Abstract: This study aimed to develop the concept of waqf entity theory, as a theoretical foundation for running a waqf-based business entity; this kind of business entity aims to manage waqf assets to be more productive.The sharia enterprise theory is the first theory that positions accounting as a tool of accountability not only to stockholders but also to stakeholders and indirect participants as a form of horizontal accountability, in addition to being vertically responsible to God.In the present study, the sharia enterprise theory was employed as a basis for building the concept of waqf entity theory, because among the existing business entity theories, from the proprietary theory, the entity theory, the enterprise theory, and the sharia enterprise theory, only the last one having more characters equal with theories that the study was to build.The study site was a micro waqf bank in Indonesia.Data collection methods used were zikr, dua, tafakkur, and tawakkul accompanied by observations, interviews, and documentation.The researchers acted as the main instrument in this study; they used a spiritualist approach by asking Allah for guidance on how to analyze data with theoretical analysis resting on the Holy Qur'an and Hadith.The results showed that there were fundamental differences related to the form of accountability of the business entity to the stockholders.Based on the sharia enterprise theory, the form of accountability is vertical to Allah SWT, horizontal also to the stockholders, Stakeholders, and indirect participants, while in waqf entity theory, the form of accountability is vertical to Allah SWT, while the horizontal accountability is only to the stakeholders and indirect participants.The business entity no longer provides accountability to stockholders both financially and in management.