IIWCPThe Waqf Core Principles (WCP) are a global standard for waqf management initiated jointly by the Indonesian Waqf Board (BWI), Bank Indonesia (BI), and the International Research and Training Institute-Islamic Development Bank (IRTI-IsDB).
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Universitas Ibn Khaldun
Bogor, Indonesia
Badan Wakaf Indonesia
Indonesia
Bank Indonesia
Indonesia
Zakat And Waqf Forum
Internasional Forum
The Waqf Core Principles (WCP) are a global standard for waqf management initiated by the Indonesian Waqf Board (BWI), Bank Indonesia (BI), and the International Research and Training Institute – Islamic Development Bank (IRTI–IsDB). WCP consists of 29 principles aimed at strengthening the governance of nazhir institutions so they can manage, develop, and distribute the results of waqf management optimally. These principles are designed to establish credible waqf management while enhancing the role of waqf as a financial instrument in Muslim countries. In 2021, BWI and BI launched the Waqf Core Principles Implementation Index (IIWCP), a quantitative measurement tool to assess the extent to which waqf managing organizations (nazhir) apply the WCP principles. Adapted to the Indonesian context, IIWCP uses 17 out of the 29 WCP principles that can be directly controlled by nazhir. These principles are grouped into three main dimensions: core activities, governance, and risk management. The core activities dimension covers fundraising management, distribution, asset and reserve management, as well as related-party transactions. The governance dimension includes good nazhir governance, sharia compliance, internal and external audits, financial reporting, transparency, and fraud prevention. Meanwhile, the risk management dimension
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"Being the main reference in the measurement of credible, transparent, and global standard of waqf governance, in order to strengthen the role of waqf as an effective Islamic financial instrument for the benefit of the people."
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"The implementation of the Waqf Core Principles has significantly improved the accountability and transparency of waqf institutions under our supervision. With the IIWCP, we now have a clear framework to measure compliance and guide continuous improvement."
"As a nazhir, the IIWCP has given us a structured roadmap to strengthen our governance and risk management practices. It has not only enhanced our credibility with donors but also helped us optimize the impact of our waqf programs."
"The Waqf Core Principles serve as a benchmark for global best practices in Islamic social finance. Their adaptation into the IIWCP framework demonstrates Indonesia’s leadership in developing innovative tools that can inspire other Muslim-majority countries."