Kuala lumpur: Sultan Nazrin Shah today proposed establishing a common set of internationally adoptable core principles for waqf governance to strengthen the management of Islamic endowments worldwide. The Perak Sultan emphasized the need for a framework that builds on existing standards developed by Indonesia, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and Kazakhstan.
According to BERNAMA News Agency, Sultan Nazrin suggested that the International Centre for Education in Islamic Finance (INCEIF) University could act as the secretariat for this initiative. He advocated for the commissioning of an international, open, consultative working group to develop a common set of principles for waqf institutions. His remarks were made at the International Waqf Da'wah Convention 2026 held at the Kuala Lumpur Convention Centre.
The event was also attended by Sarawak Premier Tan Sri Abang Johari Tun Openg, President of the Malaysian Islamic Welfare Organisation (PERKIM), and Minister in the Prime Minister's Department (Religious Affairs) Zulkifli Hasan.
Sultan Nazrin noted the importance of not starting from scratch but rather enhancing existing governance models through international collaboration. He also highlighted the potential of digital cash waqf platforms, which could improve transparency and accountability through real-time public dashboards.
Additionally, Sultan Nazrin proposed a pilot initiative named 'Waqf for Peace and Planetary Resilience' involving selected institutions in Malaysia, Indonesia, and other ASEAN countries. The initiative aims to fund renewable energy and climate-resilient infrastructure while promoting environmental stewardship and peaceful coexistence.
The Sultan underscored the need for waqf institutions to incorporate principles such as balance, justice, mercy, and trusteeship into their governance frameworks. He pointed out that many waqf assets remain underutilized due to weak governance, incomplete records, disputed land ownership, and poor administration.
Sultan Nazrin emphasized that managing waqf is an amanah, a trust requiring the highest standards of integrity and accountability from trustees. He called for immediate action to ensure that the current generation contributes to the development of waqf, rather than merely admiring past achievements.