IFRS based Zakat Reporting: Adoption Rational WesternMethod into Institutional Accountability

Abstract

This study aims to evaluate the characteristics of zakat institution and proposes the adoption of International Financial Reporting Standard (IFRS) since it has developed and provides various product i.e zakat for productive purpose. This is important, considering that one of the measurement of accountability and transparency of an institution is providing brief financial report towards its beneficaries. Thereby, this study found that practically zakat institution is simillar to the SMEs, and there are 11 strandard of IFRS for SMEs that could be applicable to zakat institutionto achieve accountability and transparency. However, this study is preliminary study that proposes a conceptual frameworkwhich limited to the sharia compliance of IFRS that could be applicable to zakat Institution.Keywords: IFRS for SMEs, SMEs Criteria, Zakat InstitutionJEL Classification:

Strategy for Optimizing Zakat Digitalization in Alleviation Poverty in the Era of Industrial Revolution 4.0

“…The process of collecting zakat must be supported by zakat institutions to provide a service application system to expand the range of collection services to the distribution of zakat funds to mustahik (Zakat Recipients). The waiter application system can also reduce the costs of collecting zakat towards the usefulness and usefulness of the zakat aggregation process, (2) Transparency: one measure of accountability and transparency of an institution is to provide brief financial reports to beneficiaries (Pamuncak, Possumah, & Hamid, 2018). The existence of technology has been able to strengthen the governance of zakat management institutions to carry out processes of accountability and transparency to stakeholders related to both the government, the private sector and Strategy for Optimizing Zakat Digitalization in Alleviation Poverty in the Era of Industrial Revolution 4.0 Ivan Rahmat Santoso https://ejournal.radenintan.ac.id/index.php/ikonomika 44 E-mail:ikonomika_submission@radenintan.ac.id the Indonesian community as a whole.…”

Bibliometric Analysis of Islamic Economics and Finance Journals in Indonesia

“…Thus, this journal is the most appropriate for the researchers in Islamic economics and finance for their publication. (Andiani et al, 2018), IQTISHADIA (Purnomo et al, 2018), and IQTISHADIA (Effendi et al, 2017) 9 2 Bayu Taufik Possumah 3 IKONOMIKA (Jaenudin et al, 2018), IKONOMIKA (Pamuncak et al, 2018), and AL-IQTISHAD (Amanda et al, 2018) Of the 134 articles from the selected five journals, there are 239 contributors or authors from different countries and universities. Thus, on average, each author wrote about 1.78 articles during the year 2016-2019, published in one or more of the five journals in this study.…”

“…Thus, on average, each author wrote about 1.78 articles during the year 2016-2019, published in one or more of the five journals in this study. authors, the research finds that there are three authors who produced the most articles, namely Irfan Syauqi Beik, co-authoring three papers (Andiani et al, 2018;Effendi et al, 2017;Purnomo et al, 2018), Bayu Taufiq Possumah, co-authoring three papers (Amanda et al, 2018;Jaenudin et al, 2018;Pamuncak et al, 2018), and Farhan Ahmed, writing one paper (Ahmed et al, 2018) and co-authoring two papers (Abrar et al, 2018;Yousuf et al, 2018). Other authors wrote less than three documents, so their ranks are lower (see Table 2).…”

Model of Zakat Utilization Based on Local Geographical Potential in West Sumatra

“…Numerous empirical studies on zakat have been conducted, including studies on zakat collection, distribution, and usage. The researchers had investigated methods for maximizing the potential of zakat (Amalia, 2018;Kasri & Putri, 2018;Santoso, 2019), factors that influence zakat giving (Abu Bakar & Rashid, 2010;Ali et al, 2017;Arsyianti, Kassim, & Adewale, 2017;Azzahra & Majid, 2020;Campong & Zamri, 2019;Doktoralina, Bahari, & Abdullah, 2018;Jamilah, 2018;Mastura, Ali, & Bidin, 2015), repercussions of zakat distribution (Faisal & Yuliani, 2017;Sidik & Reskino, 2016), conceptual frameworks for institution of zakat (Ghazali, Al, Saad, Syahir, & Wahab, 2016;Pamuncak, Possumah, & Abdul Hamid, 2018), and utilization of zakat (Alim, 2015;Wali, 2013). Zakat utilization programs for economic empowerment have both economic and social and spiritual effects (Kholiq, 2012).…”