This paper aims to review academic theories pertinent to the importance of waqf reporting towards achieving Sustainable Development Goal (SDG) 16. A few suitable theories are chosen for reviews such as stakeholder, agency, moral economy, social economy and utilitarianism theory. The review reveals an insightful indicator on the importance of waqf reporting not only for preparers but also for the users of the report to achieve SDG 16. Hence, describes the crucial need for waqf reporting.
This paper performs an exploratory literature analysis on some potential theories pertaining to the need for waqf reporting. The chosen theories are limited in number but suffice to demonstrate the need for waqf reporting. This paper only reviews essential literature with no particular methodology or procedure.
The review indicates that these theories provide positive insights into how users are greatly dependent on information reported and preparers need to provide that information. The dearth of studies in waqf reporting is still huge warrants further research to conduct in this area. The findings of the review provide strong insights for further studies as well as for the waqf accounting to be instigated by the Islamic councils.
There are many theories but only a selection of them is presented and discussed in this paper.
This paper provides an opportunity for defining and describing waqf reporting using existing theories in a comprehensive theoretical way. This paper also offers opportunities to investigate conceptual theories that could be used to describe the need for waqf reporting.
To the best of the authors’ knowledge, no other studies have been done concerning the review of literature on theories pertinent to waqf reporting. The value of this study is, it contributes knowledge regarding the analysis of theories in defining the need for “Waqf Reporting” to achieve SDG 16. This study proposes an original, theoretically integrated framework for waqf reporting based on five key theoretical perspectives. In doing so, it contributes a novel conceptual model that can guide future empirical research and institutional reform.
