Accounting Standards for Awaqf: A Review

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.