Waqf accounting practices by Malaysian Islamic religious councils

Zain, Siti Rokyah Md; Samad, Ros Norita Abd; Yusof, Nor Ashikin Mohamed

doi:10.24191/smrj.v9i1.5212

Cited by 3 publications

(5 citation statements)

References 2 publications

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“…There are several reports that have not been made when referring to PSAK 112, namely the waqf activity report, the report on changes in waqf assets and notes to the financial statements. Zain et al (2012) investigated the accounting of waqf assets as practiced by State Islamic Religious Councils (SIRCs) in Malaysia. The results showed that SIRCs did not manage waqf asset accounts properly, resulting in delayed financial statements.…”

Section: Cluster 1: Management Of Waqf Assets and Waqf Accountingmentioning

confidence: 99%

“…In addition, the lack of universal accounting standards for waqf institutions leads to diversity in accounting practices and the absence of clear guidelines for waqf institutions to follow (Masruki & Shafii, 2013;Umar & Haron, 2021). This results in a lack of uniformity in the accounting practices of waqf institutions, which can reduce the quality of waqf accounting information (Zain et al, 2012;Masruki & Shafii, 2013). In addition, research shows that many waqf institutions do not realize the importance of separating waqf accounts, which can lead to the commingling of waqf and non-waqf funds (Zain et al, 2012).…”

Section: Introductionmentioning

confidence: 99%

“…This results in a lack of uniformity in the accounting practices of waqf institutions, which can reduce the quality of waqf accounting information (Zain et al, 2012;Masruki & Shafii, 2013). In addition, research shows that many waqf institutions do not realize the importance of separating waqf accounts, which can lead to the commingling of waqf and non-waqf funds (Zain et al, 2012).…”

Section: Introductionmentioning

confidence: 99%

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Accounting for Waqf: A Survey on Scopus-based Literatures

Uula,

Kassim

2023

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This study aims to see the development of research on the topic of "Waqf Accounting" and research plans that can be done based on journals published on the theme. This research uses a qualitative method with a bibliometric analysis approach. The data used is secondary data with the theme "Waqf Accounting" which comes from the Scopus database with a total of 40 journal articles. Then, the data is processed and analyzed using the VosViewer application with the aim of knowing the bibliometric map of "Waqf Accounting" research development in the world. The results of the study found that in bibliometric author mapping the author who published the most research with the theme "Waqf Accounting" was Gürsoy Ç. Furthermore, based on bibliometric keyword mapping, there are 4 clusters that can be a research path with topics related to Management of Waqf Assets and Waqf Accounting, Waqf Accounting Awareness, Business Impact and Waqf Accounting, and Challenges in Waqf Accounting Reporting. Furthermore, the most used words are waqf institution, accountability, Islamic accounting, waqf accounting, reporting, and technology.

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Section: Cluster 1: Management Of Waqf Assets and Waqf Accountingmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Accounting for Waqf: A Survey on Scopus-based Literatures

Uula,

Kassim

2023

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“…Enforcement of waqf accounting and reporting system is crucial to the discharge of accountability to the stakeholders (e.g., Ihsan & Adnan, 2009;Ihsan & Ibrahim, 2011;Masruki & Shafii, 2013;Yaacob, Petra, Sumardi, & Nahar, 2013;Zain et al, 2012). At present, there is a lack of non-financial information disclosure in non-profit financial reporting (Azmi & Hanifa, 2015;Mustaffha & Zainal, 2016) and thus, do not comply with the objectives of Islamic accounting which is to promote fairness, accountability and transparency in society.…”

Section: Literature Review Current Waqf Reporting Issuesmentioning

confidence: 99%

Waqf Reporting: A Modified Integrated Reporting for Sustainable Islamic Social Finance

Mansor¹,

Jamil²,

Bahari³

2018

IJARBSS

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The increasing growth of waqf activities in recent years makes it timely to study the accounting and reporting practices for this important economic sector. Waqf institutions are generally voluntarily established with emphasis on acquiring waqf assets and cash contributions to fund activities. Generally, less attention is given to the accounting and reporting aspects. Today, the global accounting practice is moving towards reporting of multiple capitals to create value for sustainable business. Introduced in 2013 and known as integrated reporting, this approach is relatively new to most part of the world including Malaysia. The approach integrates six types of capitals categorized as human, intellectual, social, manufactured, natural and financial, linked to business model and strategy in value creation. It expands the traditional reporting which stresses on past financial performance, to future, strategy-based focus. This research reviews the literature on waqf accounting and reporting practices and discusses the drawbacks of the conventional accounting system for Islamic social finance. The study then highlights the new integrated reporting and discusses its applicability in waqf reporting which is based on the Islamic reporting and accountability. The proposed Integrated Waqf Reporting System (IWRS) adopts a long-term perspective, linking organizational performance to business model and strategy and, providing information on Social, Intellectual, Relational, Awqaf and Human (SIRAH) capitals. The IWRS highlights the principle of stakeholders-inclusiveness and assist the public and potential donors in determining the long-term

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“…the governance and accounting treatment of asset and cash waqf. Based on previous studies, the governance and accounting practices of waqf are not consistent among SIRC (Zain et al, 2012). As a result, to ensure the success of Malaysia education, JAWHAR is currently finalizing Waqf Manual for Education in Malaysia.…”

Section: Challengesmentioning

confidence: 99%