Iqmal Hisham Kamaruddin | Universiti Sains Islam Malaysia (USIM) (original) (raw)

Books by Iqmal Hisham Kamaruddin

USIM Press, 2024

Accountability is typically linked with the elements of good financial management practices such ... more Accountability is typically linked with the elements of good financial management practices such as governance, audit, assurance and reporting. In order to achieve good accountability practices different financial management tools and processes are needed based on specific characteristics of each organisation. Companies and organisations that practice good governance and financial management will safeguard the interests of all stakeholders. Fraud and manipulation of accounts and reporting can be reduced or eliminated. Thus, this book endeavours to justify the importance of these financial management practices to solve or at least minimise the organisational corruption, embezzlement and mismanagement issues via accountability obligation schemes. The main focus of this book is good governance and management practices not only in public listed companies but also in public trust entities such as Government Linked Companies (GLCs) and Zakat and Waqf institutions. Hence, this book is envisaged to alleviate the knowledge of the society in accountability especially on governance, assurance and reporting.

UNISSA Press, 2023

Islamic finance is commonly associated with the Shariah governance and assurance. Current challen... more Islamic finance is commonly associated with the Shariah governance and assurance. Current challenges and issues in Islamic finance industry mostly motivates to the need of comprehensive and robust Shariah governance and assurance. Thus, this book is a compilation of eleven (11) case studies pertaining to Shariah governance and assurance functions as themes, namely: (i) Shariah governance; (ii) Shariah compliance and risk; and (iii) Shariah audit. All case studies compiled are based on real practices and cases happened in Islamic financial institutions (IFIs) in Brunei Darussalam and Malaysia. In addition, these case studies involve all related Shariah governance and assurance functions in IFIs starting from the frontliners as the first line of defense, followed by Shariah compliance and risk as the second line of defense and Shariah audit as the third line of defense to ensure Shariah compliance in IFIs. Hence, this book is envisaged to alleviate the knowledge of the society in Islamic finance especially on Shariah governance and assurance.

Jabatan Komunikasi Komuniti (J-KOM), 2023

UKM Press, 2021

The Financial Management of Malaysian Islamic Social Enterprises (ISEs) book focuses on current p... more The Financial Management of Malaysian Islamic Social Enterprises (ISEs) book focuses on current practices of these organisations, which contribute towards good governance and accountability. Based on careful research, the authors provide a perspective that present Islamic Work Ethics, Internal Controls, Financial Planning and Budgeting, Financial Performance Management and Financial Disclosure as significant mechanics and tools that govern ISEs accountability. A distinguishing element presented in the book is the Islamic Work Ethics as mechanism towards accountability, potraying a need for Islamic-based organisations to instil spiritually, honesty, trust, transparency and commitment to succeed, not only in this world, but also hereafter. The book shall assist in filing the void of present research and developing knowledge of financial management issues in Islamic-based organisations.

USIM Press, 2020

The publication of this book is timely for the industry players and regulators to understand the ... more The publication of this book is timely for the industry players and regulators to understand the mechanics and good practices of Shariah governance and assurance to manage the Islamic banks and financial institutions in accordance with Shariah principles or the maqasid Shariah. It is hoped that this book would aid students in their quality learning effort towards successful preparation of their examination. As this textbook provides comprehensive knowledge in the area of Governance and Shariah Audit in IFIs, it will prepare the students as Shariah Auditors in IFIs, accounting and auditing firms and corporations.

USIM Press, 2019

Islamic finance is commonly associated with Shariah governance and assurance. The current challen... more Islamic finance is commonly associated with Shariah governance and assurance. The current challenges and issues in the Islamic finance industry have mostly motivated the needs for a more comprehensive and robust Shariah governance and assurance. Thus, this book unearths contemporary issues pertaining to Shariah governance and assurance. The topics discussed in this book cover various issues in Shariah governance and assurance ranging in different sectors such as Islamic banking, Islamic capital market, Islamic social finance and other Islamic Muslim community in the effort to enhance the Islamic industry globally, particularly in Islamic banking, takaful, Islamic cooperative, Islamic social enterprise and Islamic non-profit organisations. Hence, this book is envisaged to elevate the knowledge of the society in Islamic finance especially on Shariah governance and assurance.

USIM Press, 2017

This book is a continuous effort from previous textbook Governance and Shariah Audit in Islamic F... more This book is a continuous effort from previous textbook Governance and Shariah Audit in Islamic Finance Institutions. Practitioners and academics who have interests in Shariah audit and assurance practices in Islamic Finance Institutions (IFIs) will also benefit from this book. Readers who wish to have a comprehensive understanding on Shariah audit and assurance practice, including its activities, programmes, processes, fieldwork and communication will find this book interesting. Additionally in depth discussions on relevant standards and guidelines issued by local and international regulators/standard setters are also included to enhance readers' knowledge on Shariah audit and assurance practices. Each chapter is written in a way that will assist readers to have an overall picture of the Shariah audit and assurance practices even for beginners.

Journal Articles by Iqmal Hisham Kamaruddin

Global Business and Management Research: An International Journal , 2024

This paper analyses 98 articles from the 10 th International Islamic Economic System Conference (... more This paper analyses 98 articles from the 10 th International Islamic Economic System Conference (I-iECONS2023) e-proceedings, covering themes, types, authorships, contributions, and keywords. Key themes include Islamic Social Finance, Zakat, Wakaf, Takaful, Business, Management, and Leadership. Most articles are extended abstracts, primarily multi-authored, with Abdul Rauf Ridzuan as the top contributor. Malaysian authors and USIM researchers dominate the contributions. Articles are short, mostly in English, with a higher proportion of female authors. Popular keywords are "Malaysia," "Waqf," "Environmental," "Sustainable Development," and "Fintech." The paper provides valuable insights for researchers and policymakers in Islamic economics and social finance.

Corporate Law & Governance Review, 2024

This study focuses on the inclusion of Shariah governance and audit best practices in Islamic co-... more This study focuses on the inclusion of Shariah governance and audit best practices in Islamic co-operatives in Malaysia. The development of Shariah governance and audit is essential to complement the Shariah compliance mechanisms already in place and practiced internally within these Islamic co-operatives. Strong regulations, frameworks, and guidelines are needed to uphold Shariah compliance practices. The Delphi method was used as the study’s methodology, involving a series of discussions with industry practitioners in Islamic co-operatives. Based on the findings, there is an existing expectation-performance gap in regulations, frameworks, and guidelines; independence and competency; and Shariah audit scope in governing Shariah compliance principles in Islamic co-operatives. This is crucial because well-developed regulations, frameworks, and guidelines in Shariah governance and audit will increase stakeholders’ trust that the activities and operations of Islamic co-operatives are Shariah-compliant. Additionally, providing a standardized framework will help manage risks in Islamic co-operatives and, in the broader context, contribute to the industry’s and the economy’s growth by offering stakeholders adequate information to make informed decisions.

PETITA: Jurnal Kajian Ilmu Hukum dan Syariah, 2024

The emergence of innovative digital financial technologies has made donation-crowdfunding viable ... more The emergence of innovative digital financial technologies has made donation-crowdfunding viable as a method that can supplement traditional fundraising mechanisms. Crowdfunding has recently gained worldwide attention as an alternative financing mechanism to the traditional fundraising methods for business ventures or social projects. While donation-crowdfunding which utilise platforms has demonstrated promising growth, there is no established legal framework available to accommodate its operation, especially for Islamic ones. Therefore, this study provides intuitive information pertaining to legal and Shariah issues in governing Islamic donation-based crowdfunding in Malaysia. Drawing from the conceptual framework of Islamic economics and qualitative data collection through semi-structured with six representatives of the Islamic donation-crowdfunding platforms, this study concludes that the issues associated with Malaysian regulations regimes and Shariah issues revolve around the donation- based crowdfunding platforms business model should be considered when devising a Shariah framework for donation-crowdfunding schemes. The findings will help policymakers to formulate and put in place the appropriate regulatory framework to facilitate Islamic donation-based crowdfunding practice.

International Journal of Business Excellence, 2024

This study examines the similarities and differences between the Shariah Governance Policy Docume... more This study examines the similarities and differences between the Shariah Governance Policy Document (SGPD 2019) and Malaysia Halal Management System (MHMS 2020) on Shariah governance structure and functions and requirements for Shariah/Halal committee. This study finds that SGPD 2019 is more comprehensive compared to MHMS 2020. Although both SGPD 2019 and MHMS 2020 emphasise Shariah governance in their policy documents and guidelines, however SGPD 2019 has specific indication Shariah governance compared to MHMS 2020. In addition, SGPD 2019 also has an extensive requirement for the Shariah committee as compared to the internal Halal committee by MHMS 2020. This study provides a comparison of Shariah governance that would be beneficial to authorities in the Islamic finance and Halal sectors to strengthen the industry. This study is exclusively calibrating the integration of Shariah governance guidelines from different authorities to be benefited in both Islamic finance and Halal sectors practices.

The Journal of Muamalat and Islamic Finance Research, 2024

This study aims to examine the current issues and challenges in implementing Shariah audit practi... more This study aims to examine the current issues and challenges in implementing Shariah audit practices in several Shariah-based sectors in Malaysia, namely, Islamic financial sector, Islamic Capital Market (ICM), Islamic cooperative, public Shariah-based and Public Trust Entity (PTE). Furthermore, based on the findings, several future strategies are proposed to enhance Shariah audit practices. In this study, a series of Focus Group Discussions (FGD) was employed, and 124 participants from 76 Shariah-based institutions were involved through five FGD sessions. This study discovered that each Shariah-based sector has different issues and challenges in implementing Shariah audit practices due to the current Shariah governance and assurance practices in respective sectors. Thus, three main strategies were proposed that can be used to bring Shariah audit practices to another level for these Shariah-based sectors. This includes nurturing Shariah governance and assurance, developing specific Shariah audit scopes based on the uniqueness of each Shariah-based sector, and enhancing the professionalisation of Shariah auditors. Note that this study is considered a pioneering study in identifying the issues and challenges in implementing Shariah audit practices in various Shariah-based sectors. It also contributes by proposing the main strategies to enhance Shariah audit practices as a next step in the future.

Journal of Financial Reporting and Accounting, 2024

Purpose – This study aims to explain the justification behind the current weak waqf reporting pra... more Purpose – This study aims to explain the justification behind the current weak waqf reporting practices in waqf institutions in Malaysia and also investigates the factors affecting the good waqf reporting practices.
Design/methodology/approach – A series of interviews with four waqf officers who are involved with waqf reporting process from four different waqf institutions in Malaysia were conducted.
Findings – The findings show a number of reasons for the current weak waqf reporting practices including the absence of standardised waqf reporting standards, no reporting or disclosure awareness by the waqf
management, limited reporting channels from the state authorities to the national authorities, diversification in the governance structure and reluctance of waqf administration to disclose waqf reporting. The findings
also identified several factors contributing to good waqf reporting practices. This includes leadership, good cultural setting within the institution, political will as a push factor, limited qualified personnel as well as sustainability issues and finally, the visibility of the waqf report itself.
Practical implications – The study findings and recommendations are useful for the State Islamic Religious Councils and waqf institutions in Malaysia to enhance the waqf reporting practices in Malaysia.
Originality/value – This study is among the few studies that identify the reasons and factors affecting the good waqf reporting practices in Malaysia.

International Journal of Economics and Financial Issues, 2024

This study aims to explore the current Shariah governance practices, Shariah function practices a... more This study aims to explore the current Shariah governance practices, Shariah function practices and Shariah governance issues and challenges in Islamic co-operatives in Malaysia. For this, a physical town hall session with 64 representatives from 39 Islamic co-operatives was conducted for data collection. The empirical finding indicates that the Shariah Advisory Council (SAC) of the Malaysia Co-operative Societies Commission (SKM) was perceived to play similar roles like the Shariah Advisory Council (SAC) of the Bank Negara Malaysia (BNM) and the Securities Commission of Malaysia (SC). Besides, management of Islamic co-operatives in Malaysia also see the need to create a Shariah committee at the co-operative level as part of good Shariah governance practices. Moreover, although more than half of the respondents admit that their respective co-operatives are already implementing Shariah governance practices, the implementation of Shariah function such as Shariah review and Shariah audit is still at the initial stage, with more than half of Islamic co-operatives yet to implement this Shariah function. In addition, several issues and challenges have been identified in the implementation of Shariah governance in Islamic co-operatives. This study is expected to contribute to enhancing Shariah governance practices in Islamic co-operatives to ensure better Shariah compliance.

International Journal of Academic Research in Business and Social Sciences, 2024

This study investigates the marketing strategies of Islamic donation-based crowdfunding platforms... more This study investigates the marketing strategies of Islamic donation-based crowdfunding platforms in Malaysia, focusing on pricing and promotional tactics to increase customer value and foster lasting relationships. A series of interviews were conducted with managers from six Islamic donation-based crowdfunding platforms in Malaysia. For the purposes of analysis, this study employed a single-case study approach. The interviews were conducted via Google Meet and completed by the end of August 2022. These findings aim to equip project owners with better marketing strategies for their initiatives. The research highlights the critical importance of effective marketing in the success of Islamic crowdfunding platforms. It shows that strategic pricing and promotional tactics can significantly increase the platform's appeal and significantly increase the likelihood of project success.

Journal of Islamic Accounting and Business Research, 2024

Purpose-This study aims to explore the current Shariah audit practices in zakat and waqf institut... more Purpose-This study aims to explore the current Shariah audit practices in zakat and waqf institutions in Malaysia. Design/methodology/approach-A focus group discussion (FGD) with 38 zakat and waqf officers from 17 different zakat and waqf institutions in Malaysia was conducted. For reporting purposes, this study used a single-case study approach. The FGD was conducted and completed at the end of June 2021 via an online approach through Microsoft Teams. Findings-The finding highlights the existing Shariah governance practices especially in terms of Shariah supervision roles, Shariah audit implementation in terms of Shariah audit scopes and common findings, Shariah audit competency, Shariah audit effectiveness especially the need for external Shariah audit function and Shariah audit issues and challenges faced in the implementation of Shariah audit practices. Practical implications-The study findings and recommendations are useful for zakat and waqf institutions as well as the State Islamic Religious Councils to enhance Shariah audit practices in Malaysia. Originality/value-This study is among the pioneer studies that explore Shariah audit practices in zakat and waqf institutions in Malaysia.

Journal of Islamic Finance, 2023

This study uses a systematic review to discover, analyses, and summarize donation-based crowdfund... more This study uses a systematic review to discover, analyses, and summarize donation-based crowdfunding. The related literature was subjected to a systematic literature review (SLR) for the current paper. By searching electronic open-access databases like Google Scholar, Scopus, and Emerald Insights, a systematic review of the literature was able to be conducted. A publication date between 2018 and 2022, a country, a methodology, and a dimension were the inclusion criteria. Using the Preferred Reporting Items for Systematic Review and Meta-Analyses (PRISMA) search methodology strategy, a narrative synthesis and systematic review were carried out and reported in accordance with the preferred reporting items statement. 409 studies from different sources have been found through a systematic review of the literature. 30 studies have been determined to be pertinent to the current study after the 379 studies were eliminated based on the selection criteria. According to the review, donation-based crowdfunding is essential to advance the development and raise awareness of those who cannot obtain loans. The study develops a research model that policymakers can use to develop a crowdfunding platform appropriately. The platform will help the country's economy grow thanks to improved performance and better financial access. This study proposes a one-of-a-kind research model to demonstrate donation-based crowdfunding.

Asian Journal of Accounting Perspectives, 2023

This study aims to investigate the impact of the Covid-19 pandemic on the execution of audits in ... more This study aims to investigate the impact of the Covid-19 pandemic on the execution of audits in Malaysia. This study also will examine the readiness of Malaysian auditors to work from home (WFH).
Design/ Methodology/ Approach: A questionnaire survey was employed with 171 Malaysian external auditors participating.
Research finding: This study found that all three audit areas-audit planning and fieldwork, group audit engagement and auditors' reports-were highly impacted due to Covid-19. As for readiness to WFH, results show that Malaysian auditors are not ready to implement the approach. Conversely, Malaysian audit firms were ready to implement WFH.
Theoretical contribution/ Originality: This study is among the few identifying the impact of Covid-19 on the execution of audits. It also contributes by identifying auditors' and audit firms' readiness to implement a WFH approach.
Practitioner/ Policy implication: This study will benefit audit firms especially in implementing a WFH approach.

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2023

This study aims to review the strength of Shariah governance in the cooperative sector. This stud... more This study aims to review the strength of Shariah governance in the cooperative sector. This study used a sample of 10 representatives from cooperatives, some from small, medium, and large cooperatives. They have 3-5 years of experience working in cooperatives. The sampling method was chosen for those who work in Islamic cooperatives as the study want to go deeper on Sharia governance. This study uses qualitative and thematic analysis methods in analyzing the data and is divided into three categories: Shariah audit, Shariah review, and Shariah risk. The results of the study prove that there is a deficiency on the part of the Suruhanjaya Koperasi Malaysia (SKM) in providing appropriate guidelines for auditing conducted in cooperatives. Shariah review is still at an early stage to be practiced in cooperatives, but there are cooperatives that have already conducted Shariah review. Specifically, Shariah audits and reviews are two of the important factors that will strengthen the Shariah governance structure in the cooperative sector. In addition, Shariah risk is also one of the important elements in strengthening Shariah governance to reduce Shariah noncompliance that may be faced by Islamic cooperatives. However, the research findings for Shariah risk are few because Shariah audits and reviews are still in their early stages. The findings of this study show that cooperatives and cooperative's management need to work hand in hand to further strengthen the Shariah governance structure on the part of cooperatives, considering that cooperatives are still at an early stage in Islamic finance.

International Journal of Islamic Economics and Finance Research , 2023

The development of Shariah governance and audit in Islamic Cooperatives in Malaysia is one of the... more The development of Shariah governance and audit in Islamic Cooperatives in Malaysia is one of the primary concerns since some issues were raised throughout the process. Islamic cooperatives in Malaysia are regulated by Suruhanjaya Koperasi Malaysia (SKM), which aims to encourage the growth of cooperatives that comply with Shariah. Islamic cooperatives operate their business under supervision from SKM regarding governance and Shariah perspective. The development of Shariah governance and Shariah audit support the Shariah compliance system that already operates in most Islamic institutions. During the Shariah governance and audit process, some issues are addressed during the development, which involves guidelines, Shariah auditor competency, staff skills, and governance and Shariah audit of the cooperative sector. The study's approach included an interview with practitioners from cooperatives, auditors, and experts in the industry. This paper aims to identify the issues and challenges of Shariah governance and Shariah audit in the Islamic cooperative sector. The study will contribute to one of the key critical elements in strengthening the Shariah governance and Shariah audit in the cooperative sector.

USIM Press, 2024

UNISSA Press, 2023

Jabatan Komunikasi Komuniti (J-KOM), 2023

UKM Press, 2021

USIM Press, 2020

USIM Press, 2019

USIM Press, 2017

Global Business and Management Research: An International Journal , 2024

Corporate Law & Governance Review, 2024

PETITA: Jurnal Kajian Ilmu Hukum dan Syariah, 2024

International Journal of Business Excellence, 2024

The Journal of Muamalat and Islamic Finance Research, 2024

Journal of Financial Reporting and Accounting, 2024

International Journal of Economics and Financial Issues, 2024

International Journal of Academic Research in Business and Social Sciences, 2024

Journal of Islamic Accounting and Business Research, 2024

Journal of Islamic Finance, 2023

Asian Journal of Accounting Perspectives, 2023

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2023

International Journal of Islamic Economics and Finance Research , 2023

Global Journal Al-Thaqafah, 2023

Historical evidence demonstrates the enormous role waqf institutions have played in the developme... more Historical evidence demonstrates the enormous role waqf institutions have played in the development and advancement of Muslims throughout the Muslim history. With the proper structure and strategy, waqf contributes to numerous spheres of life, including mainstream economic development. Contemporary development of Islamic finance has enabled the waqf concept to be linked to various financial products, including Shariah-compliant investment instruments, such as, Islamic unit trust funds and Islamic wholesale funds. This paper aims to highlight the current applications of the Waqf-Featured Fund (WFF) in the Malaysia Islamic Fund Management Industry. This is in relation to the launch of a new WFF framework to facilitate the offering of Islamic funds with waqf characteristics. The study took both qualitative via in-depth semi-structured interviews with eleven (11) WFF stakeholders, as well as, analyzing of policy documents, journal articles, books, and online resources. The findings shed light on the current issues and challenges confronting waqf projects in Malaysia, as well as the current guidelines and essential requirements for the WFF, the current application of the WFF in the Malaysian Islamic Fund Management (IFM) industry, and a proposal for the future application model, which includes fund collection, investment structure, distribution process, and fund reporting.

Journal of Muwafaqat, 2023

Corporate & Business Strategy Review, 2023

This study aims to determine items with Islamic elements to develop an Islamic social enterprise ... more This study aims to determine items with Islamic elements to develop an Islamic social enterprise management index (ISEMI). An Islamic social enterprise (ISE) works by managing operations within the principles of shari‘ah to redistribute wealth and reduce poverty which is supported by a similar study by Indah and Hakim (2023). The design and method for this study involved three phases of analysis which are 1) general descriptive analysis, 2) validity and reliability analysis, and 3) data analysis phase of the study. In all, 40 items with Islamic traits were identified and analyzed. Three identifiable themes emerged, which were then labeled as: 1) God; 2) humanity, and 3) nature. Because of the limited sample size, the data offers results that are likely suggestive rather than conclusive. The study offers a practical single-figure-summary indicator to measure and evaluate ISEs and has the potential as a guideline for Muslim entrepreneurs to build favorable relationships with ISE management. The novelty of the ISEMI is in its unique construction of items embedded with Islamic factors. It could thus assist in the management of ISE to ensure they fulfill the principles of the shari‘ah (Islamic law) and stakeholders‘ expectations.

Future Business Journal, 2023

This study aims to explore current financial management practices covering governance and financi... more This study aims to explore current financial management practices covering governance and financial operation aspects in Islamic donation-based crowdfunding (DCF) in Malaysia. A series of interviews with six Islamic DCF platforms in Malaysia were conducted. For reporting purposes, this study employed a single-case study approach. The interview was conducted and completed at the end of August 2022 via an online approach through Google Meet. The findings highlight the governance background in terms of legal establishment as well as monitoring the function of Islamic DCFs in Malaysia. In addition, for financial operation, several findings related to the funding management process model, income generation, financial sustainability and financial disclosure of Islamic DCFs in Malaysia were discussed. This study is among the pioneer studies that explore financial management practices in Islamic DCF platforms in Malaysia. The study findings and recommendations are useful for Islamic DCF platforms as well as related parties like regulators, funders, potential project managers and the public in general to understand financial management practices in Islamic DCF platforms in Malaysia.

International Journal of Academic Research in Progressive Education and Development, 2023

This study presents an effort to understand the impact of COVID-19 on the Universiti Sains Islam ... more This study presents an effort to understand the impact of COVID-19 on the Universiti Sains Islam Malaysia (USIM)’s employment trends especially for those who are being graduated in 2019 and 2020. Questionnaire survey was employed, and 505 USIM graduates in both 2019 and 2020 participated in this study. Means comparison and one-way ANOVA analysis were used to identify a significant difference between graduates’ attribute groups on employment trends during COVID-19. The findings reveal that the majority of USIM graduates have different employment as compared to their field of study and have changed their employment at least once during COVID-19. Several attributes including gender, employment sector, employment area, salary range and involvement with the graduate employability (GE) program significantly influence employment trends during COVID-19. Further, among the main reasons for employment changes among graduates during COVID-19 are including to look for a better job, a suitable job and a more satisfactory salary. This study is believed to be a pioneering study in identifying the impact of COVID-19 on employment trends especially on dissimilarities between current employment within the field of study and employment change frequency among graduates. It also contributes by identifying the main reasons for such employment changes during COVID-19.

International Journal of Economics, Management and Accounting, 2023

This study aims at investigating adoption of FinTech in Islāmic social finance especially for zak... more This study aims at investigating adoption of FinTech in Islāmic social finance especially for zakāt and wāqf institutions in Malaysia. A focus group discussion (FGD) with 13 zakāt and wāqf officers and FinTech experts in Malaysia was conducted. For reporting purposes, this study employed a single-case study approach. The FGD was conducted and completed at the end of December 2021 via an online approach through the Zoom platform. The findings highlight the level of FinTech adoption, issues, challenges, and prospects of FinTech adoption as well as impact of FinTech adoption especially on collecting, managing and distributing the Islāmic social finance funds (zakāt and wāqf) to beneficiaries. The study findings and recommendations are useful especially for zakāt and wāqf institutions as well as the State Islāmic Religious Councils (SIRCs) to utilize FinTech in their operation. This study is among the pioneer studies that explore FinTech adoption in Islāmic social finance in Malaysia.

Asian Journal of Accounting Research, 2023

Purpose-This study aims to explore and identify potential challenges and prospects for conducting... more Purpose-This study aims to explore and identify potential challenges and prospects for conducting the professional shariah audit training programme via an e-learning approach during coronavirus disease 2019 (COVID-19). Design/methodology/approach-Questionnaires were administered to 296 participants who were enrolled in the professional shariah audit training programme via e-learning during the COVID-19 pandemic outbreak in 2020. These participants were final-year students from selected Malaysian public universities. Findings-Findings show that several main challenges are faced in adopting an e-learning approach for conducting the professional shariah audit training programme such as the inability to do more hands-on, group and physical activities, different understandings based on academic backgrounds, difficulty in learning practical and technical topics, technical issues and problems during e-learning sessions. These lead to the unsuitability of conducting professional training via the e-learning approach. In terms of prospects of knowledge learnt via the e-learning approach, participants showed that they are able to master all six modules covered in the professional shariah audit training programme via the e-learning approach. These include (1) shariah principles; (2) shariah governance; (3) Islamic financial transactions; (4) shariah risk management; (5) shariah audit planning and programme; and (6) shariah audit fieldwork and communication. Practical implications-Based on the findings, it is suggested to have more time spent and earlier preparation on the learning contents and sessions, more discussion on actual contents and practical exercises and competency of the trainers in delivering e-learning sessions. Originality/value-This study is believed to be one among the pioneering studies on the potential challenges and prospects in adopting e-learning for conducting the professional shariah audit training programme due to COVID-19.

Technopreneurship in Small Businesses for Sustainability, 2024

This chapter delves into the history and current status of sentiment analysis, focusing on its ap... more This chapter delves into the history and current status of sentiment analysis, focusing on its application in the context of Indonesian small and medium-sized enterprises (SMEs). By analyzing the utilization of sentiment analysis in social media, particularly its impact on Indonesian SMEs, this chapter aims to shed light on the possibilities and potential benefits of integrating sentiment analysis tools into the business strategies of these enterprises.

CPSA Series: Governance, Assurance & Reporting in Malaysia, 2024

This chapter aims to analyse on current governance issues in the existing governance practice and... more This chapter aims to analyse on current governance issues in the existing governance practice and to propose on the new direction on governance practices for PTEs in Malaysia. Data collection on current governance issues in PTEs were retrieved from a comprehensive library research considering various related online and offline resources. Meanwhile, the reporting of the findings is performed by using single-case study approach. The findings reveal that most of current governance issues in PTEs are due from the government intervention. Such intervention without considering public interest will result to low or weak performance by PTEs. For that, a full overhaul on governance structure and practices can be suggested for PTEs to ensure transparency and good governance practices. The findings suggest that for government and policy makers, they can develop a new practice to reduce bureaucracies and political intervention and at the same time involve public in the decision-making process made by PTEs to enhance governance practices and indirectly to answer public accountability. This chapter is one of the few studies to examine and discuss in detail on the existing governance issues in PTEs which are mainly caused by the government interference.

CPSA Series: Governance, Assurance & Reporting in Malaysia, 2024

This book endeavours to justify the importance of these financial management functions such as go... more This book endeavours to justify the importance of these financial management functions such as governance, assurance and reporting to solve or at least minimise the organizational corruption, embezzlement and mismanagement issues via accountability obligation schemes. These functions are important specifically when the economic situation of Muslim population and countries are referred to. The main focus of this book is not on successful stories for organization management, more significantly it is concerned with the issue of accountability by enabling stakeholders to gain confidence with organizations who are promoting these financial management functions in their operation. It is pleasing to note the various contexts in this book. Financial management functions such as governance, assurance and reporting in different sectors such as public, private and non-profit have been studied. This leads to the increasing need for context specific studies that would provide further insights into these functions in answering accountability especially in Malaysian context.

Contemporary Issues and Development in Islamic Social Finance, 2017

This study aims to examine the disclosure of web-based accountability of zakat institutions in Ma... more This study aims to examine the disclosure of web-based accountability of zakat institutions in Malaysia. This study examines 14 zakat institutions which covers all states in Malaysia. The website of the zakat institutions are analyzed based on content analysis. The levels of disclosure in the websites are examined using binomial logic. This study finds that there are limited web-based accountability practices of zakat institutions in Malaysia. The limited disclosure is observed at all the three accountability dimensions' disclosures, namely financial accountability, performance accountability and political accountability. The findings suggest that there is a need for zakat institutions in Malaysia to enhance its accountability disclosure especially via websites.

Open Innovation in Small Business: Creating Values for Sustainability, 2023

This study attempts to examine current Shariah governance practices and propose a Shariah governa... more This study attempts to examine current Shariah governance practices and propose a Shariah governance framework for Islamic donation-based crowdfunding (DCF) platforms in Malaysia. A series of interviews with six Islamic DCF platforms in Malaysia was conducted. For reporting purposes, this study employed a single-case study approach. The interview was conducted and completed at the end of August 2022 via an online approach through Google Meet. The findings highlight Shariah governance practices for Islamic DCF platforms covering Shariah governance structure, roles of the parties involved and types of Shariah contracts used in the operation. Based on these findings, a Shariah governance framework for Islamic DCF is proposed covering Shariah contracts, roles of parties, establishment of the Shariah committee as well as Shariah governance functions. This study is among the pioneer studies that explore Shariah governance framework for Islamic DCF platforms in Malaysia. The study findings and recommendations are useful for Islamic DCF platforms as well as related parties like regulators, funders, potential project managers and the public in general to understand Shariah governance framework for Islamic DCF platforms in Malaysia.

Case Study of Shariah Audit, Risk & Governance for Islamic Financial Institutions: Brunei Darussalam and Malaysia, 2023

Case Study 9: Understanding Wadiah Yad Dhamanah Deposit Account Through The Lense of The Shariah ... more Case Study 9: Understanding Wadiah Yad Dhamanah Deposit Account Through The Lense of The Shariah Auditor. The issue of undisclosed any returns for wadiah yad dhamanah saving account was discussed in this case. In this issue, customers always argue with the procedure that does not disclose on agreement or contract, but also cannot disclose verbally. If this issue is not understood clearly by the frontlines of the Islamic bank, such as teller officers and desk officers on the needs not to disclose the return for wadiah yad dhamanah deposit account, it would lead to invalid contract. In this case, readers will be exposes on the concept of deposit account and wadiah yad dhamanah. Besides, readers also will be tested on Shariah audit procedure on wadiah yad dhamanah deposit account that covering such as source of funds, contract agreement, withdrawal of cash, and others.

Case Study of Shariah Audit, Risk & Governance for Islamic Financial Institutions: Brunei Darussalam and Malaysia, 2023

Case Study 5: Tracing The Immaterial of Ta’widh And Gharamah As Shariah Non-Complicance Income. I... more Case Study 5: Tracing The Immaterial of Ta’widh And Gharamah As Shariah Non-Complicance Income. It discusses the issue of misunderstanding on IFIs late payment charges on transactions usually arises whenever the late payment duration has a maturity date. There are multiple charges imposed on customers that make customers confusing on types, purposes, and the total amount of charges. Besides that, miscalculation on ta’widh and gharamah will affect not only Shariah non-compliant income, but also will affect falseness in reporting and disclosure of financial statements by IFIs. Through this case, readers will be expose on the application and principle of ta’widh and gharamah and how Shariah audit programme on ta’widh and gharamah are conducted especially on calculation and disclosure.

Islamic Philanthropy and Social Development in Contemporary Practices, 2023

Waqf institution is one of Islam's socio-economic institutions that encourages Muslims to be crea... more Waqf institution is one of Islam's socio-economic institutions that encourages Muslims to be creative and innovative in increasing revenue and services needed for Muslim societies (Mohsin, 2013). Arguably, many waqf institutions face the paradox of having a massive number of waqf properties. Yet, many are still left idle and unproductive, despite most of the properties being in prime areas. This issue has sparked the attention among waqf managers, policymakers, governments, and Islamic financial institutions to transform unproductive waqf assets into high quality and income-producing properties. The recent call for its revival and the renewed public attention and awareness on waqf are crucial factors for the rapid advancement of the Islamic finance industry. In Malaysia, various agencies have been involved in organizing and promoting various programs and research activities to further develop waqf institutions and harness waqf potential for the benefit of the ummah. Despite these commendable efforts, many waqf lands and buildings in Malaysia have been reported to be poorly managed or abandoned, resulting in Malaysia's waqf institutions remaining underdeveloped. The prospective of waqf institutions as a source of wealth creation is also potentially hindered by several other issues. One contributing factor to this problem is that the vast majority of Malaysia's waqf assets consist of immovable properties with low liquidity (Mohsin & Mohammad, 2011). Other issues include the inability of waqf managers or mutawalli to serve the ummah's needs and affairs due to a lack of funds, particularly in highly liquid waqf assets (Ahmad & Muhamed, 2011; Mahamood, 2006a; 2006b; Sohaimi & Syarqawi, 2008; Sulaiman, 2012). This 'asset-rich, cash-poor syndrome' experienced by many Malaysian waqf institutions is severe. According to a report published by Yayasan Waqaf Malaysia (2016), only 7.2 percent of 13,000 hectares of waqf land has been developed, leaving the rest idle . As a result, stakeholders should investigate the possibility of investing waqf assets in highly liquid financial instruments. Priority should be given since the number of waqf investments and shariah-compliant products in the capital market is still limited. Most of the time, waqf managers are left with no choice but to keep the waqf proceeds in Islamic fixed deposits for better options. Given the current interest of commercial Islamic financial institutions and willingness to participate in the national waqf development agenda, the time is ripe for this option to be fully considered. Islamic unit trust with waqf feature is a shariah-compliant instrument and has high potential in generating competitive returns. Instead of being concentrated or frozen in non-flexible instruments and assets, current waqf asset portfolios could be diversified using this instrument. Nonetheless, despite the exciting prospects offered by Islamic unit trust funds, the practice of unit trust waqf (also known as waqf of a unit trust or waqf-unit trust) is still in its early stages. Thus, it requires more in-depth research to determine its legality and shariah viability.

Alumni@USIM Berjanji Pada Ibunda: Sempena Ulang Tahun USIM Ke-20 , 2022

Dalam era Revolusi Perindustrian keempat ini, cabaran untuk meningkatkan kebolehpasaran graduan t... more Dalam era Revolusi Perindustrian keempat ini, cabaran untuk meningkatkan kebolehpasaran graduan terutamanya di Universiti untuk melahirkan modal insan yang berkualiti dan profesional memerlukan strategi yang bersesuaian dengan keperluan semasa negara. Oleh sebab itulah, graduan Universiti Awam perlu mempunyai set kemahiran yang unggul agar menjadi golongan yang kompeten dalam memastikan kebolehpasaran graduan Universiti dapat mencapai ke tahap optimum. Menurut Ismail et al. (2018), aspek keperluan kemahiran amat penting dalam situasi negara menuju ke arah negara maju terutamanya dalam era Revolusi Perindustrian 4.0 berlandaskan kepada revolusi digital yang mengabungkan pelbagai teknologi yang menyamarkan batasan antara fizikal, digital dan biologikal. Pandemik COVID-19 yang melanda dunia sejak tahun 2020 telah membawa implikasi dalam sektor ekonomi, sosial dan politik dunia termasuklah menjejaskan peluang kerjaya untuk graduan. Bagi melihat isu ini dalam konteks kebolehpasaran graduan, Pusat Alumni dan Kerjaya, Universiti Sains Islam Malaysia (USIM) telah membuat kaji selidik mengenai kesediaan pelajar tahun akhir sesi 2019/2020 mengikuti program kebolehpasaran graduan semasa pandemik COVID-19. Isu ini menarik untuk dikaji kerana pandemik COVID-19 merupakan faktor luaran yang dianggap mempengaruhi kestabilan ekonomi dalam menghadkan peluang kerjaya graduan. Kajian ringkas ini diharapkan dapat memberikan input-input awal mengenai impak pandemik COVID-19 kepada graduan yang bakal bergraduasi pada tahun 2020.

Alumni@USIM Berjanji Pada Ibunda: Sempena Ulang Tahun USIM Ke-20 , 2022

Universiti Sains Islam Malaysia (USIM) menyambut ulangtahun ke 20 pada tahun 2020. Dalam usia men... more Universiti Sains Islam Malaysia (USIM) menyambut ulangtahun ke 20 pada tahun 2020. Dalam usia mencecah 20 tahun ini, USIM telah berjaya menghasilkan lebih daripada 25 ribu orang graduan (Alumni USIM, 2021). Jumlah ini amat kecil jika dibandingkan dengan Universiti Awam yang lain. Namun begitu, angka hanyalah satu nombor yang datang daripada data bagi sesuatu perkara. Dalam aspek pembangunan usahawan alumni di universiti awam, USIM tidak ketinggalan jika dibandingkan dengan Universiti Awam yang ditubuhkan lebih awal. Ini adalah kerana Usahawan Alumni USIM telah mempunyai pangkalan data yang menghimpunkan usahawan alumni untuk berkoloborasi dan membantu satu sama lain. Sokongan daripada pihak pengurusan Universiti melalui Pusat Alumni dan Kerjaya turut membantu menyediakan platform media sosial seperti kumpulan Whatsapp Usahawan Alumni USIM yang membolehkan semua usahawan alumni berinteraksi antara satu sama lain untuk bersama membantu memajukan perniagaan ahlinya. Pada masa yang sama, Pusat Alumni dan Kerjaya, USIM turut mengadakan pelbagai program sokongan seperti Konvensyen Usahawan Alumni Universiti Awam dan juga Bengkel Hala Tuju dan Pemerkasaan Keusahawanan di USIM. Usaha ini diharapkan membantu menyediakan ekosistem keusahawanan di kampus dengan penglibatan secara serius usahawan alumni. Sempena dengan sambutan 20 tahun, artikel ini ditulis sebagai perkongsian pengalaman usahawan alumni dalam kerjaya mereka setelah menamatkan pengajian di Universiti. Panduan yang dikongsi ini diharapkan menjadi rujukan kepada pelajar dan bakal graduan Universiti yang berhasrat untuk menjadi usahawan kelak. Beberapa coretan kisah usahawan alumni USIM dan perniagaan yang diceburi oleh mereka menggunakan platform media sosial dijadikan contoh. Makluman mengenai latar belakang usahawan alumni dilampirkan pada bahagian Lampiran A.

Alumni@USIM Berjanji Pada Ibunda: Sempena Ulang Tahun USIM Ke-20 , 2022

Usahawan alumni merupakan golongan graduan yang bergraduasi daripada sesebuah institusi pendidika... more Usahawan alumni merupakan golongan graduan yang bergraduasi daripada sesebuah institusi pendidikan baik dalam mahupun luar negara, yang aktif menjalankan aktiviti keusahawanan sama ada daripada segi penyediaan servis tertentu atau pun jualan jenis barangan. Kadangkala, aktiviti keusahawan tersebut turut disokong impak sosial misalnya penubuhan sekolah atau madrasah tahfiz untuk golongan asnaf, projek kelas jahitan untuk golongan ibu tunggal dan sebagainya. Universiti Sains Islam Malaysia (USIM) juga tidak terkecuali dalam menghasilkan alumni yang terlibat dalam keusahawanan. Antara nama besar yang terlahir daripada produk USIM ialah Kurung Hasnuri (pakaian), Kancil Raja Patin (makanan), UI Platinum Group (Penyedia Latihan Audit Shariah), Medshoe (kasut kesihatan), Hakimi Yamani (Million Dollar Round Table, ejen takaful), My Food Lab (servis perkongsian dapur) dan banyak lagi. Usaha untuk mengumpulkan usahawan alumni USIM telah giat dilakukan seawal tahun 2010 lagi. Usaha tersebut kian menampakkan hasil bermula pada tahun 2018, apabila Pusat Alumni dan Kerjaya (PAK), USIM berjaya menarik minat usahawan alumni dengan konsep kerjasama Prosumerisme Usahawan Alumni USIM.

Research and Teaching Methods for Islamic Economics and Finance, 2022

The 2019 coronavirus disease (COVID-19) pandemic is a new tragedy in human civilization. It was f... more The 2019 coronavirus disease (COVID-19) pandemic is a new tragedy in human civilization. It was first identified in December 2019 in Wuhan, China and spread rapidly, resulting in an ongoing global pandemic. As COVID-19 is primarily spread between people during close contact, either via coughing, sneezing, or talking, social distancing became the leading prevention approach adopted by most countries, which have introduced restrictions on movement and lockdown orders, including Malaysia. Malaysia introduced several phases of movement control orders, also known as lockdowns, from 18–31 March, followed by 1–14 April, 15–28 April, 29 April–11 May, 12 May–9 June, 10 June–31 August, and the latest is from 1 September–31 December 2020. Since the introduction of lockdown, people are required to restrict their activities by working from home, and almost all economic sectors were closed except for essential services. Included in the essential services are food, healthcare, water, energy, security and defense, solid waste and public cleansing, communication, banking and finance, e-commerce, and logistics (Bernama, 2020a). As education sectors do not fall under the essential services category, all activities related to education were suspended. Apart from the normal classes, students and teachers cannot attend related physical education activities such as tuition, extra classes, sports training and co-curricular activities (Roslan, 2020). Moreover, other education programs, including tertiary education, as well as professional trainings and programs were also affected. Therefore, the online platform has been utilized as a medium for learning processes for all educational levels starting from kindergarten to tertiary and professional education. However, there is a concern about the issues and challenges faced, especially by students or participants in the e-learning processes via online platforms (Rashid et al., 2020). Even during this challenging period, a group of experts from USIM was involved in conducting a professional shariah training program known as the Certified Professional Shariah Audit (CPSA) program for bankers and students in Malaysia. In this chapter, the effectiveness of the e-learning approach and employability prospects related to the training program conducted during the pandemic to the students from various Malaysian universities throughout Malaysia are discussed.

Islamic Wealth and the SGDs: Global Strategies for Socio-Economic Impact , 2021

This study attempts to link between the current impacts of zakat institutions (ZIs) activities an... more This study attempts to link between the current impacts of zakat institutions (ZIs) activities and programs under all 14 states in Malaysia with maqasid shariah and sustainable development goals (SDGs). Besides, this study also compares these impacts between corporatize and non-corporatize ZIs in order to evaluate whether corporatisation structure influence ZIs impact practices. Each ZIs activities and programs were analysed using content analysis and evaluation on these zakat activities and programs impacts with maqasid shariah and SDGs was undertaken using binomial logic. The results indicate high zakat impacts on maqasid shariah elements and SDGs goals. This study also found no significant impacts of corporatisation reformation of ZIs and zakat impacts. In addition, findings also found significant ZIs actions on COVID-19 pandemic recently that potentially impact both maqasid shariah and SDGs. The findings from this study implicate the need for all ZIs in Malaysia, regardless of corporatization structure, to continue enhancing their zakat impact on SDGs goals. This is because successful zakat fund management can be potrayed through the management’s effectiveness and efficiency in delivering and utilizing of resources to attain its socio-economic objectives.

International Conference on Business and Technology (ICBT 2020), Lecture Notes in Networks and Systems (Vol. 194) , 2021

The purpose of this study is to investigate the current quality waqf reporting practices by waqf ... more The purpose of this study is to investigate the current quality waqf
reporting practices by waqf institutions in Malaysia. Five factors that influence quality waqf reporting practices namely relevance, faithful representation, understandability, comparability and timeliness were studied. Twenty items were used to measure the current level of quality waqf reporting practices in all 14 waqf institutions in Malaysia. Results show the current quality waqf reporting practices by waqf institutions in Malaysia are at a moderate level as it only scored 40.29%. Among the five factors, timeliness scored the highest with 54.29% while the lowest score is comparability at 27.5%. Among the 14 waqf institutions, Perbadanan Wakaf Malaysia (PWS) achieved the highest scorewith 82%.On the other hand, there are eight (8) waqf institutions that only scored 20% (all 20 items are scored with one (1) as the lowest score value). This research provides an important extension on previous knowledge and relevant literature of quality waqf reporting practices by waqf institutions in Malaysia.Moreover, this research focuses on the key dimensions of quality waqf reporting practices reported in the literature. This research helps especially the management of waqf institutions to measure their current disclosure level to improve quality waqf reporting practices.

Awqaf-led Islamic Social Finance - Innovative Solutions to Modern Applications, 2021

The absence of the bottom line in the not-for-profit organisations, including waqf institution, r... more The absence of the bottom line in the not-for-profit organisations, including waqf institution, restrains the rendering of accounts. Therefore, the accountability of such faith-based institution is crucial towards achieving their outcome and socio-economic impact. Waqf institutions are established for social well-being; thus their outcome and impact on social benefits are essential, in addition to governance aspects. This is also in line with the National Blue Ocean Strategy (NBOS) and the Outcome-Based Budgeting (OBB) in the Malaysian public sector that has been announced, which concerns on the impact of programs and activities conducted, rather than focused on expenses and outputs. Indeed, this chapter aims to investigate disclosure practices for waqf, concerning their socio-economic impact. In order to achieve the stated research objective, case study approach is adopted through focus group discussion, by interviewing waqf accountants and managers to understand on waqf socio-economic impact. The findings indicate that the current waqf socio-economic impact disclosed by selected waqf institution is still in moderate level. Several recommendations are also provided in order to enhance accountability and promote transparency towards sustainability of waqf institutions in Malaysia.

Halal Governance and Management: Malaysia and ASEAN Countries – Intermediate to Advance, 2020

Halal lifestyle is one of the contemporary issues discussed by Muslim populations around the worl... more Halal lifestyle is one of the contemporary issues discussed by Muslim populations around the world, including Malaysia. Muslim consumers treat Halal as a compulsory element in all transactions as part of religious obligation, while traders see Halal as an important element in expanding their business empire globally. In addition, the Halal scope itself have grown exponentially from food and beverage into other consumer products and services including in banking and finance, transportation, tourism, health and others. Moreover, Halal is also currently being pursued by non-Muslims as they see its potential to be explored further and is high in demand. Before in-depth discussion is made, it is necessary to understand what Halal is. Thus, this chapter will help readers to understand what Halal is and will give an overview on Halal.

Readings in Sustaining Global Halal Ecosystems, 2020

The development of waqf institutions is consistent with the requirements of maqasid shariah. Ibn ... more The development of waqf institutions is consistent with the requirements of maqasid shariah. Ibn ‘Ashur has defined maqasid shariah as the meaning and secrets that can be understood from the Islamic shariah in the whole or part of the shariah process (Rahman, 2015). It can be categorized into three, via: (i) necessities (dharuriyyat); (ii) convenience (hajiyyat); and (iii) refinement (tahsiniyyat). There are five elements under necessities (dharuriyyat) consisting of religion, life, mind, offspring and wealth. Laldin et al. (2012) had discussed maqasid shariah in waqf context whereby it is under the protection of wealth (hifz al-mal). Muslims need to preserve, maintain and manage the economic and financial development parallel with shariah law including waqf management.

The hujjah of waqf are to address ignorance, poverty, ill-health and creation of wealth. Waqf has demonstrated remarkable records as shown in historical developments in addressing the prevailing problems at that time. Waqf institutions has played a major role in providing social goods such as education and health, public goods (roads, bridges and national security), helping the poor, orphans and the needy, built commercial businesses, utilities (water and sanitation), infrastructure for religious services (building and maintenance of mosques and graveyards), creating employment, supporting agricultural and industrial sector without imposing any cost to the government (Mohsin, 2008).

Learning from the successes of the past, it is believed that waqf has great potentials in solving the problems faced by the ummah today. Waqf has a built-in dynamism to contribute to the socioeconomic development of the ummah. The dynamism of waqf is inherent in its basic characteristics viz. permanence and inalienability. All the schools of shariah “have stressed the importance of the creation of a waqf which had played an important role in ameliorating poverty and in furthering learning in the past and it is expected to play its role in the future provided this institution is reactivated and its management is placed on the sound footing” (Kahn, 2003). Besides, waqf is one of the mechanisms for wealth creation and distribution developed based on Islamic teachings and principles.

However, lately in Malaysia, as elsewhere, there has been an increased public interest in waqf institutions transparency, particularly concerning their outcome, impact, effectiveness and efficiencies. The public has continued to demand the best standard of services and greater transparency. Besides, a number of recent cases on Islamic faith-based institutions in Malaysia were reported in the local media that has given rise to a big question especially on the accountability of Islamic faith-based institutions including waqf institution. These include 39 reports on manipulation and misappropriate use of public funds during flood crises in 2015 received by the Malaysian Anti-Corruption Commission (MACC) (Astro Awani, 2015). Moreover, there were allegations and negative perceptions regarding the spending method, which became one of the factors for the cancellation of contributions by 32,934 regular donors to Yayasan Pembangunan Ekonomi Islam Malaysia (YAPIEM), an Islamic organisation in Malaysia from February 2015 until February 2016 (Teng, 2016). Moreover, there were many Islamic non-profit organisations that focus on humanitarian aids including the one who are based in Malaysia accused of being involved in financing terrorism (Othman & Ameer, 2014). Last but not least, an arrestment of Islamic non-profit organisation’s top management for embezzlement issue (Hassan, 2017).

In order to respond to the public interest, there is a need to examine the reporting practices by these Islamic faith-institutions in Malaysia. Specifically, this study aims to study and propose a waqf integrated reporting (WAQIR) model concerning financial and non-financial, governance, performance and socio-economic impact aspects. In the next section, waqf reporting aspects such as financial and non-financial, governance, performance and socio economic impact are discussed. Based on the discussions and past research, a WAQIR model is proposed for waqf institutions reporting practices.

Readings in Sustaining Global Halal Ecosystems: Collection of Articles from The 2nd International Halal Management Conference (IHMC 2018) , 2020

Tax evasion and tax havens are the main reasons Foreign Account Tax Compliance Act (FATCA) comes ... more Tax evasion and tax havens are the main reasons Foreign Account Tax Compliance Act (FATCA) comes into life. The tax evasion is deterred, detected with the aims of discouraging offshore tax abuses. This process has so far increased the transparency in reporting. Three pillars in FATCA consists of reporting, withholding and due diligence, which supports a good governance. As part of the Hiring Incentives to Restore Employment (HIRE) Act, President Obama signed FATCA into law to help the Justice Department and the IRS to collect tax revenue more effectively and efficiently (Liazos & Solomon, 2013).

A government, in order to run the country, uses taxes paid by individuals and corporations. Even though the tax is an obligation to be paid, there are ways in which it can be evaded through a tax haven and offshore accounts, among many other methods. Every year, tax evasion has caused a government to lost millions and billions of dollars and thus it leads to the introduction of legislation in order to deter tax evasion.

It all started with Foreign Account Tax Compliance Act, which just focuses on the US and with just four years apart, Global Account Tax Compliance Act (GATCA), was established to focus on global tax scene. Foreign Account Tax Compliance Act or most commonly known and abbreviated as FATCA is an initiative by the United Stated of America towards combating tax evasion by U.S. taxpayers holding assets in non-U.S. financial accounts or institutions as well as recouping the much needed tax revenues (STA, 2017).

Forbes reported that an astounding of 77,000 banks and financial institutions have registered with FATCA (Wood, 2014). Even several institutions in Russia have registered under the Foreign Account Tax Compliance Act. America’s global tax law requires foreign banks to reveal American accounts holding over $50,000. Non-compliant institutions could be frozen out of U.S. markets, so everyone is complying. The fact that 77,000 banks have registered and some 70 countries are providing government help to the IRS means almost no foreign account is confidential.

Therefore, the purpose of this paper is to analyse FATCA and its importance on financial institutions. Besides, this paper also studies the effects and implications of non-compliance of FATCA on financial institutions as well.

Readings in Sustaining Global Halal Ecosystems, 2020

We have heard lines up of cases were brought against McDonald from several jurisdictions. In earl... more We have heard lines up of cases were brought against McDonald from several jurisdictions. In early 1990, a lawsuit was brought against McDonald for producing French fries that contains beef flavouring during the process. This suit has resulted with an apology letter issued by the management and a payment worth $100 Million to vegetarians and religious groups.5 In 2013, McDonald’s decided to take for granted serving the halal foods located in Dearborn, Michigan despite advertising for halal foods at the outlet. Despite serving halal foods as advertised, the customer claimed that the menu served were not consistently halal. In 2001, McDonald's sued a small restaurant named McCurry, a popular eatery serving Indian food in Jalan Ipoh, Kuala Lumpur, Malaysia. McDonald's claimed that the use of the "Mc" prefix infringed its trademark, while the defendant claimed that McCurry stood for Malaysian Chicken Curry (The Star, 2009).

In 2006, McDonald's won an initial judgment in the High Court. The judge ruled that the prefix Mc and the use of colours distinctive of the McDonald's brand could confuse and deceive customers. In April 2009, however, a three-member Appeal Court panel overturned the verdict, saying that there was no evidence to show that McCurry was passing off its own product as that of McDonald's. The Appeal Court also said that McDonald's cannot claim an exclusive right to the "Mc" prefix in the country. McDonald's appealed the decision to the Federal Court, the highest court in Malaysia. In September 2009, the Federal Court upheld the Appeal Court's decision. McDonald's appeal was dismissed with costs, and was ordered to pay RM10, 000 to McCurry.

The court decision in Jamie Oliver v McDonald sent shockwave to the McDonald’s burger lovers. It was scientifically proven that the fatty parts of beef are “washed” in ammonium hydroxide and used in the filling of the burger. He contended that besides the low quality of the meat, the ammonium hydroxide used in the process is harmful to health. The process is known as the “the pink slime process.”

Ammonium hydroxide is considered part of the “component in a production procedure”. The patty beef applies the lean finely textured beef (LFTB) process. LFTB is a beef product developed by Beef Products, Inc. (BPI), in 1991 to provide more domestic lean beef. BPI purchases beef trimmings, mostly 50% lean or less, from USDA inspected beef processing plants, heats the trimmings, and sends them through a centrifuge process that separates the fat and the meat.

The resulting product is LFTB that is 94% to 97% lean beef, according to BPI (Greene, 2012). Ammonia is responsible for the odour of urine, which exists in part to ferry ammonia waste out the body. That said, because ammonia is a waste product, the body is very good at getting rid of it. Consequently, the U.S. Food and Drug Administration (FDA) lists ammonia as "generally recognized as safe" in the quantities used in pink slime. Ammonia is also found in puddings, baked goods, and other products. In fact, in a cheeseburger that contains pink slime, the cheese on top may contain more ammonia by weight than the beef patty (Concannon, 2012; Lisa, 2012).

Later, after being pushed on pink slime issues, finally McDonald claims that such pink slime are no longer used as part of their products’ ingredients (Reilly, 2015). For Malaysia case, McDonald’s® Malaysia release a statement that they never use the pink slime in their products (McDonald’s® Malaysia, 2017). This paper starts with an introduction of the issues on LFTB and McDonald. Next, this paper elaborates on LFTB and the pink slime. Later, regulations on LFTB are explained especially from the FDA perspectives. Then, discussion and conclusion on LFTB from halalan tayyiba perspectives are made.

Handbook of Research on Theory and Practice of Global Islamic Finance , 2020

This chapter examines the relationship between corporate governance practices and firm performanc... more This chapter examines the relationship between corporate governance practices and firm performance. The characteristics of the board of Shari’ah-compliant companies in consumer products counter of Bursa
Malaysia were examined against the firm’s performance using data from 77 companies from 2014 to 2016. Based on the result of multiple regression; board size, Muslim chairman, and Muslim director have a weak positive correlation with the performance of the firms. However, directors with Shari’ah background seem to have a negative correlation with the performance of the firms. The findings of the chapter would be very useful to the regulators to improve the Malaysian Code of Corporate Governance (MCCG). The findings also help to fill the gap on scarce literature that study the relationship between the corporate governance practices involving Muslim characteristics and performance.

E-Proceeding (Extended Abstract and Full Paper) The 4th International Halal Management Conference (IHMC 2023), 2023

Crowdfunding worldwide is gaining popularity to finance various enterprises and provide social fi... more Crowdfunding worldwide is gaining popularity to finance various enterprises and provide social finance assistance. Crowdfunding, specifically donation-based crowdfunding, has emerged as a significant source of social finance assistance in Malaysia. Particularly during the epidemic, donation-based crowdfunding has evolved significantly within the socially conscious and charitable individuals' community to contribute to projects that correspond with their values. Unfortunately, there are rising issues when using donation-based crowdfunding platforms, highlighting the need for more research, and understanding the trust issues among project managers and donors. Project managers and donors require assurance when using donation-based crowdfunding platforms. Trust issues are rooted in the lack of regulation, which causes fraud among the community. So far, the regulation on donation-based crowdfunding platforms is absent in Malaysia. The authorities have overlooked the importance of regulation that causes frequent fraud cases and distrust among donors and project managers, hindering the growth and potential impact of donation-based crowdfunding in Malaysia. The need for regulation in donation-based crowdfunding should have been addressed to protect the platform's users from fraud and to alleviate the trust. Hence, this paper uses content analysis to examine trust issues in donation-based crowdfunding platforms. The findings of this paper will shed light on the challenges faced by donation-based crowdfunding platforms in Malaysia, as well as the importance of regulation involved in donation-based crowdfunding.

Proceedings of the 2nd International Conference on Zakat, Tax, Waqf & Economic Development 2022 (ZAWED 2022), 2023

This study attempts to develop Islamic donation-based crowdfunding (IDCF) framework which preserv... more This study attempts to develop Islamic donation-based crowdfunding (IDCF) framework which preserve rights of related stakeholders. Crowdfunding (CF) is derived from and Regularly, CF embeds the digital technology that enables the collections of funds from mass numbers of crowd through the electronic platforms. Several challenges related to Islamic donationbased crowdfunding (IDCF) are contractual obligations, CF activities, legal and governance. Lack of clarity on those aspects will lead to potential non-compliance and lack of confidence among the stakeholders. This study proposes the IDCF governance framework as solutions for the study. This paper adopts qualitative approach through semi structured interview. This study involves six platforms, where each of the platforms represented by management of CF that declared as IDCF. The data was analyzed using thematic analysis. The preliminary Islamic donation-based crowdfunding framework (IDCF) is proposed with consideration of contract used, and the relationship between the platforms and stakeholders. The factors will strengthen the internal governance structure and CF activities.

E-Proceeding (Extended Abstract) Seminar Antarabangsa Islam dan Sains 2023 (SAIS 2023), 2023

Audit is one of the control functions that signifies an assurance towards a company’s compliance ... more Audit is one of the control functions that signifies an assurance towards a company’s compliance with specific standards, guidelines and procedure in their operations, financials, people and activities. For entities that uphold the Shariah values and earns MS 1900:2014 certification from SIRIM Berhad, implementing good internal Shariah audit for quality management is one of commitments to achieve the compliance with the stated values. The commitment is significant and should be conducted yearly prior to the external process conducted by external auditors. However, there are challenges faced by the appointed internal auditor of MS 1900:2014 that may not be addressed and facilitated by the organization. This study explores challenges faced by MS 1900:2014 internal auditors. Focus group discussion (FGD) has been conducted with six respondents who have experience in conducting internal audit processes for more than two years. Findings show that the challenges faced by the respondents can be separated into three stages: pre-audit, field audit and post audit process. Findings of this study can help the organization that earns the certification to come out with early preparation to facilitate the needs of their internal auditor team prior to the actual audit process.

Proceedings of the 10h International Islamic Economic System Conference 2023 (I-iECONS 2023), 2023

The current trend in Shariah governance and assurance has now gone beyond internal Shariah audit ... more The current trend in Shariah governance and assurance has now gone beyond internal Shariah audit to external Shariah audit (ESA). At the international level, the move towards enhancing Shariah governance in Islamic financial institutions (IFIs) were made by mandating ESA function by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in its auditing standards in year 2019. Then, in year 2023 Islamic Financial Services Board (IFSB) jointly collaborate with AAOIFI on issuing an exposure draft on Shariah governance framework which suggested as best practice for ESA to be conducted not just for IFIs but also for Islamic capital market. As there is increasing number of institutions offering Shariah compliant products and services, there is also the need for ESA to provide assurance in sectors beyond IFIs. Besides big audit firms, the supply of ESA can be offered by small and medium audit practitioners (SMPs) as well. A focus group discussion was held to study this issue with 17 SMPs on the viability to venture into the Shariah audit industry. The findings indicate challenges to SMPs as there is no regulatory requirement for the conduct of ESA in Malaysia; there is debate on the audit scope and a need for human capital development to develop required skillset for external Shariah auditors that includes knowledge in Shariah principles, Shariah compliant contracts, Shariah risk management and Islamic capital market related products and services.

E-Proceeding Seminar Antarabangsa Islam dan Sains 2022, 2022

This study focuses on development of Shariah governance and audit in Islamic Cooperatives in Mala... more This study focuses on development of Shariah governance and audit in Islamic Cooperatives in Malaysia. Suruhanjaya Koperasi Malaysia (SKM) governs Islamic cooperatives, which aim to stimulate the development of cooperatives in accordance with Shariah. SKM provides guidelines for Islamic cooperatives to manage the operation of institutions. The development of Shariah governance and audit is essential to complement the Shariah compliance mechanism that already in place and practised internally in the microfinance institutions. Strong regulations, framework and guidelines are needed to uphold the practice of Shariah compliance. Roundtable discussions was used as methodology of the study with the industry practitioners in Islamic Cooperatives. Apart from that, this study also used current guidelines in Islamic Cooperatives as benchmarking practices. SKM published few guidelines related to Shariah governance to assist the operation of cooperatives. Based on the finding, there is an existence of gap in regulation, framework, and guidelines in governing Shariah compliance principles in Islamic Cooperatives. This is crucial since regulation, framework and guidelines in Shariah governance and audit in Islamic Cooperatives will increase the level of trust of the stakeholders that the activities and operations are Shariah-compliant. Also, giving the standardize framework it will contribute towards managing the risk of the microfinance institutions and, within the grander scheme of things, contribute to the growth of the industry and the economy by providing adequate disclosure for the stakeholders to make informed decisions.

Proceedings International Alumni Convention in Conjunction with INACIX 2021 , 2021

Persatuan alumni dan Pusat alumni universiti awam mempunyai peranan penting terutamanya selaku wa... more Persatuan alumni dan Pusat alumni universiti awam mempunyai peranan penting terutamanya selaku wadah atau platform yang menghubungkan di antara para alumni bersama alma mater. Walaubagaimanapun mempunyai hala tuju yang sama, keduadua entiti ini adalah berbeza disebabkan perbezaan dalam konteks penubuhan, gerak kerja, tingkahlaku organisasi serta kedudukan kewangan. Justeru, kertas kerja ini melihat akan keperluan untuk mengkaji akan strategi pengupayaan persatuan alumni khususnya bagi Persatuan Alumni Universiti Sains Islam Malaysia (USIM).

The 9th International Islamic Economic System Conference 2021 (I-iECONS 2021), 2021

Halal industry in Malaysia is centralized at the Federal scope, with Jabatan Kemajuan Islam Malay... more Halal industry in Malaysia is centralized at the Federal scope, with Jabatan Kemajuan Islam Malaysia (JAKIM) leads the role of the monitoring and supervision. Although JAKIM is recognised as the pionner in the Halal industry, issues arising in the Halal industry challenge the regulators on the effectiveness of the current Halal assurances
especially in controlling and monitoring the industry and ensuring the Halal status of the products and services. Thus, the aims of this study is to examine the needs of external Halal auditing as to support the existing internal Halal auditing process to give better assurances in the Halal industry in Malaysia.

Proceeding of the 8th International Conference on Management and Muamalah 2021 (ICoMM 2021), 2021

Organizational sustainability refers to the organisation's ability to sustain in a long-term, hav... more Organizational sustainability refers to the organisation's ability to sustain in a long-term, having the leadership, talent, global insights and agility to change should the need arises. The view on developing organizational sustainability emphasizes three distinct areas, namely the Triple Bottom Line or 3Ps; Profit, People and Planet. For a social enterprise (SE), the 3Ps indicate the ability to sustain financially, while meeting the objectives of delivering social and environmental benefit to targeted community in line with the initial objective of its establishment, for more than five years of its existence. This study adopts a qualitative approach using a SE operating in Malaysia. Inspired by the Blue Ocean Strategy, the firm states to be a leader in feminine hygiene products and services while contributing towards the socioeconomic development. The firm's strategy towards developing a sustainable position was analysed using Porter's Five Forces Framework. Analysis indicate that the product of this firm can be easily substituted and other challenges were also identified regarding new entrants into the market, and maintaining quality suppliers specifically when the firm first face the uncertainty of COVID-19 pandemic. The firms integrated information systems, the shared value among partners and staffs, Pn AJ's emphasis into long-life learning indicate the underlying strength of this firm towards its sustainability. This study is limited to a single case study with a certain type of arrangement. Nevertheless, the ability of the firm to sustain for 11 years offers interesting insights to policy makers and practitioners on effective strategies and managerial actions that contributes towards a sustainable SE.

4th International Virtual Conference on Zakat, Waqf & Islamic Philanthropy (ZAWFI 2020), 2020

This paper aims to present the viability of unit trust waqf as an alternative asset class for waq... more This paper aims to present the viability of unit trust waqf as an alternative asset class for waqf creation. The paper provides the conceptual framework of unit trust waqf based on the existing fixed unit trusts structure managed under Permodalan Nasional Berhad (PNB). This paper starts with the conceptual exploration of the literature in the area of waqf, which are sourced from authentic sources of al-Quran and al-Hadith, as well as secondary sources such as books, journal articles and online resources. The novelty of this paper lies in its attempt to highlight the importance of waqf investment strategy in ensuring the perpetuity of waqf by preserving its capital to maintain sustainable return for waqf beneficiaries. PNB’s fixed unit trust structure has been identified as a viable conceptual model for unit trust waqf to pool more cash waqf from individual investors. The sustainability of the capital waqf assets in the form of unit trust is preserved through the parameters for its application as proposed toward the end of the paper.

Asia Proceedings of Social Sciences , 2020

The article was design to measure the financial performance and sustainability in selected Malays... more The article was design to measure the financial performance and sustainability in selected Malaysian institutions. Examining its performance and sustainability could be useful to assess waqf perpetual existence. Besides that, waqf institutions frequently compare actual performance with standards or expectations to enhance the organizations’ achievements. Thus, by using ratio analysis, this study examines five years (2014-2018) annual reports of waqf private entity administered by Pusat Wakaf Majlis Agama Islam Wilayah Persekutuan Sdn. Bhd (PWMSB) and two waqf corporations which are Pusat Wakaf Selangor (PWS) and Wakaf An-Nur Corporation (WANCorp). The findings indicate that in all seven components only one waqf institution has been financially performed and sustained. The results provide valuable insights into the financial performance and sustainability of waqf institutions, and highlight the need for policy makers in Malaysia and other Muslim countries due attention to the systemic accountability to ensure the systematic revival of waqf institutions. It is hoped that the study's findings and recommendations will allow these institutions to report financially and to be accountable at a higher level.

Proceedings of World Business, Economics and Finance Research Conference 2018, 2018

Purpose-This study examines in-depth the current waqf management practices in Malaysian waqf inst... more Purpose-This study examines in-depth the current waqf management practices in Malaysian waqf institutions. Design/methodology/approach-This study applies an explanatory case study method to analyse waqf management practices. To collect data, the study employs a focus group discussion method. For reporting purposes, this study adopted a single-case study method. Findings-This study analyses and discusses four dimensions of current waqf management practices: (i) waqf governance practices; (ii) waqf application practices; (iii) waqf monitoring practices; and (iv) waqf reporting practices. Research limitations/implications-Despite examining and exploring indepth thewaqf management practices in selected waqf institutions in Malaysia, the sample size was small. Originality/value-This study is among the few studies that examine and explore waqf management practices, specifically waqf governance, waqf application, waqf monitoring and waqf reporting in waqf institutions in Malaysia..

Proceedings of The Islamic Economic System Conference 2017 (iECONS 2017), 2017

It is undeniable that Islamic Financial Institutions (IFIs) in Malaysia are growing at a faster r... more It is undeniable that Islamic Financial Institutions (IFIs) in Malaysia are growing at a faster rate with a positive impact on the national econony. In order to sustain and maintain Shariah compliance in Islamic financial industry, adequate Shariah audit practices are necessary to ensure operation of IFIs are parallel with Shariah guidelines and policies set by the authority. In order to equip Islamic industry practitioners with adequate Shariah audit practices, the Faculty of Economics and Muamalat (FEM), Universiti Sains Islam Malaysia (USIM) has developed a professional Shariah Audit Training (SAT) program for IFIs. SAT is a program that covers various aspects on Shariah audit practices starting from Shariah principles, Shariah governance and assurance, Shariah audit program, Shariah audit process, Shariah audit fieldwork, Shariah risk management and Shariah audit communications. Modules used in SAT have been developed based on a collaboration between academic institutions and industry players in order to ensure the knowledge and the practice in the industry are relevant. The series of trainings conducted in the program are believed to achieve the programme's ultimate objective which is to produce Shariah auditors who are qualified and trained to fill the gap for Islamic finance industry. Objective is to produce talents with adequate Shariah audit knowledge. This study provides the result of the SAT program toward IFIs practitioners' skills and knowledge on Shariah audit practices.

5th South East Asia International Islamic Philanthropy Conference 2017 (SEAIIPC 2017), 2017

8th Asia-Pacific Interdisciplinary Research in Accounting Conference (APIRA 2016), 2016

Purpose – This paper aims to present the current internal control practices in Islamic non-profit... more Purpose – This paper aims to present the current internal control practices in Islamic non-profit organisations in Malaysia, which might be different from similar organisations in other countries. Internal control activities by these Islamic non-profit organisations are presented in order to answer the objective of this paper, which is to explore the current internal control practices in Islamic non-profit organisations in Malaysia. Design/methodology/approach – This case study applies the comparison method by using interview as its data collecting approach. This paper also reviews professional documents and comprehensive literature. Findings – This paper identifies and summarises the current control activities by these Islamic non-profit organisations in Malaysia: segregation of duties, authorisation of transactions and records, documentations and records, physical control over assets and records and independent checks on performance. Research limitations/implications – The sample used in this paper might not be able to represent the overall views regarding the internal control practices in Islamic non-profit organisations in Malaysia. The findings also might not be applicable to represent the current internal control practices by other types of Islamic non-profit organisations in Malaysia and other countries in the world. Originally/value – This paper discusses the current internal control practices in Islamic non-profit organisations in Malaysia and briefly reviews several creative and good practices regarding control activities that can be adopted by other Islamic non-profit organisations to enhance their current practices. This paper also identifies issues and challenges in the internal control practices.

Proceedings of The Islamic Economic System Conference 2015 (iECONS 2015), 2015

Islamic non-profit organizations received lot of Islamic charity funds such as zakat, waqf and sa... more Islamic non-profit organizations received lot of Islamic charity funds such as zakat, waqf and sadaqah. Zakat and waqf mainly govern by government authorities which are State Religion Islamic Councils (SRICs). However, sadaqah funds management given to Islamic non-profit organizations to handle with it. This sadaqah funds are mainly to be distributed to the needs for achieving social objectives set by these Islamic non-profit organizations. For an organization, internal control identified as one of the elements to assure good management practices. Therefore, in order to ensure sadaqah funds are fully utilize and social objectives of these Islamic non-profit organizations are achieve, good internal control needs to be practiced by these Islamic non-profit organization. Thus, this study explores current internal control practices by Islamic non-profit organization in Malaysia to identify its implementation and practices in internal control aspect. Five main control activities recognized as measurement indicators which are segregation of duties, authorization of transactions, documentations and records, physical control over assets and independent checks. This exploration on internal control practices had been done in the one selected Islamic non-profit organization by using case study method. Surprisingly, unexpected result produced. Some challenges and issues related to internal control practices also been highlighted. This study also provides new empirical evidence for internal control practices.

The Muamalat Newsletter, 2024

The Muamalat Newsletter, 2023

The Muamalat Newsletter, 2022

United Nations Development Programme (UNDP) & Islamic Development Bank (IsDB), 2023

This report covers selected case studies in the Islamic finance and social finance ecosystem in M... more This report covers selected case studies in the Islamic finance and social finance ecosystem in Malaysia and Indonesia. These case studies document eco-building requirements and innovative solutions which were able to strengthen the two systems’ effectiveness, coverage and transparency – particularly in its integration with the digital economy. Development practitioners may find useful insights from the case studies featured in this report in developing their own strategies and action plans to suit their own needs, unique features, level of financial infrastructure and market readiness.

Malaysian Institute of Accountants (MIA), 2023

This paper provides an overview of the diverse regulations and current practices, as well as the ... more This paper provides an overview of the diverse regulations and current practices, as well as the issues and policy recommendations relating to Shariah audit for the following sectors: Islamic banking and takaful, Islamic capital market, Islamic co-operatives, public trust entities and other Islamic institutions such as State Islamic Religious Councils. This paper is based on a mix of primary and secondary data. Notably, it derives analysis of the current challenges in implementing Shariah governance and audit from roundtable sessions and the deliberations of a Shariah Audit Working Group comprising industry experts and regulators.

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2020

IQTISHADIA, 2019

The Shariah financial screening indices is to exclude companies with unacceptable levels of conve... more The Shariah financial screening indices is to exclude companies with unacceptable levels of conventional debt, liquidity, interest-based investment and/or impure income. Ideally, companies must not borrow on the basis of interest rate, nor invest in debt-bearing instruments, as well as not generating income through any other Shariah-impermissible activities. However, such restrictions would screen out the vast majority - if not all - of the stocks that are available on the market, even those listed in Islamic countries. Based on this condition, Shariah scholars tried to come out with a set of Shariah indices to be tested on existing companies in order to classify them as Shariah-compliant companies. Thus, the aim of this paper is to explore and critically analyse comparison of Shariah screening methodology amongst major Shariah indices in the world. By applying the reviewing for all related literature and contents of Shariah screening’s laws and regulations. It can be stated that se...

Corporate and Business Strategy Review

This study aims to determine items with Islamic elements to develop an Islamic social enterprise ... more This study aims to determine items with Islamic elements to develop an Islamic social enterprise management index (ISEMI). An Islamic social enterprise (ISE) works by managing operations within the principles of shari’ah to redistribute wealth and reduce poverty which is supported by a similar study by Indah and Hakim (2023). The design and method for this study involved three phases of analysis which are 1) general descriptive analysis, 2) validity and reliability analysis, and 3) data analysis phase of the study. In all, 40 items with Islamic traits were identified and analyzed. Three identifiable themes emerged, which were then labeled as: 1) God; 2) humanity, and 3) nature. Because of the limited sample size, the data offers results that are likely suggestive rather than conclusive. The study offers a practical single-figure-summary indicator to measure and evaluate ISEs and has the potential as a guideline for Muslim entrepreneurs to build favorable relationships with ISE manag...

ISRA International Journal of Islamic Finance, 2020

Purpose The existence of internal control for Sharīʿah-compliance promotes reasonable assurance t... more Purpose The existence of internal control for Sharīʿah-compliance promotes reasonable assurance that the Islamic financial institution’s (IFI’s) objectives are achieved in the following categories, namely, the effectiveness and efficiency of operations, the reliability of financial reporting and the level of compliance with applicable laws and regulations, as well as accounting and auditing standards. Sharīʿah non-compliant income (SNCI) is an important issue in IFIs’ operations. Thus, the purpose of this paper is to identify issues related to governance and internal control of SNCI in selected IFIs in Malaysia. Design/methodology/approach This research uses a case study approach to gather data on the measures of governance and risk management in relation to the internal control for SNCI in IFIs. Interviews were conducted with officers of the Sharīʿah and internal audit departments on internal control practices regarding SNCI. Findings Regulator’s guidelines on SNCI are simple and b...

International Journal of Business Excellence, 2021