Waqaf has historically functioned as a key institution for ethical wealth preservation, ensuring intergenerational justice and community welfare through perpetual charitable endowments. Despite its potential, contemporary waqaf institutions face systemic challenges including weak governance, lack of accountability, and underutilization of assets. This paper develops a governance-oriented conceptual framework that positions waqaf as an ethical custodian of wealth, integrating governance, accountability, and sustainability as interdependent pillars. Comparative evidence from Saudi Arabia, Malaysia, Indonesia, Bangladesh, Pakistan, and India highlights both the promise of waqaf and the governance gaps that hinder its impact. The framework demonstrates how robust structures, transparent reporting, and sustainable investment strategies can align waqf practices with the Sustainable Development Goals, particularly in poverty alleviation, education, and environmental stewardship. The study contributes theoretically by bridging Islamic finance with governance and sustainability studies, and offers practical implications for policymakers and practitioners to revitalize waqaf institutions in addressing global socio-economic challenges.
Kasim et al. (2025) studied this question.