Purpose – The purpose of this paper is to review, understand and document the contemporary waqf-S management, financial accounting and reporting practices and to understand relevant drivers behind the current accountability culture in waqf-S, aiming at exploring the intertwined nature of accounting, reporting and the religion of Islam. The accountability literature has been relatively scant on the role played by accounting and reporting in not-for-profit, religious-based organizations and its implications for accountability discourse. Three accountability drivers of regulatory, stakeholders and religious image are tested. It is interesting to research how management, accounting and reporting are being practiced in an Islamic organization setting in a non-Islamic country. Design/methodology/approach – Consistent with the established research objectives, this study adopts the qualitative research approach of a single case study research involving semi-structured interviews and archival documentation review and analyses. Sample is chosen using purposive sampling to suit the research objectives. Findings – The paper finds that waqf-S is a very successful awqaf manager. The administration and management are carried out in the most effective manner with comprehensive rules, guidelines and procedures. The awqaf financial reporting and management are impressive as annual financial reports are published on time and available for the public online. The paper proposes three lenses to examine the accountability drivers of waqf-S: Regulatory, Stakeholders and Religious image of Islamic organization and, it turns out that all three are equally important in driving the organization accountability practices. Research limitations/implications – The sample is an Islamic organization in a non-Islamic country; therefore, the results are unique and may not be generalised to organizations in Islamic nations, as it will be a different setting with different variables. Secondly, the paper only focuses on awqaf financial accounting, awqaf reporting and investigating the driving factors for the institution’s accountability culture. Practical implications – This paper is important as it shows that the management and administration of awqaf, which has been plague by mismanagement, embezzlements and lack of talents, can be improved and managed systematically, although there is a clear evidence of the lack of capable or talented human resources. It is compensated by the significant use of technology. Originality/value – Focusing on a single awqaf institution (waqf-S) operating in a non-Islamic Southeast Asian country, our analysis allows us to observe the influence of multiple factors influencing its organizational wide accountability policy. We consider this as a contribution to the literature, as it generates knowledge on how management, accounting and reporting are being devised as strategic tools in the institution’s accountability policy framework, beyond the normal office management, financial data recording and disclosure per se. Multiple factors drive the structured and transparent reporting by waqf-S, transcending beyond the traditional financial accounting and reporting boundary of meeting regulatory requirements; it reaches the concerned while ensuring that the necessary accountability towards stakeholders is observed and upheld.
Managerial accountant is a vital player in any business organisation, particularly in the manufacturing industry. The know-how on processing costing analyses, budgeting, forecasting, production methods, or business risk management is processed to create value for business sustainability, performance, and organisational stakeholders. The responsibilities of a managerial accountant lie in two factors: firstly, understanding the financial side of the business organisation and secondly, managing nonfinancial measures of business performance. All of these responsibilities must be aligned with the unwavering commitment of ethicality. From an Islamic perspective, the motivation of a managerial accountant should not merely be hinged on self-actualization or materialism, but the vision of Muslim managers in managing cost and profit in any business organisation has to interweave to strive for Falah in Duniya and Akhirah. Hence, the purpose of this paper is to discuss the elements of the management criteria of a managerial accountant from a contemporary point of view and how it is in line with Maqasid Al-Syariah. Based on library research, a few important motivations in line with Maqasid are proposed, such as Tawheed and Falah. Thus, the study helps to enhance the role of managerial accountants from Islamic perspectives.
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