Bridging Philanthropy and Financial Accountability: A Bibliometric Review of Cash Waqf and Cost Management Research

Bridging Philanthropy and Financial Accountability: A Bibliometric Review of Cash Waqf and Cost Management Research

Mohd Yassir Jaaffar, Mohd Amran Mahat*, Jismi Md Salleh, Mohd Ariff Mustafa

Faculty of Accountancy, UiTM Cawangan Melaka, Malaysia

*Corresponding author

DOI: https://dx.doi.org/10.47772/IJRISS.2025.908000163

Received: 24 July 2025; Accepted: 31 July 2025; Published: 02 September 2025

ABTRACT

This study aims to explore the intellectual structure, thematic development, and research trends at the intersection of cash waqf and cost management, a domain that remains underexamined within Islamic finance and nonprofit resource optimization. Using a bibliometric approach, the study analyzed scholarly publications indexed in the Scopus database from 2003 to 2025. A systematic search strategy and defined inclusion criteria were applied. Bibliometric indicators such as publication output, citation analysis, and keyword co-occurrence were examined using VOSviewer to identify influential authors, sources, themes, and research clusters. The analysis reveals a growing scholarly interest in cash waqf, with notable publication increases after 2010 and a peak in 2024. Research output is heavily concentrated in Southeast Asia, particularly Malaysia and Indonesia. Thematic mapping identified six dominant clusters centered on waqf governance, Islamic philanthropy, and educational financing, with minimal integration of cost and management accounting concepts, highlighting a critical research gap. The study is limited to the Scopus database and English-language publications, potentially excluding relevant regional or non-indexed literature. Future research could expand coverage by incorporating multiple databases and qualitative content analysis. The findings offer strategic insights for policymakers, waqf institutions, and academics by identifying areas where management accounting tools can enhance financial transparency, efficiency, and sustainability in waqf practices. This study is among the first to systematically map the bibliometric landscape of cash waqf research with an emphasis on cost management, offering a foundation for interdisciplinary exploration and practical reform within Islamic social finance.

Keywords: Cash waqf, cost management, bibliometric analysis, Islamic finance, waqf governance, Scopus, thematic mapping

INTRODUCTION

Background and Motivation

Cash waqf, a unique instrument in Islamic social finance, involves the endowment of liquid assets such as money for charitable and socially beneficial purposes. Unlike traditional waqf, which is typically tied to immovable property, cash waqf offers greater flexibility and liquidity, allowing waqf institutions to respond more efficiently to contemporary socio-economic challenges such as poverty, education, healthcare, and community development. Over the past two decades, this model has gained increasing traction among Islamic finance scholars, policymakers, and non-profit organizations.

As waqf institutions grow in complexity and impact, there is a growing need to ensure the efficient management, transparency, and financial accountability of their operations. This is where the field of management accounting and cost management plays a vital role. Sound costing practices and accountability mechanisms are essential for ensuring waqf funds are not only used ethically, but also managed with maximum effectiveness and public trust. The integration of these principles into waqf-based financial governance frameworks has thus become a pressing concern in both theory and practice.

Research Gap

Despite a noticeable increase in academic publications related to waqf and Islamic philanthropy, the intersection of cash waqf with cost and management accounting remains underexplored and fragmented. Most existing literature tends to focus on the legal, historical, or conceptual aspects of waqf, with limited attention paid to operational performance, cost control, resource optimization, or financial reporting within waqf institutions. Furthermore, no comprehensive bibliometric synthesis currently exists that maps how this niche domain has evolved over time, who the key contributors are, or what the emerging intellectual and thematic trends look like.

Objective of the Study

This study seeks to fill the aforementioned gap by conducting a comprehensive bibliometric and co-word analysis of global scholarly research on cash waqf and cost management published between 2003 and 2025. The primary objective is to unveil the intellectual landscape of this research domain by quantitatively analyzing publication patterns, leading contributors, citation impact, and thematic evolution.

Scope of the Study

The study is based on bibliographic data retrieved from the Scopus database, using a tailored Boolean search strategy to ensure the inclusion of relevant studies intersecting cash waqf, philanthropy, and management accounting. The time frame (2003–2025) is chosen to capture two decades of research growth. VOSviewer is employed as the analytical tool to visualize co-authorship networks, keyword co-occurrence clusters, citation dynamics, and research trends.

The study is guided by the following research questions:

RQ1: What are the publication and citation trends in cash waqf and cost accounting research from 2003 to 2025?

RQ2: Which countries have made the most significant contributions to this field?

RQ3: What are the most cited and high-impact publications shaping this research domain?

RQ4: What are the dominant themes and emerging research hotspots identified through keyword co-occurrence and thematic mapping?

Contribution to Knowledge

This study contributes to the academic discourse by providing the first quantitative and visual mapping of the literature at the intersection of cash waqf and cost management. It offers valuable insights for academics, policymakers, and practitioners seeking to strengthen the financial and governance systems of waqf-based institutions. Additionally, the identification of emerging research themes may help guide future investigations and cross-disciplinary collaborations in the domains of Islamic economics, nonprofit accountability, and social impact finance.

LITERATURE REVIEW

Overview of Waqf’s Historical and Modern Relevance

Waqf, an Islamic endowment, has been integral to Muslim societies since the time of Prophet Muhammad, who initiated the practice by establishing mosques and other public utilities (Kasdi et al., 2022). Historically, waqf supported various public services such as education, healthcare, and religious institutions, playing a crucial role in the socio-economic and cultural development of Islamic civilizations (Joseph, 2014; Kasdi et al., 2022; Raja Adnan et al., 2020). Traditionally, waqf operated independently of state control, although it was sometimes influenced by state power. This autonomy allowed it to function as a third sector, distinct from both government and private profit-driven entities (Assi, 2008; Joseph, 2014).

Waqf contributed significantly to the economic stability and social welfare of communities by funding public goods and services, including schools, hospitals, and infrastructure (Kasdi et al., 2022; Khaleel Al Hashmi, 2022; Raja Adnan et al., 2020). It also played a role in urban regeneration and maintaining cultural heritage in historic Muslim cities (Haysam, 2015). In contemporary times, there has been a renewed interest in waqf as a tool for socio-economic development.

Modern scholars emphasize its potential to promote civil society, sustainability, and economic efficiency, provided there is a proper legal framework (Alias, 2014; Jafar et al., 2025; Joseph, 2014). Innovations such as Cash Waqf-Linked Sukuk and the integration of digital technologies like blockchain have modernized waqf, enhancing transparency and operational efficiency. These advancements have expanded waqf’s role in financial inclusion and sustainable development (Çilingir, 2022; Jafar et al., 2025).

Waqf continues to be relevant in various regions, including Turkey, where it supports humanitarian efforts and community services, and Malaysia, where it helps finance higher education institutions (Usman & Ab Rahman, 2023; Wira et al., 2023). In Russia, efforts are being made to adapt waqf within the secular legal framework to support religious institutions (Akhunov, 2015). Despite its potential, waqf faces challenges such as legal constraints and the need for better management practices. Addressing these issues through regulatory reforms and international collaborations could enhance its impact on global socio-economic challenges (Efendic & Bisić, 2020; Jafar et al., 2025; Khaleel Al Hashmi, 2022).

Cash waqf has a significant role in socio-economic development, particularly in Muslim communities. It supports various sectors such as education, health, and infrastructure, contributing to poverty alleviation and financial inclusion (Che & Rahman, 2018; Said et al., 2024; Sarker, 2019; Uddin, 2023). The flexibility and liquidity of cash waqf make it a versatile tool for addressing immediate and long-term community needs (Abd Rahman & Awang, 2018; Hamza, 2017).

Cash waqf can be integrated with modern financial instruments like Islamic banks and fintech solutions, enhancing its reach and efficiency. For instance, the Cash Waqf Linked Sukuk (CWLS) in Indonesia demonstrates how innovative financial instruments can mobilize cash waqf for broader socio-economic benefits (Berakon et al., 2022; Said et al., 2024; Yoshida, 2019). The use of digital platforms and fintech in cash waqf collection and management has shown to increase participation, especially among younger generations (Berakon et al., 2022; Jatmiko et al., 2024).

Historically, cash waqf has been a crucial financial tool, as seen in the Ottoman Empire, where it supported various public goods and services (Altay, 2024; Korkut, 2024). Contemporary models, such as those in Bangladesh and Malaysia, show the ongoing relevance and potential of cash waqf in modern financial systems (Sanusi & Shafiai, 2015; Sarker, 2019; Uddin, 2023).

Bibliometric Studies in Waqf

Bibliometric studies on waqf have shown a growing interest in various aspects of waqf, particularly in sustainability and its role in Islamic finance. Research on waqf sustainability has increased significantly, with a focus on themes such as accountability, the role of intellectual capital, and performance measurement of waqf institutions (Misbah et al., 2022; Mohamed & Akande, 2025; Qurrata et al., 2024). Malaysia has been identified as a leading country in waqf research, with significant contributions from Malaysian authors and institutions (Kashi et al., 2025; Qurrata et al., 2024; Rusydiana et al., 2021).

Studies have mapped the development of cash waqf research, identifying key themes such as cash waqf management, giving behavior, and its role in Islamic finance (Apriantoro & Septianozakia, 2024; Ninglasari, 2021). The research highlights the potential of cash waqf in addressing socio-economic challenges and promoting sustainable development. Research on waqf in education has been explored, with a focus on its economic and social effects, and its integration with various waqf schemes and Sustainable Development Goals (SDGs) (Rusydiana et al., 2021).

 Synergies of Cash Waqf with Cost Accounting

Integrating cost accounting with cash waqf management can improve transparency, accountability, and efficiency. This integration ensures that funds are allocated and utilized effectively, aligning with the donors’ intentions and the beneficiaries’ needs (Kadir & Sapuan, 2019; Purbasari et al., 2024; Widiastuti et al., 2021). Cost accounting principles can help in the precise tracking of funds, cost allocation, and performance measurement, which are crucial for the sustainability of waqf institutions (Cokins, 2021; Ramljak & Rogošić, 2013; Swain et al., 2010). Cost accounting tools, such as cost-volume-profit analysis and regression analysis, can aid in strategic decision-making for waqf institutions. These tools help in understanding the financial dynamics and making informed decisions to optimize resource utilization (Sterrett, 2020; Swain et al., 2010).

Implementing quality cost accounting systems can further enhance the management of waqf funds by identifying and prioritizing cost categories, leading to better financial planning and control (Sharma et al., 2007). Developing a financial performance measurement model based on Sharia Accounting Standards can help waqf managers evaluate their performance in managing waqf assets. This model includes performance, impact, and result ratios, providing a comprehensive analysis of financial statements (Widiastuti et al., 2021). The use of contemporary cost accounting methods, such as Resource Consumption Accounting (RCA), can provide accurate and reliable information, essential for effective waqf management (Sharma et al., 2007; Zhang et al., 2011). In conclusion, focusing on cash waqf and its integration with cost accounting offers a robust framework for enhancing the socio-economic impact and financial management of waqf institutions. The synergies between these two areas can lead to more transparent, accountable, and efficient use of waqf funds, ultimately contributing to sustainable development and financial inclusion.

METHODOLOGY

Bibliometric Analysis

This component emphasizes the use of bibliometric indicators and mapping techniques to explore the structure, productivity, and intellectual development of literature concerning cash waqf and cost management. Bibliometric analysis provides a quantitative method for assessing scholarly output, citation influence, and the evolution of research themes over time.

Publication output was examined by analyzing the number of publications per year, highlighting trends in academic interest and identifying key phases in the progression of the research area.Keyword co-occurrence analysis was conducted based on author-supplied keywords. By mapping the frequency with which terms appear together, this method reveals thematic clusters and research hotspots, offering insights into the conceptual framework of the field.

Procedural Analysis

The data for this study were obtained from Scopus, a leading multidisciplinary abstract and citation database. A tailored Boolean search string was constructed to capture the conceptual scope of the research domain. The query used was:

TITLE-ABS-KEY ((((“management accounting” OR “costing” OR “cost management” OR “management”) AND (“waqf” OR “charity” OR “endowment” OR “philanthrop*”)))) AND (cash waqf) AND PUBYEAR > 2002 AND PUBYEAR < 2026

Several inclusion criteria guided the selection process. Only English-language publications were considered. The document types were limited to peer-reviewed journal articles and review papers. No specific lower time limit was imposed, although the search was capped at the year 2025.

Data retrieval was conducted on 21 July 2025. This date is recorded to ensure transparency and facilitate reproducibility of the study. The metadata extracted from Scopus included article titles, abstracts, author names, institutional affiliations, keywords, publication years, journal sources, and citation counts. Figure 1 illustrates the selection and screening process, which led to the inclusion of 183 publications after applying inclusion and exclusion criteria.

The bibliometric mapping was carried out using VOSviewer Version 1.6.20 (released in late 2024), developed by Van Eck and Waltman (2010). The software supports network construction and visualization for co-authorship, co-citation, and keyword co-occurrence analysis. It uses a force-directed layout algorithm to spatially organize clusters based on the strength of item links.

Fig. 1. The Study Flowchart

RESULT

This section presents the findings of the bibliometric analysis, structured into descriptive analytics, productivity and impact indicators, collaboration networks, and thematic structure analysis based on bibliographic coupling and keyword co-occurrence.

RQ1: What are the publication and citation trends in cash waqf and cost management research from 2003 to 2025?

Fig. 2. The Publication Trends

Figure 2 illustrates the annual distribution of total publications (TP) and total citations (TC) for research related to cash waqf and cost management from 2003 to 2025.

A total of 183 publications were indexed in Scopus during this period. The earliest identified publication appeared in 2003, followed by a prolonged phase of low productivity until 2010. From 2011 onward, publication activity began to rise, with a notable acceleration starting in 2015.

The highest number of publications was recorded in 2024, with 35 documents. In contrast, citation counts peaked in 2018, reaching over 200 citations in that year. The rise in TP between 2020 and 2024 demonstrates increasing academic interest in the topic.

Despite a high volume of publications in recent years, citation counts began to decline after 2019, which may be attributed to the citation lag typical for newer articles.

RQ2: Which countries have made the most significant contributions to this field?

This section presents an analysis of the most active countries contributing to the literature on cash waqf and cost management during the period 2003–2025. The analysis was based on author affiliations extracted from 183 Scopus-indexed publications.

As shown in Figure 3, research in this domain is heavily concentrated in Southeast Asia, with Malaysia emerging as the most prolific contributor, producing 82 publications. This represents a significant portion of the global output and reflects Malaysia’s strategic emphasis on Islamic social finance, including waqf reform initiatives, academic investments in Islamic economics, and policy-driven research agendas.

Indonesia follows as the second most productive country with 58 publications, highlighting its growing scholarly interest in the use of waqf as a mechanism for economic inclusion and social development. Together, Malaysia and Indonesia account for over 76% of the total publications, reinforcing the centrality of these nations in shaping the discourse around cash waqf.

Other contributing countries include Bangladesh, Turkey, and Saudi Arabia, each with 5 publications, indicating emerging academic interest. Countries from the Gulf region such as the United Arab Emirates (4) and Qatar (3), as well as Pakistan (3), also show moderate levels of engagement.

Interestingly, countries like Iraq (2) and the United Kingdom (2) are represented despite their limited publication volumes. This suggests a modest but growing internationalization of research in this area, with some participation from non-Muslim majority or non-Asian contexts.

Overall, the geographic distribution of publications reveals a regional concentration within Southeast Asia and parts of the Middle East, while also indicating potential for broader international collaboration and knowledge transfer in future research efforts.

Fig. 3. Number of Publications by Countries

RQ3: What are the most cited and high-impact publications shaping this research domain?

The most influential works on cash waqf research primarily highlight its role in socio-economic resilience, governance, and institutional accountability. Leading this discourse is “The Role of Islamic Social Finance During Covid-19 Pandemic in Indonesia’s Economic Recovery,” which demonstrates how cash waqf and zakat helped mitigate the economic impact of the pandemic in Indonesia. Complementing this, “Accountability in the Sacred Context” and “Waqf Accounting and Management in Indonesian Waqf Institutions” emphasize the critical need for transparency and structured reporting in waqf governance, advocating for the institutionalization of robust accountability systems. These studies collectively underscore the importance of sound governance structures to ensure effective waqf asset management.

In addition to governance, other key studies examine cash waqf as a financing tool for microenterprises, public goods, and education. For instance, “A Qualitative Inquiry into Cash Waqf Model” explores its potential to fund microenterprises through Shariah-compliant mechanisms, while “Cooperative-Waqf Model” offers a strategy to develop idle waqf lands in Malaysia. Higher education financing is addressed in “Financing Universities Through Waqf” and “Funding Higher Education Through Waqf: A Lesson from Pakistan,” both proposing sustainable alternatives to public funding. Further contributions include financial innovation through models like share waqf and unit trust waqf, as discussed in “The Role of Share Waqf” and “Proposed Models for Unit Trust Waqf”. Integration of waqf into Islamic insurance is explored in “The Concept of Waqf in Takaful,” while literature reviews and legal analyses—including “Waqf and Sustainable Development Law,” and “Theoretical and Trustees’ Perspectives on the Establishment of an Islamic Social Bank”—offer broader perspectives on waqf’s evolving institutional and regulatory frameworks.

Table 1. Top 10 Most Cited Articles

RQ4: What are the dominant themes and emerging research hotspots identified through keyword co-occurrence and thematic mapping?

A VOSviewer-based co-occurrence map revealed six thematic clusters. The bibliometric map places “waqf” at the core of scholarly discourse, serving as a central hub around which multiple thematic areas are organized. One of the most prominent clusters, marked in red, focuses heavily on “cash waqf”, indicating its high keyword occurrence and growing academic interest. This cluster explores the integration of cash waqf into Islamic finance, its role in empowering the Muslim community, and its implementation in countries like Malaysia and Indonesia.

The emphasis on terms such as productive waqf, social welfare, and social entrepreneurship suggests a strong orientation toward socio-economic development, positioning cash waqf as a flexible and impactful financial instrument. The frequent co-occurrence of “cash waqf” with these related terms underscores its centrality in current waqf-related research.

Fig. 4. VOSviewer-based Co-occurrence Map

Other clusters enrich the thematic landscape. The blue cluster highlights traditional financial elements such as endowment, finance, and their alignment with Sustainable Development Goals (SDGs). The green cluster brings in concepts of sustainability, Islamic social finance, and instruments like zakat and sukuk, indicating an emerging interest in waqf’s role in sustainable development. The yellow and purple clusters address critical issues of accountability, trust, management, and waqf property governance.

Although “cost accounting” does not appear explicitly as a recurring keyword in this map, its absence may suggest a gap in the literature or an underexplored dimension within the waqf management framework. Overall, the map reflects a dynamic and evolving research field, with cash waqf standing out as a particularly influential and well-studied theme.

Table 2. The Six Thematic Clusters

DISCUSSION

The bibliometric analysis reveals a growing and regionally concentrated body of literature on cash waqf, with Malaysia and Indonesia emerging as intellectual and policy leaders. This dominance corresponds with these countries’ proactive regulatory frameworks and academic focus on Islamic social finance (Kashi et al., 2025; Rusydiana et al., 2021). The thematic shift—from normative and legalistic narratives to operational and financial management concerns—demonstrates a maturing discourse that increasingly values empirical and applied research.

Figure 2 illustrates a sharp rise in publications after 2015, peaking in 2024. This aligns with the global trend toward financial innovation and the growing demand for ethical finance mechanisms post-pandemic. However, the gap between publication volume and citation frequency (as shown in 2018 vs. 2024) underscores the recency of contributions and a lag in scholarly recognition. Figure 3 further contextualizes the geographic distribution, highlighting the opportunities for extending this discourse beyond Southeast Asia.

The keyword co-occurrence map in Figure 4 and Table 2 identifies six dominant thematic clusters. Despite the centrality of terms like “cash waqf”, “philanthropy”, and “Islamic social finance”, the marginal presence of “cost accounting” reflects a persistent disconnect between waqf scholarship and the accounting profession. This observation corroborates prior findings that operational efficiency, cost transparency, and accountability remain underexplored within waqf management (Purbasari et al., 2024; Widiastuti et al., 2021).

To bridge this conceptual gap, future studies must apply specific cost accounting tools—such as Activity-Based Costing (ABC), Resource Consumption Accounting (RCA), and Cost-Volume-Profit (CVP) analysis—to waqf institutions. Empirical case studies from Malaysia’s State Islamic Religious Councils and Indonesia’s CWLS initiatives show promising examples of integrating cost controls and performance measures to track fund utilization. These tools can support waqf managers in evaluating unit costs per beneficiary, optimizing administrative overheads, and forecasting budget sustainability in compliance with Shariah principles (Cokins, 2021; Sharma et al., 2007).

While this study primarily employs bibliometric techniques, empirical insights from previous studies reveal critical gaps in financial management practices across waqf institutions. Specifically, many waqf entities—including those in Malaysia—still operate without standardized costing systems and rely heavily on general financial reporting rather than dedicated cost-tracking frameworks. This misalignment hampers efforts to achieve full transparency, cost efficiency, and donor confidence (Kadir & Sapuan, 2019; Purbasari et al., 2024; Widiastuti et al., 2021). These observations support the argument for integrating structured cost accounting mechanisms tailored to waqf operations, ensuring alignment with both Shariah principles and modern accountability standards.

The way forward requires breaking disciplinary silos. Islamic finance scholars often emphasize jurisprudential and philosophical dimensions, while accounting professionals prioritize measurement, valuation, and audit frameworks. Bringing these communities together can yield integrated models for Shariah-compliant financial stewardship. For example, collaboration between Shariah advisors and Chartered Accountants could lead to the development of waqf-specific accounting standards and Key Performance Indicators (KPIs) grounded in maqasid al-shariah.

CONCLUSION

This study offers the first comprehensive bibliometric analysis of global scholarship at the intersection of cash waqf and cost management. By systematically reviewing 183 Scopus-indexed publications spanning 2003 to 2025, it uncovers prevailing intellectual structures, influential contributions, and thematic evolutions, while exposing critical gaps—particularly the underrepresentation of cost accounting methodologies in waqf practices and the limited incorporation of empirical evidence from operational settings. To advance the field, future research should prioritize methodologically diverse approaches—such as institutional case studies, performance audits, and stakeholder interviews—that bridge conceptual frameworks with practical realities. There is also considerable scope for adapting and validating modern cost accounting tools (e.g., Activity-Based Costing, Resource Consumption Accounting, Cost-Volume-Profit analysis) within the distinct operational and ethical parameters of waqf institutions.

Greater interdisciplinary collaboration among Islamic finance scholars, accounting professionals, and social impact practitioners is essential to developing Shariah-compliant financial performance frameworks, standardized cost reporting protocols, and resilient models for philanthropic sustainability. Strengthening financial accountability and operational transparency within waqf systems transcends academic inquiry; it is a normative imperative. Strategic cost management is central to unlocking the full developmental potential of cash waqf, particularly in addressing systemic challenges such as poverty alleviation, equitable education, and accessible healthcare on a global scale.

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