2018
DOI: 10.18488/journal.1.2018.87.388.395
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Corporate Governance Structure of State Islamic Religious Councils in Malaysia

Abstract: Little is known about corporate governance in Islamic perspective, particularly in the context of emerging economy and in the perspective of religious institutions. The distinguishing feature of Tawhid (oneness of God) in the Islamic corporate governance structure makes it worthwhile to investigate the corporate governance structure of the State Islamic Religious Councils (SIRCs) in Malaysia. The study incorporates Iqbal and Mirakhor (2004). Islamic corporate governance stakeholder-oriented model to reflect th… Show more

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Cited by 7 publications
(11 citation statements)
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“…In Malaysia, the Islamic religious affairs are administered by the State Islamic Religious Council (SIRC). The SIRC is responsible to advise the Head of Islamic Religion in all Islamic matters and manage Islamic wealth such as zakat, waqf, baitulmal and other Islamic funds (Mahadi et al, 2018;Zain et al, 2014). To discharge these responsibilities, the SIRCs must report and disclose all financial and non-financial information to the relevant stakeholders whether in the financial statements (Abu Bakar et al, 2020) or in other medium such as SIRC's website.…”
Section: Reporting In Islamic Institutionsmentioning
confidence: 99%
“…In Malaysia, the Islamic religious affairs are administered by the State Islamic Religious Council (SIRC). The SIRC is responsible to advise the Head of Islamic Religion in all Islamic matters and manage Islamic wealth such as zakat, waqf, baitulmal and other Islamic funds (Mahadi et al, 2018;Zain et al, 2014). To discharge these responsibilities, the SIRCs must report and disclose all financial and non-financial information to the relevant stakeholders whether in the financial statements (Abu Bakar et al, 2020) or in other medium such as SIRC's website.…”
Section: Reporting In Islamic Institutionsmentioning
confidence: 99%
“…At present, there are 14 SIRCs in Malaysia. Each of the SIRC is established based on the Federal Constitution in accordance with Schedule 9 List 2, whereby the states in Malaysia are authorised to have the jurisdiction to govern the collection of zakat fitrah , waqf , baitulmal or/and other similar Islamic social funds (Mahadi et al , 2018). In addition, Section 25 of the Civil Law Act 1956 states that the administration of any Muslim’s property must be in accordance with Islamic law; thus, Shariah is the governing law of property for Muslims including zakat and waqf (Kamaruddin et al , 2018).…”
Section: Literature Reviewmentioning
confidence: 99%
“…In 2013, the Ministry of Finance issued a circular detailing the benefits of accrual accounting information (Ministry of Finance, 2013; Azmi and Mohamed, 2014). In addition, the Accountant General’s Department focused on four strategies to ensure a smooth transition: establishment of a committee, known as the Government Accounting Standards Advisory Committee (GASAC), which was tasked with the drafting of accounting standards and policies derived from IPSAS to suit the Malaysian context; identification and suggestions by GASAC for amendments to the law in order to facilitate the smooth adoption of accrual accounting in the public sector; development of new accounting information systems for effective implementation of accrual accounting; and training of 65,000 to 70,000 personnel in the use of accrual accounting in a public sector context (“A closer look at Malaysia”, 2013; Atan and Yahya, 2015; Mahadi et al , 2015). …”
Section: Introductionmentioning
confidence: 99%
“…training of 65,000 to 70,000 personnel in the use of accrual accounting in a public sector context (“A closer look at Malaysia”, 2013; Atan and Yahya, 2015; Mahadi et al , 2015).…”
Section: Introductionmentioning
confidence: 99%
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