Mistakes Waqf Institution Sustainability Indicators from Institutional Perspectives

Abstract

This paper aims to construct the waqf institution sustainability index (WISI) using the stepwise approach/institutional economic theory. We use the stepwise approach that permits us to measure the progress achieved against the purposes of waqf institution. The approach is expected to address the waqf institution’s sustainability by constructing indicators. The new indicators incorporate core elements of waqf adapted mainly from the legal text and previous studies that waqf can be considered as political or social institution. The indicators are an initiative used to measure waqf institutions’ commitment to promoting SDGs. The efforts to measure the level of commitment supporting the SDG promote effective, accountable, and transparent institutions at all levels. The expected findings are institutional sustainability can be assessed in line with the methods described above and the concept of institutional sustainability will be applied to assess the economic development of a particular nation in the context of sustainable development and the implications for the future economic structure of a nation.