A Study of Performance Measurement of Waqf Institution

This study aims at exploring and assessing the performance of a waqf institution, i.e., the West Sumatra Muhammadiyah Waqf Board (BWUMSB). In doing so, this research employs dimensions of performance measurement, which encompass efficiency, social effectiveness, maqashid al-sharia , and sustainability and growth as well as the concept of ta'bidul ashli wa tashbilul manfaah. The findings show that BWUMSB does not apply any indicators to assess the performance of its institution. It is also indicated that the revenue earned from managing waqf funds are mostly allocated for administrative expenses. Moreover, although the collection of waqf funds has increased throughout the year, the nazhirs (waqf managers) tend to invest the fund into low-risk businesses, which, in turn, causes profits to be suboptimal. These imply that BWUMSB has not been efficient in managing waqf funds for programs and operational costs. On the other hand, the accumulation of funds every year indicates that BWUMSB has been effective in collecting waqf funds. From the perspective of maqashid al-sharia, the BWUMSB has been trying to be in line with Islamic law. The sustainability and growth dimension indicates that there have been some efforts made by BWUMSB to sustain its institution and the management of waqf funds. Overall, nazhir at BWUMSB strives to safeguard the waqf property and its sustainability benefits, which is suggested by the concept of ta'bidul ashli wa tasbilul manfaah.