ISLAMIC WEALTH MANAGEMENT IN MOSQUE FINANCIAL MANAGEMENT (CASE STUDY OF KAUMAN GREAT MOSQUE, YOGYAKARTA)

Rizqi Anfanni Fahmi, Ahmad Maslahatul Furqon, Hishamuddin Ismail

Abstract


A mosque is a sacred site of worship for Muslims. The mosque typically solicits contributions from the congregation to fund its activities. To be accountable for the congregations, therefore, the administrators of the mosques should practice sound financial administration. This study seeks to analyze Masjid Gedhe Kauman (Great Mosque Kauman), one of the oldest mosques in Yogyakarta, Indonesia, based on Islamic wealth management. It also has a wealth of historical significance due to Java's lengthy history of Islamization. It was situated around Kraton Palace, one of the ancient Javanese giant kingdoms. Islamic wealth management encompasses wealth creation, wealth accumulation, wealth protection, wealth purification, and wealth distribution. The data was collected by interviewing the mosque administrator, documenting the financial report, and observing the activities. The results indicate that the Kauman Great Mosque in Yogyakarta has not yet fully implemented the Islamic Wealth Management concept into its financial management. Wealth accumulation and wealth purification have not yet received sufficient attention from mosque administrators. Authority status, government policies, and ownership are the primary obstacles to developing mosque financial management. The majority of the funds for the Kauman Great Mosque in Yogyakarta originate from infa (alms). The fund prioritizes initiatives associated with mosques. The discovery also reveals a lack of transparency in financial management, as the congregation does not have access to the financial report despite the inactive fund exceeding one billion rupiah. ‎ The study proposes the implementation of contemporary financial management strategies in order to bolster self-reliance, foster the productive utilization of mosque assets, and prioritize the safeguarding of wealth.


Keywords


Mosque; Islamic Wealth Management; Financial Management

Full Text:

PDF

References


Adil, M. A. M., Mohd-Sanusi, Z., Jaafar, N. A., Khalid, M. M., & Aziz, A. A. (2013). ‎Financial Management Practices of Mosques in Malaysia. Global Journal Al-Thaqafah, ‎‎3(1), 23–30. https://doi.org/10.7187/GJAT302013.03.01‎

Adnan, M A. (2013). An Investigation of the Financial Management Practices of the ‎Mosques In The Special Region of Yogyakarta Province , Indonesia. Sharia Economics ‎Conference, 118–130.‎

Adnan, Muhammad Akhyar. (2016). The Financial Management Practices of the Mosques in ‎the Special Region of Yogyakarta Province, Indonesia. Tazkia Islamic Finance and ‎Business Review, 8(2), 120–142. https://doi.org/https://dx.doi.org/10.30993/tifbr.v8i2.65‎

Alam, N., Gupta, L., & Shanmugam, B. (2017). Islamic Wealth Management. In Islamic ‎Finance (pp. 451–473). Palgrave Macmillan, Cham.‎

Ali, N., Said, J., Omar, N., Rahman, R. A., & Othman, R. (2012). Financial Reporting ‎Disclosure: Evidence from Malaysian Non Profit Organizations. British Journal of ‎Economic, Finance and Management Sciences, 4(2), 16–30. ‎https://doi.org/10.1017/CBO9781107415324.004‎

Andarsari, P. R. (2016). Laporan keuangan organisasi nirlaba (lembaga masjid). In Jurnal ‎Ekonika: Jurnal Ekonomi Universitas …. fe.unik-kediri.ac.id. http://fe.unik-‎kediri.ac.id/wp-content/uploads/2016/09/4.-Pipit-Rosita-Andarsari-143-152.pdf‎

Ariff, M. (2017a). Islamic Wealth Management: Theory and Practice. In M. Ariff & S. ‎Mohamad (Eds.), Islamic Wealth Management. Edward Elgar Publishing. ‎https://doi.org/10.4337/9781786439390.00023‎

Ariff, M. (2017b). Wealth management, its definition, purpose, structure and practices. In M. ‎Ariff (Ed.), Islamic Wealth Management2. Edward Elgar Publishing Limited.‎

Ariff, M., & Mohamad, S. (2017). Wealth as understood in economics and finance. In M. ‎Ariff (Ed.), Islamic Wealth Management. Edward Elgar Publishing Limited.‎

Ariffin, M. Z., Ahmad, J. H., Ahmad, W. N. W., Fauz, W. N. A. W., & Zakaria, M. (2019). ‎Financial Recording and Reporting Practices for Mosques – A Study On Mosques In ‎The District Of Machang, Kelantan. E-Proceedings of 6th International Conference on ‎Mosque, Zakat and Waqf Management (IMAF-2019), October, 257–268.‎

Ashfaq, M., Abdelwahab, H. R., Aziz, S., & Sharif, S. (2022). Wealth Creation and ‎Management in Islam. In Wealth Management and Investment in Islamic Settings: ‎Opportunities and Challenges (pp. 73–89). Springer Nature. https://doi.org/10.1007/978-‎‎981-19-3686-9_5‎

Azid, T., Altwijry, O. I., Rewashadeh, O., & Shirazi, N. (2022). A Path Towards Success for ‎Muslim Households: Wealth Management and Shari’ah Rulings. In Wealth Management ‎and Investment in Islamic Settings: Opportunities and Challenges (pp. 395–407). Springer ‎Nature. https://doi.org/10.1007/978-981-19-3686-9_22‎

Bakar, A. A., Fauzi, N. S. M., & Hashim, H. (2020). Hibah As A Way of Islamic Wealth ‎Management. Webology, 17(2), 896–903. ‎https://doi.org/10.14704/WEB/V17I2/WEB17075‎

BAZNAS. (2020). Outlook Zakat Nasional 2020. In Puskas Baznas. ‎https://www.puskasbaznas.com/publications/books/1113-outlook-zakat-indonesia-2020‎

Beik, I. S., & Arsyianti, L. D. (2021). How Islamic ethical wealth may strategically and ‎technically support SDGs plan? In Islamic Wealth and the SDGs: Global Strategies for ‎Socio-Economic Impact (pp. 53–67). Springer International Publishing. ‎https://doi.org/10.1007/978-3-030-65313-2_3‎

Beik, I. S., Swandaru, R., & Rizkiningsih, P. (2021). How Islamic ethical wealth may ‎strategically and technically support “zero hunger” scheme? In Islamic Wealth and the ‎SDGs: Global Strategies for Socio-Economic Impact (pp. 257–271). Springer ‎International Publishing. https://doi.org/10.1007/978-3-030-65313-2_13‎

Beik, I. S., Zaenal, M. H., & Saoqi, A. A. Y. (2021). How Islamic ethical wealth may ‎strategically and technically support “reduced inequality” mission? In Islamic Wealth and ‎the SDGs: Global Strategies for Socio-Economic Impact (pp. 359–372). Springer ‎International Publishing. https://doi.org/10.1007/978-3-030-65313-2_18‎

Darus, F., Yusoff, H., Zain, M. M., & Ramli, A. (2021). Corporate Waqf: A sustainable ‎model of Islamic wealth creation and distribution. International Journal of Economics ‎and Business Research, 22(4), 357–368. https://doi.org/10.1504/IJEBR.2021.118425‎

Davis, M. (2015). Entrepreneurship and Wealth Creation Within An Islamic Context. In E. ‎Consulting (Ed.), Islamic Wealth Management Report 2015 (Issue December). Labuan ‎IBFC.‎

Fahmi, R. A. (2017). Manajemen Keuangan Masjid di Kota Yogyakarta. Al-Tijary Jurnal ‎Ekonomi Dan Bisnis Islam, 3(1), 69–86. https://doi.org/10.21093‎

Femi, O. T., Babajidemichael, O., & Abosede, A. V. (2016). Comparative Analyses of ‎Strategic Financial Management Practices in Faith-based and Community-interest ‎Organizations. Journal of Financial Studies & Research, 2016(October), 1–14. ‎https://doi.org/10.5171/2016.381395‎

Firdaus, A., & Ismail, N. (2014). Using Maslahah Performa As an Islamic Wealth ‎Management System. Thematic Workshop on Al-Mal: Philosophy and Its Application in ‎Islamic Perspective, December. ‎https://www.researchgate.net/publication/290184045%0AUSING

Henderson, J. C. (2003). Managing tourism and Islam in Peninsular Malaysia. Tourism ‎Management, 24(4), 447–456. https://doi.org/10.1016/S0261-5177(02)00106-1‎

Hussin, M. Y. M., Muhammad, F., Razak, A. A., & Habidin, N. F. (2014). Exploratory ‎analysis on mosque fund in Perak. Jurnal Syariah, 22(1), 1–20.‎

Is’adi, M. (2015). Konstruksi Laporan Keuangan Masjid Berbasis Syari’ah. Al-Mashraf, 2(1), ‎‎159–182. http://ejournal.iain-jember.ac.id/index.php/almashraf/article/download/304/300‎

Is’adi, M., Roziq, A., & Wardayati, S. M. (2017). Empowerment and Accountability Report ‎of Jami ’ Mosque Al baitul Amien Jember Foundation. Public Policy and Administration ‎Research, 7(11), 47–52.‎

Ismail, A. G. (2010). Islamic banks and wealth creation. ISRA Research Paper No. 9/2010, ‎Kuala Lumpur, 1966, 16.‎

Ismail, N, Shafii, Z., & Akbar, N. (2022). Decoding Islamic Wealth Management from ‎Qur’anic Texts. In Wealth Management and Investment in Islamic Settings: Opportunities ‎and Challenges (pp. 27–41). Springer Nature. https://doi.org/10.1007/978-981-19-3686-‎‎9_2‎

Ismail, Nurizal, & Antonio, M. S. (2012). The Islamic Wealth Management: An Analysis ‎From Ibn Sīnā’s Perspective. Journal of Islamic Thought and Civilization, 2(1), 19–36.‎

Jazeel, M. I. M. (2014). Financial Management Practices of Mosques in Sri Lanka: An ‎Observation. Proceedings of the 4th International Syimposium, SEUSL, 544–548.‎

Kamri, N. ‘Azzah, & Daud, M. Z. (2011). Islamic Wealth Management: a Review on the ‎Dimension of Values. Shariah Journal, 19(3), 187–212.‎

Kessler, K. (2015). Conceptualizing Mosque Tourism: A central feature of Islamic and ‎Religious Tourism. International Journal of Religious Tourism and Pilgrimage, 3(2), 23. ‎https://doi.org/10.21427/D7RB0G

Kismawadi, E. R., Al Muddatstsir, U. D., & Sawarjuwono, T. (2018). Accountability and ‎Innovative Financial Reporting To the Mosque. International Journal of Organizational ‎Innovation, 10(4), 101–110. ‎http://eserv.uum.edu.my/docview/2028835216?accountid=42599‎

Mahmud, M. S., Foziah, H., Ghazali, P. L., Rashid, N. M. N. N. M., & Yazid, A. S. (2019). ‎Islamic wealth management towards retirement planning among private sector workforce ‎in Malaysia. International Journal of Recent Technology and Engineering, 8(3), 7100–‎‎7103. https://doi.org/10.35940/ijrte.C5841.098319‎

Mohamed, I. S., Aziz, N. H. A., Masrek, M. N., & Daud, N. M. (2014a). Mosque Fund ‎Management: Issues on Accountability and Internal Controls. Procedia - Social and ‎Behavioral Sciences, 145, 189–194. https://doi.org/10.1016/j.sbspro.2014.06.026‎

Mohamed, I. S., Aziz, N. H. A., Masrek, M. N., & Daud, N. M. (2014b). Mosque Fund ‎Management: Issues on Accountability and Internal Controls. Procedia - Social and ‎Behavioral Sciences, 145, 189–194. https://doi.org/10.1016/j.sbspro.2014.06.026‎

Mohamed, I. S., Masrek, M. N., Mohd Daud, N., Arshad, R., & Omar, N. (2015). Mosques ‎Fund Management: A Study on Governance and Internal Controls Practices. The 9th ‎International Conference on Management, Marketing and Finances, 45–50.‎

Muchlis, S., Sukirman, A. S., & Ridwan, R. (2019). Accountability and Management ‎Transparency Masjid Finance Based on Principles Aman and Fathanah (Phenomenology ‎Study in Mosques in Nganjuk Hamlet , Sugihwaras Village, Wonomulyo District, ‎Polewali Mandar Regency, West Sulawesi Province). The Indonesian Journal of ‎Accounting Research, 22(1), 65–90. https://doi.org/10.33312/ijar.418‎

Mukhlisin, M., & Laela, S. F. (2022). How Does Accounting Play a Role in Islamic ‎Microfinance and Islamic Wealth Management Practices? Case Studies in Indonesia, ‎Pakistan and Egypt. In Wealth Management and Investment in Islamic Settings: ‎Opportunities and Challenges (pp. 183–199). Springer Nature. ‎https://doi.org/10.1007/978-981-19-3686-9_12‎

Mukrodi. (2014). Analisis Manajemen Masjid Dalam Optimalisasi Peran Dan Fungsi Masjid. ‎Kreatif, Jurnal Ilmiah Prodi Manajemen Universitas Pamulang, 2(1), 82–96.‎

Nasr, W. M. (2015). Maqasid Al Shariah in Wealth Management. Journal of Wealth ‎Management & Financial Planning, 2, p17-31.‎

Niar. (2023). Tingkatkan Potensi Zakat di Parepare, Baznas Bentuk UPZ Berbasis Masjid dan ‎KUA. Rakyatsulsel.Fajar.Co.Id/. https://rakyatsulsel.fajar.co.id/2023/03/03/tingkatkan-‎potensi-zakat-di-parepare-baznas-bentuk-upz-berbasis-masjid-dan-kua/‎

Nindyaningtyas, U., Ratnasari, R. T., & Herianingrum, S. (2018). Revitalization of Mosque ‎Funds Management for Economic Empowerment. Proceedings of the 2nd International ‎Conference Postgraduate School, 147–150. https://doi.org/10.5220/0007539101470150‎

Nurasyiah, A., Syamputri, D., Al Adawiyah, R. A., Mahri, A. J. W., & Ismail, A. G. (2022). ‎Islamic wealth management: ensuring the prosperity of Muslim households of MSMEs ‎during Covid-19. International Journal of Ethics and Systems. ‎https://doi.org/10.1108/IJOES-09-2021-0165‎

Nurlailah, Nurleni, & Madris. (2014). Akuntabilitas dan Keuangan Masjid di Kecamatan ‎Tubo Sendana Kabupaten Majene. Assets, 4(2), 206–217.‎

Rahayu, R. A., Ludigdo, U., & Achsin, M. (2017). Transparency and Accountability of ‎Financial Report at Surabaya Al Akbar National Mosque. Research Journal of Finance ‎and Accounting, 8(18), 1–6.‎

Ramadhan, R., Prasetyo, W., & Sulistiyo, A. B. (2018). Analysis of Maqashid Sharia against ‎Trust and Participation of Mosque Jamaah. International Journal of New Technology and ‎Research (IJNTR), 4(12), 3–12.‎

Razak, A. A., Hussin, M. Y. M., Muhammad, F., & Mahjom, N. (2014). Economic ‎Significance of Mosque Institution in Perak State , Malaysia. Kyoto Bulletin of Islamic ‎Area Studies, 7(7), 98–109.‎

Republika. (2012). Tanah Sultan di Yogya Tinggal 1,2 Persen. Republika.Co.Id. ‎https://republika.co.id/berita/regional/jawa-tengah-diy/12/03/20/m16m57-tanah-sultan-di-‎yogya-tinggal-12-persen

Sanusi, Z. M., Johari, R. J., Said, J., & Iskandar, T. (2015). The Effects of Internal Control ‎System, Financial Management and Accountability of NPOs: The Perspective of ‎Mosques in Malaysia. Procedia Economics and Finance, 28(April), 156–162. ‎https://doi.org/10.1016/S2212-5671(15)01095-3‎

Sari, F. (2021). Hingga September 2021, BSI kelola dana masjid lebih dari Rp 540 miliar. ‎Kontan.Co.Id. https://keuangan.kontan.co.id/news/hingga-september-2021-bsi-kelola-‎dana-masjid-lebih-dari-rp-540-miliar

Shaharuddin, S. B., & Sulaiman, M. B. (2015). Financial Disclosure and Budgetary Practices ‎of Religious Organization: A Study of Qaryah Mosques In Kuala Terengganu. Gadjah ‎Mada International Journal of Business, 17(1), 83–101. ‎https://doi.org/10.22146/gamaijb.6151‎

Shanmugam, B., & Zahari, Z. R. (2009). Islam and Private Wealth Management. In B. ‎Shanmugam & Z. R. Zahari (Eds.), A Primer on Islamic Finance Islam (Issue Salim ‎‎2006, pp. 75–80). The research foundation of CFA institute.‎

Siskawati, E., -, F., & Surya, F. (2015). Model Akuntabilitas Organisasi Non Profit pada ‎Masjid. Vol.1 No.1, 1(1), 29. https://doi.org/10.18382/jraam.v1i1.11‎

Strydom, B., & Stephen, T. (2014). Financial Management in Non-Profit Organisations: An ‎Exploratory Study. Mediterranean Journal of Social Sciences, 5(15), 55–66. ‎https://doi.org/10.5901/mjss.2014.v5n15p55‎

Su, S.-H. (2014). The Effect of Financial Management on The Performance of Non-Profit ‎Organizations: An Empirical Study in Haiti. International Journal of Organizational ‎Innovation, 6(April 2014), 90–99.‎

Wouters, P. (2013). Elements of Islamic Wealth Management. Contemporary Islamic ‎Finance: Innovations, Applications, and Best Practices, 147–164. ‎https://doi.org/10.1002/9781118653814.ch8‎

Yogyakarta Tourism Departement Office. (2017). Statistik Kepariwisataan 2017.‎

Zakiya, R., & Firdaus, A. (2022). The Urgency of Debt Management in the Perspective of ‎Islamic Wealth Management. In Wealth Management and Investment in Islamic Settings: ‎Opportunities and Challenges (pp. 43–55). Springer Nature. https://doi.org/10.1007/978-‎‎981-19-3686-9_7‎




DOI: http://dx.doi.org/10.30984/tjebi.v8i1.2584

Article Metrics

Abstract view : 354 times
PDF - 123 times

Refbacks

  • There are currently no refbacks.


Tasharruf: Journal Economics and Business of Islam is indexed by:

JURISMA : Jurnal Riset Bisnis & Manajemen
       



       

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

________________________________________________________
Tasharruf: Journal Economics and Bussiness of Islam is published by Fakultas Ekonomi dan Bisnis Islam, Institut Agama Islam Negeri (IAIN) Manado

Jl. Dr. S. H. Sarundajang Kawasan Ring Road I Malendeng Manado, Sulawesi Utara, Indonesia 95128
Email: tasharruf@iain-manado.ac.id

ISSN Print: 2528-0317 ISSN Online: 2528-0325