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This study aims to develop a financial measurement model to assess the performance of waqf managers (nazhir). Performance measurement is important to evaluate whether a nazhir has managed the waqf assets in accordance with the laws and regulations, the objectives of the institution, the wishes of the donors (wakif) as well as the benefits of the beneficiaries (mauquf alaih). This study uses a financial ratios approach which is compiled into a comprehensive financial statement analysis model. These financial ratios are developed based on Indonesian Accounting Standard No 112 concerning Accounting of Waqf that have just been ratified. The results of this study provide an objective and informative financial performance measurement model that can be used by stakeholders to make decision in managing waqf assets. Furthermore, the Badan Wakaf Indonesia (BWI), as waqf authority, can adopt this model as a part of reporting standard for waqf institution.