Risk Management Mechanism in Empowering Productive Waqf
A Conceptual Approach
Atina Shofawati
Islamic Economic Department, Faculty of Economic and Business, Universitas Airlangga, Jl. Airlangga No. 4-6,
Surabaya, Indonesia
Keywords: Risk Management, Productive Waqf.
Abstract: Nowadays the development of Islamic social finance shows the significant role to increase the welfare of
society. This paper emphasizes the productive Waqf, as one of the investment instruments in Islamic social
finance. Productive Waqf faces the condition which has the opportunity to occur the risk and return in
empowering productive Waqf. This paper investigates the risk management mechanism in empowering
productive Waqf. Productive Waqf gives a long term benefit and added value to increase the welfare, to build
the infrastructure to create civil society also to achieve welfare nation (baldatun thayyibatun warabbun
ghafur). Productive waqf empowerment faces some challenges, especially the risks which occur along the
productive Waqf empowerment. This paper uses literature review method to describe the risk management
mechanism to increase the optimization of productive Waqf empowerment. The result of this paper can give
a conceptual framework about the risk in empowering of productive Waqf and the mechanism to mitigate the
inherent risk of productive Waqf to increase the productive Waqf management properly.
1 INTRODUCTION
High-profile non-profit failures and scandals have
increased scrutiny of the non-profit sector in recent
years. In late 2014, the largest social services agency
in New York, the Federation Employment and
Guidance Service, suddenly closed due to financial
mismanagement. In January 2016, Goodwill
Industries of Toronto declared bankruptcy, leading its
CEO and board of directors to resign. And in March,
the Wounded Warrior Project fired its CEO and COO
after reports of wasteful spending. According to a
2013 investigative report from the Washington Post,
between 2008 and 2012, more than 1,000 major US
non-profits disclosed in federal filings that they had
suffered a "significant diversion" of assets from
internal wrongdoing (Bilich, 2016). It’s no secret that
non-profits are ill-equipped to address risk. In 2015,
for example, the Utah Food Bank announced that a
data breach exposing donor names, addresses, credit
card information, and security codes may have
impacted eight percent of its donors. Technology
often requires significant capital, and non-profits do
not have the same access to capital resources as their
for-profit peers. As with the Sarbanes-Oxley Act of
2002, which ushered in regulations to enhance
corporate responsibility and combat fraud, leading
organizations committed to non-profit advancement
have begun to emphasize that non-profit risk
management—a defined, routine commitment to
gather, evaluate, and respond to threats and
opportunities—is a non-profit duty (Bilich, 2016).
An effective risk management program can
provide reasonable assurance that an organization
remains agile and responsive in the face of
uncertainties. It’s unsurprising, therefore, that risk
management is an emerging non-profit best practice.
Indeed, as in the for-profit sector, where publicly
traded organizations are increasingly held to account
for their risks, an effective risk management program
will soon become a minimal criterion for non-profit
credibility in the marketplace (Bilich, 2016).
According Domanski (2016), a review of the
latest writings on non-profit management and risk
management reveals significant gap in research on
risk in the third sector. There are many different kinds
of research approaches to these issues, but it seems
that a comprehensive theory about risk management
in the third sector may be missing. Most of the studies
have concentrated on testing fragmentary hypotheses
on specific risk categories (Martínez, 2003; Clary,
1997) or on organizations operating in specific fields
Shofawati, A.
Risk Management Mechanism in Empowering Productive Waqf - A Conceptual Approach.
In Proceedings of the 1st International Conference on Islamic Economics, Business, and Philanthropy (ICIEBP 2017) - Transforming Islamic Economy and Societies, pages 581-587
ISBN: 978-989-758-315-5
Copyright © 2018 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved
581

and related risks (Fast, 2007; Sollis, 1995; ) in
Domanski (2016). The belief that there is research
gap in this field is shared by researchers such as West
and Sargeant and they propose applying existing risk
management theory from the commercial sector to
non-profit organizations (West and Sargeant, 2004) in
Domanski (2016). This proposition may not be a
correct one, however. Risk management in non-profit
organizations is a more complex process because of
factors such as a relatively high number of
uninsurable risks (Head and Herman, 2002) in
Domanski (2016). Most research papers concentrate
on identifying ways how non-profits can minimize
the risks that they face, rather than on how it can be
managed by them. Research in this field is by all
means a pioneering effort (Young, 2009) in
Domanski (2016).
The research about risk management in waqf
institution is very limited and limited conceptual
research. Although, there are many research’s about
risk management in Non-Government Organization
(NGO) or Non-Profit Organization both conceptual
and empirical research. This paper adopt the risk
management mechanism from Non Government
Organization (NGO) or Non-Profit Organization to
be implemented in conducting risk management in
productive waqf institution and combine the theory
and empirical research about waqf and risk
management in waqf. The main goal of this paper is
to solve the research gap by presenting the theory and
practice of risk management of a study on risk
management in productive waqf institution. The first
research question is: What are the risk categories
faced by productive Waqf institution? And the second
research question is: How do the risk management
mechanism will be implemented in productive Waqf
institution?
2 LITERATURE REVIEW
2.1 The History and Significance of
Waqf
Muslims are encouraged to create sadaqah that keeps
producing benefits/revenues to its targeted objectives.
Waqf is also termed “sadaqah jariyah” or “continuous
sadaqah”. The waqf created by giving away an asset
that have feature of perpetuity on a permanent basis.
These sadaqah can be religious like establishing a
mosque, or for social purposes like building a
house for the wayfarer or digging of river/canal
or a sadaqah gave during his/her life that continues
(giving its benefits) after his/her death (Ahmed,
2007). An important characteristic of waqf relates to
its objective, that is, the idea of birr (doing charity out
of goodness). The objective of waqf may be for the
society at large, including the provision of religious
services, socio-economic relief to the needy
segment, the poor, education, environmental,
scientific, and other purposes. Many scholars term
the ownership of awqaf assets/properties “as if it were
owned by God.” The founder (waqif ) determines
the objectives for which the property made into waqf
can be used and the way its fruits, services and
revenues can be distributed. The founder also
determines the waqf management and process of
succession of managers. The founder can impose any
restrictions or qualifications he/she likes on his/her
waqf, etc. Most awqaf are perpetual and very often
this is emphasized in the waqf deeds (Ahmed, 2007).
The history of awqaf is very rich with prominent
achievements in serving the poor in particular and
enhancing the welfare in general. Various kinds of
awqaf were established including those for public
utilities, education and research, and health care.
Educational awqaf also covered scientific research
that was not restricted to Islamic studies. There were
awqaf assigned specifically for research in science,
physiology, pharmacology, mathematics, astronomy,
etc. Hospitals and medicines are one of the most
famous sub-sectors of awqaf. Muslims continued to
establish awqaf hospitals and health care centers until
the first part of the 20th century when the Waqf
Children Hospital of Istanbul was founded (Ahmed,
2007).
The significance of the awqaf in Muslim societies
of the past is evident from information available on
the size of these institutions. In certain Muslim
countries awqaf reached one third or more of total of
cultivable land and other properties. The first land
survey in Egypt conducted during Muhammad ‘Ali’s
rule indicated that 600,000 were awqaf out of a total
of 2.5 million feddan (acre) of cultivable land; most
of these awqaf were for mosques and education and a
great chunk was for al-Azhar itself. The large
investments in the social sector succeeded in
transforming the society and empowering the poor
segments of it. Education, offered almost only by
awqaf, enabled the poor move up the economic
ladder and obtain high levels of economic and
political power (Ahmed, 2007).
While most of waqf created are real estate, the
cash waqf dates back to as early as the turn of first
century of Hijrah. Cash waqf had two forms. First,
cash was made into waqf to be used for free lending
to the beneficiaries and second, cash was invested and
ICIEBP 2017 - 1st International Conference on Islamic Economics, Business and Philanthropy
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its net return is assigned to the beneficiaries of the
waqf (Ahmed, 2007).
2.2 Risk Categories
According to Domanski (2016), there is no
comprehensive description in international research
literature of risks faced by nongovernmental
organizations. Authors have mostly alluded to the risk
of partnership, cooperation, or alliance (Martínez,
2003; Sollis, 1995); reputation risk (Clary, 1997); and
financial risk (Bowman, Keating, Hager, 2007;
Young, 2007). Other less explored risk categories
faced by non-profit organizations include asset risk
(Duncan, 2008; Pike, Roos, Marr, 2005); legal risk,
including risk of loss, litigation risk, risk of
inadequate legal interpretation, compliance risk,
reputation risk (Zapadka, 2007); grant risk
(Tyrakowski, 2007); risk of mission drift in a high-
income scenario (Christensen, Clerkin, Nesbit, Paarl-
berg, 2009); risk of staff death, especially if the
organization operate in armed conflict zones
(Fast,2007); organization, personal, and time
(Mitchell,1995); and advertising risk (West,
Sargeant, 2004) in Domanski (2016),
According to Domanski (2016), risks associated
with partnerships and alliances are an important area
of research. Martínez (2003) in Domanski (2016)
analyzed such forms of collaboration between non-
governmental organizations, and he pointed to risks
that occur before, during, and after alliances.
He stressed that alliances with the commercial sector
may create certain risks for non-profit organizations
such as that of losing sight of the core mission. A
significant risk emerges when a partner of the non-
profit organization engages in unethical activities and
has been stigmatized by the public (Wymer Jr., Samu,
2003) in Domanski (2016).
According to Domanski (2016), another
important risk category listed by researchers as a
relevant one for non-profit organizations is the
reputation risk. According to www.iiibf.com unique
risk factors faced by awqaf and waqf-based
organizations cover Credit risk, Market risk/ Rate-of-
return risk: Reputation risk: Shariah-legal risk: Risk
of waqf-corpus depletion: Risk of improper benefit
sharing: Operational risk.
2.3 Strategic Risk Management
Process
The present section serves the verification of the
strategic risk management model which is being
recommended for the non-profit organization and
spread by the American association The Non-profit
Risk Management Center. The risk management
process can be defined as a systematic and purposeful
sequence of activities including “Identifying the
context,” that is, profiling the organization in risk
management and setting risk management objectives;
“Risk assessment,” that is, risk identification and
prioritization; “Taking and communicating
appropriate decisions;” “Acting on decisions taken;”
and “Monitoring and adjustment” (Head, Herman,
2002, pp. 47) in Domanski (2016).
3 METHODOLOGY
This paper uses literature review method to describe
the risk management mechanism to increase the
optimization of productive Waqf empowerment.
Literature review in this paper based on the literature
from:
 Habib Ahmed (2007).
 Mohamad Yusri bin Yusof (2014)
 Jarosław Domanski (2016).
 Norhanizah Johari, Nazifah Mustaffha, Latifa
Bibi Musafar Hameed (2016).
 Nur Atikah Atan and Fuadah Johari (2017).
Habib Ahmed (2007) studies the economics of
micro financing and discusses the sustainability and
operational issues of a waqf-based MFI in details.
The paper presents a case for introducing waqf-
based Islamic MFI that can provide micro
financing and facilitate wealth creation of the poor .
The paper provides the theoretical basis and
operational framework for alternative waqf-based
Islamic MFI. It discusses the operations of
conventional MFIs and examines their strengths and
weaknesses.
Mohamad Yusri bin Yusof (2014) introduces
waqf, zakāh and ṣadaqah, which are currently being
mobilized by the non-Financial Institutions (non-FIs)
such as charitable organizations and Non-
Governmental Organizations (NGOs) as additional
components of Islamic finance industry, to
complement the efforts of financial intermediaries as
contributor to key socio-economic development.
Towards the end of the paper, some recommendations
are presented to push the activities of non-FIs in
promoting waqf, zakāh and ṣadaqah via trust funds
into the mainstream economy in a more coordinated,
integrated and efficient manner at national and
international levels.
Jarosław Domański (2016) addresses risk
management in non-profit organizations. This topical
issue appears not to have been adequately studied by
Risk Management Mechanism in Empowering Productive Waqf - A Conceptual Approach
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researchers to date. There are several questions the
author of this paper attempts to answer: What are the
risk categories faced by non-profit organizations in
their daily operations? Do Polish non-profit
organizations take any measures in the area of
strategic risk management? A contribution is made to
the theory of management of non-profit organizations
by making an overview of existing literature on the
subject, identifying a research gap, proposing
concepts that attempt to fill the gap, and
recommending areas for future study. A
comprehensive list of risks faced by non-profit
organizations in their daily operations has been
developed and validated for further application. The
empirical material comes from a study based on a
national random sample of 235 non-profit
organizations.
Norhanizah Johari, Nazifah Mustaffha, Latifa
Bibi Musafar Hameed (2016) explain that Internal
controls establish a process on how an
organization handles in receiving and reporting
money and, administrative and management tasks.
An effective internal control involves the control
environment, risk assessment, control activities,
information and communication and the monitoring
activities.
Nur Atikah Atan and Fuadah Johari (2017)
analyze the related literatures on Waqf for poverty
alleviation and social well-being between 2006 until
2016. The methodology of this article is through
descriptive research based on document analysis on
previous articles and literatures on Waqf between
2006 until 2016. From 365 citation found under
‘Waqf’ keywords which including journal articles,
books and conference paper, only 289 articles that are
published under journals publications consists of
national and international journals were selected and
had been analyzed using the Statistical Product and
Service Solution (SPSS) software.. Findings- The
general finding of this article shows that among the
Waqf issues or subject that have the highest interest
among the researcher for the current 10 years are
related to the issues of cash Waqf (19.4%), Waqf
property (13.8%) and Waqf concept (12.5%).
However issues that related to poverty and poverty
alleviation (14 articles), microfinance (17 articles)
and corporate Waqf (13 articles) have also gained a
popularity among the researcher.
4 RESULTS AND DISCUSSION
Risk Management for Awqaf is very important to
develop to prevent and mitigate the occurrence of risk
in managing productive waqf. Risk management was
started by identifying the risk faced in managing the
productive waqf. Domanski (2016), in his research
found that a comprehensive classification of risks
faced by non-profit organizations is proposed and
it includes risks related to management, operation,
finance, external environment, regulatory
environment, partnership, grants, and
staff/volunteers. According to www.iiibf.com,
unique risk factors faced by awqaf and waqf-based
organizations cover Credit risk, Market risk/ Rate-of-
return risk, Reputation risk, Shariah-legal risk, Risk
of waqf-corpus depletion, Risk of improper benefit
sharing, Operational risk.
The awqaf ecosystem displays considerable
variation across countries and regions. While awqaf
is originally meant to be in the voluntary sector, the
current situation shows diverse roles for stakeholders
in the public, private and voluntary sectors.
Notwithstanding this diversity, the fact remains that
the sector must be regulated, though the regulatory
principles should be flexible enough to be relevant for
alternative structures. Further, regulators should have
a good understanding of the unique risk factors faced
by awqaf and waqf-based organizations
(www.iiibf.com).
4.1 Credit Risk
Some experts cite credit risk as a major risk factor for
a waqf, similar to other Islamic financial institutions.
This is, perhaps, an example of faulty analysis. Credit
risk for a financial institution arises in the face of
recurring loan transactions. It should be fairly
obvious that a waqf has many distinct features
making it different from lending-type financial
institutions.
4.2 Market Risk/ Rate-of-Return Risk
Investment function in case of waqf is compulsory.
All awqaf assets must be invested. They must be
invested in a prudent manner. Nevertheless, the awqaf
portfolios are vulnerable to adverse market
movements or volatility in the rates of returns. There
is a divergence of views among fuqaha on the degree
of market risk or business risk that a waqf portfolio
should be exposed to.
4.3 Reputation Risk
Awqaf face reputation risk, which becomes
significant when they repeatedly seek to raise
additional waqf resources and create new awqaf.
ICIEBP 2017 - 1st International Conference on Islamic Economics, Business and Philanthropy
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4.4 Shariah-Legal Risk
This risk contributes to reputation risk, though it may
be less severe in case of waqf-funded operations than
zakat-funded ones, given the inviolable position of
Shariah regarding the nature of beneficiaries with the
latter. Zakat laws are understandably, more
demanding than waqf laws.
Related to Shariah-legal risk is the possibility of
commingling of all forms of charity funds including
zakat and waqf. Given the need to adhere to conform
to the Quranic prescription regarding eight classes of
eligible beneficiaries of zakat funds, some experts
advocate in favor of disallowing zakat organizations
completely from engaging in waqf mobilization and
management.
4.5 Risk of Waqf-Corpus Depletion
This is a unique risk with awqaf that contributes
significantly to Shariah-noncompliance and
reputation risk. Such risk may arise, when the
management in the face of fixed commitments
towards beneficiaries (or high costs of its operations)
and inadequate returns from its investment routinely
borrows (as qard-al-hasan) from waqf-corpus. It is a
major risk factor, justified by the fact that some
known global players are widely known to engage in
such behavior.
4.6 Risk of Improper Benefit Sharing
The risk of inadequate or improper sharing of waqf
benefits among beneficiaries needs to be put sharply
under focus instead of being clubbed together with
Shariah-noncompliance or reputation risk. The so-
called “business face” of awqaf often dilutes its
ultimate objective of passing on benefits to
designated beneficiaries by focusing too much on the
generation of returns (and consequent flows to
providers of private capital used for development of
waqf assets).
4.7 Operational Risk
It is a Shariah-legal requirement that the waqf
management (nadzir/ mutawalli) must take adequate
care of the waqf assets, invest/utilize them properly
and do everything as expected from a trustee-
manager, e.g. refrain from sale, mortgage, willful
negligence causing destruction or diminution of
value. The possibility of such events may be captured
as operational risk. Such risk may be mitigated by
having an incentive structure that aligns the interests
of nadzir/ mutawalli with that of the beneficiaries in
carrying out management of the waqf assets. A
proportional sharing of surplus with the permissible
proportion being known to all parties, may be
considered a good mechanism. A related risk factor
affecting operational efficiency of awqaf is about
volunteerism. Awqaf organizations are usually
characterized by heavy dependence on volunteers.
Another kind of operational risk factor is typical of
off-shore awqaf. Some experts advocate denial of
permissibility to such awqaf on the basis of
apprehensions regarding shell-organizations.
To sum up, risk factors associated with awqaf or
waqf-based organizations are unique. A waqf is very
different from a bank or financial institution that buys
(borrows) and sells (lends) funds. Its unique risk
factors must be understood and articulated accurately
before we rush to bring in the much needed regulatory
reforms that are of course, overdue (www.iiibf.com).
Risk management mechanism to increase the
optimization of productive Waqf empowerment in
this paper adopt the risk management process
according to (Head, Herman, 2002, pp. 47) which was
implemented in the research of Domanski (2016) with
a title Risk Categories And Risk Management
Processes In Non-profit Organizations. According to
(Head, Herman, 2002, pp. 47) in Domanski (2016),
the risk management process including “Identifying
the context,”; “Risk assessment,”; “Taking and
communicating appropriate decisions;” “Acting on
decisions taken;” and “Monitoring and adjustment”
as explained below:
 Defining the Context
Non-profit organizations should start a risk
management process by engaging in a detailed
review of their history, culture, and past
activities in order to increase the chances of
success and to identify adequate funds for future
activities. Defining the context or
contextualization means analyzing the
environment and identifying the normal or
routine state of the organization and the target
position it wants to achieve in the future. The
context is the baseline for the goals and
objectives of the organization, the
implementation of which will be hindered by
unexpected future events that will be subject to
the strategic management process (Head,
Herman, 2002, pp.48-49) in Domanski (2016).
 Risk Assessment
Risk assessment is a step where a portfolio of
risks is identified and then each of them is
assessed in terms of value or importance. First,
it makes sense to appoint a Risk Management
Risk Management Mechanism in Empowering Productive Waqf - A Conceptual Approach
585

Committee within the organization. Such a team
should be made up not only of executive board
members but also of individuals directly
involved in tasks and projects (Domanski 2016).
 Making and Communicating the Decision
and Action
There are many effective risk management
techniques that can be applied to address
specific identified risks. A number of non-profit
organizations use those techniques often now
knowing that what they do is part and parcel of
strategic risk management. Head and Herman
(2002, pp.55–63) in Domanski (2016), provided
an exhaustive list of such techniques which
includes provision of training, securing OHS
tools and equipment, staff appraisals, volunteer
and participant assessment, adequate
supervision, maintenance and repair
planning, contingency planning and testing,
clearly defining expectations and issuing clear
instructions, use of external experts,
stocktaking of assets, regulatory compliance,
internal audit procedures, readiness to cover
financial losses, and regular stakeholder
communication. The stage of the risk
management processes called “Action” covers
the implementation of actions defined earlier in
line with the logical sequence as defined in the
strategic risk management plan (Domanski,
2016).
 Monitoring and Course Correcting
This step is designed to monitor the strategic
risk management process and to implement
necessary corrections. It is critical that a
developed action plan should not be seen a
static, once-for-all document. (Domanski,
2016).
5 CONCLUSIONS
Non Government Organization (NGO) or not-for-
profit organization is an institution which have
responsibility to public, so the prudent management
is needed to develop the sustainability of NGO
operational. Waqf as instrument in Islamic economic
and included Islamic social finance have the same
characteristic like as the NGO which have purpose to
serve the society and social solidarity. This paper
emphasizes the risk management mechanism in
managing the productive waqf. Productive waqf
institution should emphasizes to face the possibility
the occurrence of risk in managing productive waqf
by conducting risk identification, risk assessment,
risk prevention, risk mitigation and monitoring risk
management process. In this study to response the
research question, classification of risk faced by Non
Government Organization (NGO) or not-for-profit
organization covers risks related to management,
operation, finance, external environment, regulatory
environment, partnership, grants, and
staff/volunteers, while the unique risk factors faced
by awqaf and waqf-based organizations cover Credit
risk, Market risk/ Rate-of-return risk, Reputation risk,
Shariah-legal risk, Risk of waqf-corpus depletion,
Risk of improper benefit sharing, Operational risk.
The risk management mechanism which was
implemented in productive Waqf institution in this
paper adopt the risk management process according
to (Head, Herman, 2002, pp. 47) which was
implemented in the research of Domanski (2016)
including “Identifying the context,”; “Risk
assessment,”; “Taking and communicating
appropriate decisions;” “Acting on decisions taken;”
and “Monitoring and adjustment.
The implementation of risk management in
productive waqf institution can give explanation
about the mechanism of risk management in
productive waqf to conduct productive waqf properly
and increase the trust of public and society and can
reach the welfare of ummah and welfare state.
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Risk Management Mechanism in Empowering Productive Waqf - A Conceptual Approach
587