Awqaf Accounting and Reporting for Accountability: A Case Study of Awqaf S

Yaacob, Hisham; Petra, Saerah; Sumardi, Wardah Azimah; Nahar, Hairul Suhaimi

doi:10.2139/ssrn.2175459

Cited by 9 publications

(21 citation statements)

References 21 publications

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“…Consequently, the lack of clear guidelines or accounting standards for waqf institutions attracted the attention of a few researchers who proposed accounting for waqf institutions to ensure accountability and transparency in the institutions (Talib et al, 2018). Some studies discovered the non-uniformity of accounting practices by waqf institutions (such as Ihsan and Hameed, 2011;Yaacob et al, 2012;Talib et al, 2018;Azmi and Hanifa, 2015;Ihsan et al, 2017;Yaacob and Nahar, 2017). For example, Yaacob et al (2012) examined the awqaf accounting and reporting practices of Awqaf S. It was found that the accounting and reporting of Awqaf S were regulated by several acts and the annual financial statements prepared by the institutions.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Perhaps, prior to the last decade academics had paid little attention to waqf accounting (Ihsan and Adnan, n.d.). Extant review of awqaf literature in Malaysia reveals poor accountability of waqf properties for some reasons, such as incompetent personnel and inadequate resources to maintain and develop waqf assets as well as the mismanagement and misappropriation of waqf funds (Yaacob, Petra, Sumardi and Nahar (2012). Besides, the institutions' financial accounting and reporting practices are diverse (Masruki and Shafii, 2013;Azmi and Hanifa, 2015;Yaacob et al, 2015;Talib et al, 2018).…”

Section: Introductionmentioning

confidence: 99%

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Accounting for Waqf Institutions: Business, Not-for-Profit or Hybrid Entities?

Umar

Haron

2021

IJIEF

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Despite the tremendous religious and socio-economic contributions of waqf institutions to Muslim communities across the globe, there was no universal accounting standard to adopt by such institutions until 15 Rabi’II (equivalent to 30th November 2020) when the Accounting Standard for waqf institutions (FAS No. 37) was approved by the Board of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) for adoption with effect from 01 January, 2022. Hence, the objective of this study is to analyze the nature of waqf institutions with a view to establishing whether their appropriate financial accounting and reporting practices should be for business, not-for-profit or both. The documentary research method was applied to achieve the aim of this study through a systematic analysis of relevant accounting and Shariáh standards. Findings and views of earlier studies were also used. The study reveals that though waqf institutions operate like charitable organizations, they are mandated to undertake or attach to commercial activities in order to generate income for the sustainability of their activities. This signified that they are hybrid and as such, they are supposed to report both waqf and commercial activities in their annual reports and accounts. Hence, the study calls on Islamic countries to provide regulations, guidelines and more importantly accounting standards that will compel or motivate waqf institutions to prepare annual reports and accounts showing both their charitable and commercial activities.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Accounting for Waqf Institutions: Business, Not-for-Profit or Hybrid Entities?

Umar

Haron

2021

IJIEF

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“…An organisationthat accounts for the waqf assets is just the trustee who manages the waqf assets in a manner which could serve the beneficiaries and manage the assets so that it could be maintained perpetually (Pitchay et al, 2014) and the usufructs could be enjoyed by the beneficiaries perpetually. Waqf assets are also not intended to be used for the sole aim of profit-making, instead waqf assets are to be managed and used so that the usufruct can benefit the beneficiaries (Yaacob et al, 2012).…”

Section: Accounting For Non-profit Contextmentioning

confidence: 99%

Specific Accounting Standards for Waqf Institutions:

Yusof

2021

JEEIR

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The purpose of accounting standard is to govern the accounting process and subsequently reporting for entities. Hence, the absence of specific accounting standard to govern the accounting for an entity would be problematic and would give rise to several issues. This research aims to understand how the absence of specific accounting standard affects the accounting practices of an entity. The findings show how the waqf corporation tries to adhere to the prevailing accounting standard, which is not specific for waqf institutions, and how important it is to have a specific accounting standard in place for waqf institutions.

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“…Those in charge or economic resources must give their stewardship, irrespective of whether the transaction and resources in question those are in government organization or private sector entity. Yaacob, Petra and Nahar (2012) stated that Islamic accounting concepts argued that accounting and reporting in the Sharia is more than just numbers and some qualitative aspects. In fact, the spirit of 'ibadah' and the accountant should report any information as long as it is true.…”

Section: Accountabilitymentioning

confidence: 99%

Integrated Reporting Based on Maqasid Al-Shariah: A Proposed Framework for Islamic Non-Profit Organizations

Ramli

Ali

Muhammed

2018

Proceedings of the First Padang International Conference on Economics Education, Economics, Business and Management, Accounting

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This research focuses on Islamic non-profit sector which rely on sources from the public. The emergence of this sector can be strengthened by fulfilling the needs of stakeholders for efficient reporting mechanism. Assessing the reporting of the sector would be notable to ensure that it obtains its objectives. Efficient reporting practices should highlight the non-profit perspectives and religious aspects. This research aims to identify the principles of Integrated Reporting (IR) that are suitable for Islamic non-profit organizations that draw its root from zakat, waqf and sadaqah (charity). This research focuses on formulating an IR framework whichis in line with Maqasid al-Shariah concept. IR is a new reporting concept that is holistic, strategic and relevant which represents a more meaningful reporting. This paper theoretically explores and proposes the IR for Islamic non-profit organization in the way to manifest their accountability towards stakeholders. The propose IR framework is expected to make contribution in several aspects. For donors, the IR is expected to be source for decision making. The proposed framework of IR will also guide the board and management in communicating the accountability of Islamic non-profit organizations. The developed IR framework can be an effective communication mechanism that can safeguard missions and visions of the organizations.

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Awqaf Accounting and Reporting for Accountability: A Case Study of Awqaf S

Cited by 9 publications

References 21 publications

Accounting for Waqf Institutions: Business, Not-for-Profit or Hybrid Entities?

Accounting for Waqf Institutions: Business, Not-for-Profit or Hybrid Entities?

Specific Accounting Standards for Waqf Institutions:

Integrated Reporting Based on Maqasid Al-Shariah: A Proposed Framework for Islamic Non-Profit Organizations

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