Purpose This paper aims to critically analyse the application of present value (PV) practised in the concept of time value of money (TVM) from the perspective of maqāṣid al-Sharī‘ah (objective of Islamic law) explained by Ibn ‘Ashur. The analysis is important as this concept has been adopted in the practice of Islamic accounting measurement. Design/methodology/approach This paper uses qualitative research approach. The authors first review literature related to TVM in Islamic perspective to understand the extent to which the scholarly articles have been discussing this topic. Furthermore, the authors conduct face-to-face interviews with the experts to comprehend the means of TVM application in the recent Islamic accounting practices. The tawhid (monotheistic) paradigm is further used with special reference to the concept of maqāṣid al-Sharī‘ah of Ibn ‘Ashur to critically analyse the practice of TVM in Islamic accounting measurement. Findings This study identifies the opposing views among the experts on the topic of TVM from the Islamic perspective. That is, the experts’ opinion on this issue can be classified into two. Firstly, a view that rejects TVM and proposes the concept of economic value of time. Secondly, an opinion that recognises TVM with the basis of bay’ al-mu’ajjal (deferred sale). This paper further critically analyses these two opposing opinions. The discussion is established based on the theory of maqāṣid al-Sharī‘ah as explained by Ibn ‘Ashur and the excerpts from interviewing the experts. This work draws a conclusion that such PV-based measurement of TVM does not meet the Islamic principles explained in the theory of Ibn ‘Ashur’s maqāṣid al-Sharī‘ah. Thus, the practice of PV measurement in Islamic accounting is debatable. Research limitations/implications This study does not establish a positivism discussion. It is thus the generalisation of this work is not applicable to the Islamic perspective in general. Rather, it is limited to Ibn ‘Ashur’s maqāṣid al-Sharī‘ah. Practical implications An analysis of PV measurement adoption in Islamic accounting from maqāṣid al-Sharī‘ah perspective is practically important to raise the awareness that such practice is debatable in Islamic principles. That is, such debate opens new arena for academics, industry professionals and other related stakeholders to further discuss an ideal practice of Islamic accounting. Originality/value This paper is among the pioneers that analyses the concept of TVM, in particular relation to PV measurement in Islamic accounting practice from the perspective of Ibn ‘Ashur’s maqāṣid al-Sharī‘ah.

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Audit Internal Lembaga Keuangan Syariah (LKS) harus memiliki cakupan lebih luas dibandingkan audit konvensional, mengingat LKS memiliki keharusan untuk mematuhi prinsip syariah (sharia compliance). Dalam Islam, institusi al-Hisbah dan muhtasib telah berperan untuk menjaga kegiatan ekonomi masyarakat agar berjalan sesuai dengan tuntunan syariah. Penelitian ini bertujuan untuk mengeksplorasi peranan audit internal LKS dalam perspektif al-Hisbah, untuk menjaga kesesuaian operasional LKS tergadap prinsip syariah. Hasil penelitian menunjukkan bahwa audit internal LKS belum didukung oleh kompetensi syariah yang memadai dan panduan pemeriksaan berkaitan dengan aspek syariah. Audit internal harus berperan membantu Dewan Pengawas Syariah (DPS) dalam melakukan proses pemeriksaan aspek pemenuhan syariah.Kata Kunci: Audit Internal, Sharia Compliance, LKS, al-Hisbah

Kuripan Utara is one of the villages in Kuripan sub-district, West Lombok regency, West Nusa Tenggara province, Indonesia. Leading potential in the Kuripan Utara Village is agriculture. The obstacle faced by the community is the lack of awareness about the management of agricultural waste products, one of which is corncobs waste. Alternative solutions can be done to hold socialization of making mushrooms from corncobs media. The method used is the preparation of socialization programs and training in making mushroom growing media from corncobs. The results of this community empowerment program are providing information, knowledge, and training to the Kuripan Utara community on how to treat agricultural waste such as corncobs. Like a mushroom growing media, Corncobs can be used as raw material to make innovative food products that can increase agricultural waste's use and economic value.

Supervision of Shariah compliance in the Islamic financial institutions is a DPS task This study analyzes and evaluates the compliance monitoring by taking the object of Islamic banking in Indonesia either approach or organizational systems approach. This study uses primary data in the form of interviews with 6 DPS on 6 BUS and secondary data from the report GCG 9 BUS 2011-2012. With inductive approach using content analysis and theoretical analysis, the results of this study indicate that the general practice of sharia compliance monitoring is still not optimal yet. Furthermore, this study proposes a model of supervision using a systems approach that aims to improve the supervision of such compliance. The model proposed in this study not only involve DPS, but also part of compliance, internal audit, and the audit committee of Islamic banking, as well as external audit and the Financial Services Authority (FSA) that acting as banking supervisor to replace BI.Supervision of Shariah compliance in the Islamic financial institutions is a DPS task This study analyzes and evaluates the compliance monitoring by taking the object of Islamic banking in Indonesia either approach or organizational systems approach. This study uses primary data in the form of interviews with 6 DPS on 6 BUS and secondary data from the report GCG 9 BUS 2011-2012. With inductive approach using content analysis and theoretical analysi, the results of this study indicate that the general practice of sharia compliance monitoring is still not optimal yet. Furthermore, this study proposes a model of supervision using a systems approach that aims to improve the supervision of such compliance. The model proposed in this study not only involve DPS, but also part of compliance, internal audit, and the audit committee of Islamic banking, as well as external audit and the Financial Services Authority (FSA) that acting as banking supervisor to replace BI.