Balanced scorecard for WAQF management and fundraising
Public university waqf management is akin to a non-profit charitable organisations in that its goal is typically to further its mission, which includes generating sufficient funds to continue to operate and serve the beneficiaries and stakeholders. Strategic management in public university waqf i...
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| Main Author: | |
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
2019
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| Subjects: | |
| Online Access: | http://repo.uum.edu.my/26656/1/ZAWED%202019%20217%20229.pdf http://repo.uum.edu.my/26656/ |
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| Summary: | Public university waqf management is akin to a non-profit charitable organisations in that its
goal is typically to further its mission, which includes generating sufficient funds to continue
to operate and serve the beneficiaries and stakeholders. Strategic management in public
university waqf involves selecting the organisation's waqf goals, determining the strategic initiatives necessary to achieve specific objectives towards the goals, and establishing the methods necessary to ensure that the policies and activities are effectively implemented.Although the selection of most appropriate strategic management concepts is not so straightforward for the non-profit or charitable organisations, the use of these methods for charitable work in public university waqf and zakat is important to ensure its growth and
sustainability. It is suggested that the public university waqf to be managed in a professional
way of managing the assets within a modern administrative framework and in particular, the
principles of stakeholders to be introduced in the waqf management. The Balanced Scorecard
(BSC) is one of the useful strategic planning and management systems that organisations use
to identify and improve various internal functions of their core business and their resulting
external outcomes. It is used to measure and provide feedback to organisations. The BSC
suggests that the organisation develops strategic objectives, measures (KPIs), targets, and
initiatives (actions) relative to four perspectives, namely: stewardship, stakeholders, internal process and organizational capacity (or learning and growth). This paper shares an example of how the BSC approach can be adapted to the strategic management of public university waqf
under the institutional advancement function. |
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