An Exploratory Study of Accounting and Reporting Practice for Waqf Among State Islamic Religious Councils in Malaysia

Talib, Nori Yani Abu; Latiff, Radziah Abdul; Aman, Aini; Palil, Mohd Rizal

doi:10.24035/ijit.06.2018.009

Cited by 11 publications

(20 citation statements)

References 11 publications

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“…This means that recognition and measurement (Waqf Asset assessment) and Waqf's disclosure and reporting practices do not yet adapt to the rules. And accounting standards of Waqf each country (region) in Malaysia have different rules between one countries with other countries [43]. Besides, Malaysia found the presentation of waqf report that is not under sharia principles because of limited accountant understands the sharia principle [44].…”

Section: Resultsmentioning

confidence: 99%

Management of Waqf Assets at Waqf Institutions in Indonesia

Senjiati¹,

Malik²,

Ridwan³

et al. 2020

Proceedings of the 2nd Social and Humaniora Research Symposium (SoRes 2019)

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Waqf is one of the financial instruments in Islamic economics used in the time of the Prophet. The waqf assets currently managed still revolve around land assets, mosques, madrasah or Islamic boarding schools and funerals. The implementation of most waqf institutions does not have good waqf asset management, causing manipulation of waqf asset availability or loss of waqf assets. Therefore, research problem formulation 1) how is the condition of asset management waqf at the waqf institution in Indonesia? And 2) How is the model of waqf asset management in the waqf institution in Indonesia? The contribution of this research is to offer the performance of waqf asset management at the waqf institution in Indonesia. The result of this study is the condition of waqf asset managementhas not yet fulfilled all stages, such as the making of a waqf pledge deed at the planning stage. And financial reporting at the evaluation and monitoring stage. And Nadzir has yet to meet the asset management model of waqf wealth protection.

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Section: Resultsmentioning

confidence: 99%

Management of Waqf Assets at Waqf Institutions in Indonesia

Senjiati¹,

Malik²,

Ridwan³

et al. 2020

Proceedings of the 2nd Social and Humaniora Research Symposium (SoRes 2019)

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show abstract

“…This signifies that prior to 2022 no universal waqf accounting standard had existed to be complied with by waqf institutions. 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).…”

Section: Literature Reviewmentioning

confidence: 99%

“…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%

“…The revitalization of waqf institutions justified the need for the establishment of a good accounting system for them (Ihsan and Adnan, n.d.;Masruki and Shafii, 2013;Talib, Latiff, Aman and Palil, 2018). Perhaps, prior to the last decade academics had paid little attention to waqf accounting (Ihsan and Adnan, n.d.).…”

Section: Introductionmentioning

confidence: 99%

“…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%

See 2 more Smart Citations

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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Challenges and prospects in waqf reporting practices in Malaysia

Kamaruddin

Hanefah

Masruki

2022

JFRA

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Purpose This study aims to explain the justification behind the current weak waqf reporting practices in waqf institutions in Malaysia and also investigates the factors affecting the good waqf reporting practices. Design/methodology/approach A series of interviews with four waqf officers who are involved with waqf reporting process from four different waqf institutions in Malaysia were conducted. Findings The findings show a number of reasons for the current weak waqf reporting practices including the absence of standardised waqf reporting standards, no reporting or disclosure awareness by the waqf management, limited reporting channels from the state authorities to the national authorities, diversification in the governance structure and reluctance of waqf administration to disclose waqf reporting. The findings also identified several factors contributing to good waqf reporting practices. This includes leadership, good cultural setting within the institution, political will as a push factor, limited qualified personnel as well as sustainability issues and finally, the visibility of the waqf report itself. Practical implications The study findings and recommendations are useful for the State Islamic Religious Councils and waqf institutions in Malaysia to enhance the waqf reporting practices in Malaysia. Originality/value This study is among the few studies that identify the reasons and factors affecting the good waqf reporting practices in Malaysia.

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An Exploratory Study of Accounting and Reporting Practice for Waqf Among State Islamic Religious Councils in Malaysia

Cited by 11 publications

References 11 publications

Management of Waqf Assets at Waqf Institutions in Indonesia

Management of Waqf Assets at Waqf Institutions in Indonesia

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

Challenges and prospects in waqf reporting practices in Malaysia

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