, and sustainable development. However, the existing literature on this subject needs to be more extensive, and the lack of standardized measurement frameworks poses challenges for stakeholders involved in Waqf management. This paper employs a multidisciplinary approach, integrating insights from Islamic finance, accounting, and legal studies. The study reviews the current practices of Waqf asset measurement in Malaysia and proposes a comprehensive framework that aligns with Islamic principles and contemporary financial reporting standards. Furthermore, the paper examines the legal and regulatory landscape surrounding Waqf in Malaysia, exploring how these factors impact the measurement and management of Waqf assets. The paper aims to provide a holistic understanding of the challenges and opportunities of Waqf asset measurement in Malaysia. The paper employs a qualitative approach and aims to contribute to the existing body of knowledge by offering a comprehensive and contextually relevant framework for measuring Waqf assets in Malaysia. It provides valuable insights for policymakers, regulators, and practitioners involved in Waqf management, offering a foundation for developing standardized practices that align with Islamic principles and international standards.
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