Some Thoughts About Accounting Conceptual Framework and Standards for Awqaf Institutions

There are different types of Islamic financial institutions, which include banking, Insurance, zakat and awqaf. In comparison to the rest of these institutions, awqaf has not developed as much. More attention towards awqaf only came around in the last few years, which explains why awqaf is underdeveloped compared to the rest of the institutions. However, it has been recognized that awqaf truly has the ability to help the public. In order to maximize its potential, it is important to implement aspects such as accounting into the awqaf institutions.