Developing Waqf Core Principles Implementation Index Application for Measuring Waqf Management in Indonesia

Waqf management represents a vital component of Islamic finance, ensuring the efficient administration of assets allocated for charitable and religious objectives in alignment with Shariah principles. A standardized evaluation framework, such as the Waqf Cores Principles Implementation Index (WCPII), is crucial for enhancing the governance and performance of waqf institutions. Established in 2021, the WCPII offers a systematic framework for evaluating the efficacy of waqf managers (nazir) in applying essential principles. This paper has three objectives. First, this study uses focus group discussion (FGD) with waqf experts to assess the WCPII and whether additional variables or indicators are eliminated. Second, this study will develop a website-based WCPII digital application prototype to help Indonesia's waqf regulator analyze waqf institutions' management. Third, this work examines the IPB University Waqf Institution's WCPII implementation. For the first objective, this study developed the WCPII by including key variables representing the implementation of the seventeen waqf core principles. At least two indicators should be added to the current variables to make assessing and evaluating WCP implementation in waqf institutions more meaningful. For the second objective, this research was successful in creating a direct website-based application on BWI's Nazir e-service website, which BWI can then use to evaluate Nazir governance and administration. For the third research objective, the IPB University waqf institution obtained a total score of 0.905, indicating that it accomplished excellently in implementing the indicators in this index. This study has important implications for waqf management in Indonesia and beyond. Enhancing the WCPII with extra indicators and creating a digital application offers waqf regulators and institutions a more effective tool for assessing and advancing waqf governance. This study's findings and technological innovations enhance the management of waqf assets in Indonesia and provide a model applicable to waqf institutions in other countries, thereby reinforcing global waqf management practices.