Global Waqf Governance Standards
Advancing Integrity, Accountability and Impact in Waqf Governance
The Global Waqf Governance Standards provide a proposed common framework to strengthen the governance, Shari’ah oversight, financial accountability, transparency and development impact of waqf institutions worldwide.
Developed under the framework of the Global Waqf Alliance, the Standards aim to support waqf institutions, authorities and related stakeholders in protecting waqf assets, fulfilling their fiduciary responsibilities and advancing the long-term social and economic objectives of waqf.
Status: Consultation Draft — Conformed to the Global Waqf Alliance Founding Charter v2.6.
The Standards remain subject to consultation, technical review and the formal adoption procedures established by the Alliance’s Founding Charter.
Why Global Waqf Governance Standards?
Waqf is a significant institution of Islamic social finance with the potential to support education, healthcare, poverty alleviation, community development, economic resilience and long-term social investment.
Realising this potential requires strong institutional governance, responsible stewardship of endowed assets, effective Shari’ah oversight, transparent financial management and credible accountability to beneficiaries and the wider public.
Governance arrangements and regulatory requirements differ across jurisdictions. The proposed Global Waqf Governance Standards seek to provide a common reference framework that can support institutional improvement while respecting national laws, the authority of relevant regulators and applicable Shari’ah requirements.
Our objective is to help strengthen confidence in waqf institutions and encourage the responsible mobilisation of waqf as a sustainable instrument for social and economic development.
Our Objectives
1. Strengthen Institutional Governance
Promote clear governance structures, defined responsibilities, appropriate oversight, ethical leadership and accountability in waqf institutions.
2. Protect Waqf Assets
Support prudent asset stewardship, risk management, internal controls and decision-making that safeguards endowed assets and serves their intended purposes.
3. Advance Shari’ah Governance
Promote appropriate Shari’ah oversight arrangements and the responsible application of relevant Shari’ah principles, scholarly guidance and applicable standards.
4. Improve Financial Accountability
Encourage reliable financial reporting, transparent disclosures, independent audit arrangements and effective segregation of duties.
5. Promote Transparency and Public Confidence
Support clear reporting on institutional performance, governance practices, financial stewardship and the use of waqf resources.
6. Encourage Measurable Social Impact
Help institutions connect waqf management with beneficiary needs, development priorities and meaningful impact measurement.
7. Support Responsible Digital Transformation
Promote appropriate governance of waqf digitisation, data, technology and artificial intelligence, with due attention to accountability, risk and the protection of stakeholders.
Scope of the Standards
The proposed framework addresses key areas of waqf governance and institutional accountability, including:
Governance bodies, responsibilities and oversight
Shari’ah governance arrangements
Risk management and internal controls
Financial reporting, transparency and audit
Asset stewardship and institutional accountability
Conflicts of interest and related-party relationships
Sustainability, development outcomes and impact measurement
Digital governance and responsible use of artificial intelligence
Certification principles, assessment independence and complaints mechanisms
Implementation, compliance, review and continuous improvement
The Standards are intended to serve waqf institutions, relevant authorities, Coordinated Funds recognised under the Alliance’s framework, and institutions seeking to strengthen their governance practices.
Their application must be interpreted in accordance with applicable national law, relevant regulatory requirements, the Alliance’s governing framework and applicable Shari’ah authority.
Core Principles
Integrity
Governance decisions and institutional activities should be guided by ethical conduct, honesty and the responsible fulfilment of waqf obligations.
Shari’ah Compliance
Waqf governance should respect applicable Shari’ah principles and the legitimate authority of relevant scholarly and regulatory bodies.
Fiduciary Responsibility
Those entrusted with waqf assets should act responsibly, protect endowed resources and remain accountable for their stewardship.
Independence and Accountability
Oversight, review and assessment arrangements should be designed to support impartiality, manage conflicts of interest and promote credible decision-making.
Transparency
Institutions should provide appropriate and reliable information about governance, financial performance, risks and the use of resources.
Beneficiary Orientation
Waqf governance should remain connected to the purposes of the endowment and the legitimate interests of its intended beneficiaries.
Continuous Improvement
Governance frameworks should be reviewed and strengthened in response to evidence, institutional experience, evolving risks and changes in applicable requirements.
A Framework for Governance and Assurance
The proposed Standards bring together governance expectations and institutional assurance mechanisms within a structured framework.
Governance and oversight
Clear responsibilities, appropriate governing bodies, effective internal controls and accountable leadership.
Shari’ah and fiduciary assurance
Suitable Shari’ah governance arrangements, responsible asset stewardship and processes for addressing material governance concerns.
Financial transparency
Reliable financial reporting, appropriate disclosures, audit arrangements and effective management of institutional risks.
Independent assessment
A proposed framework for assessing conformity with defined requirements, supported by assessor independence, complaints procedures and appeal arrangements.
Implementation and review
Proportionate implementation, documented accountability, periodic review and a process for updating the Standards.
The framework is intended to support institutional development rather than replace national law, statutory supervision or the authority of relevant Shari’ah bodies.
Global Waqf Governance Standards and Certification
The Global Waqf Alliance’s proposed framework includes a voluntary, tiered approach to governance assessment and certification.
The intended approach is designed to support institutions at different stages of governance maturity while maintaining clear requirements for assessment independence, decision-making, monitoring, complaints and appeals.
Certification is not yet operational. Any formal certification programme will be launched only after the applicable conditions under the Global Waqf Alliance Founding Charter have been satisfied, including the establishment of the necessary legal and operational arrangements, approved scheme rules, independent review mechanisms, qualified assessors and applicable authorisations.
Until those conditions are met, any assessment activity will be limited to appropriately described pilot work. No certification certificate or claim of formal certification should be issued under the proposed framework.
Recognition as a Coordinated Fund under the Alliance’s framework does not, by itself, constitute certification.
Alignment with Existing Standards and Authorities
The proposed Standards recognise the importance of established Islamic finance and waqf guidance, including relevant AAOIFI standards and the work of recognised scholarly institutions.
They are designed to operate within the legal and regulatory requirements of each jurisdiction. Where applicable national law or a competent Shari’ah authority establishes requirements that differ from the proposed framework, the relevant legal and authoritative requirements must be respected.
References to external standards are intended to support technical coherence and should not be interpreted as evidence of endorsement, approval or formal alignment by the organisations concerned.
The Standards will remain subject to further technical verification and expert review before formal adoption.
Consultation and Development
The Global Waqf Governance Standards are currently presented as a consultation draft conformed to the Global Waqf Alliance Founding Charter v2.6.
The consultation process is intended to support constructive input from waqf institutions, Shari’ah scholars, regulators, legal and accounting professionals, researchers, development organisations and other relevant stakeholders.
Feedback may address the clarity, practicality, proportionality and implementation of the proposed requirements, including areas where additional technical guidance may be needed.
Following consultation and the required expert and governance reviews, any final version will be subject to the applicable approval and adoption procedures under the Founding Charter.
Publication of this draft does not mean that the Standards have been formally adopted or endorsed by an external institution.
Who Should Participate?
We welcome engagement from stakeholders with relevant expertise, experience or institutional responsibilities, including:
Waqf authorities and regulatory bodies
Waqf foundations, trustees and institutional managers
Shari’ah scholars and Islamic finance professionals
Accounting, audit, legal and governance specialists
Universities, research centres and policy institutions
Islamic social finance and development organisations
Technology providers supporting responsible waqf digitisation
Civil society organisations and beneficiary representatives
Participation in consultation provides an opportunity to contribute to the development of a practical, credible and globally relevant governance framework.
Contribute to the Development of Global Waqf Governance
Strong governance is essential to protecting the integrity of waqf and enabling its contribution to future generations.
The Global Waqf Alliance invites qualified stakeholders to review the proposed Standards, provide technical feedback and contribute to the development of a governance framework that respects local contexts while supporting shared principles of integrity, accountability and responsible stewardship.
Join the consultation. Help strengthen waqf governance for lasting public benefit.
Contact: info@globalwaqfalliance.com
Document Status Notice
The Global Waqf Governance Standards are currently a consultation draft. They are not yet formally adopted or operative. Their status, final wording and implementation arrangements remain subject to consultation, technical and Shari’ah review, and the formal procedures established by the Global Waqf Alliance Founding Charter. Publication does not constitute legal, regulatory or Shari’ah approval, external endorsement, or authorisation to provide certification.
GLOBAL WAQF ALLIANCE
An international platform dedicated to strengthening waqf governance, institutional capacity, responsible investment, digital transformation, and cross-border cooperation for sustainable development.
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