Sharia governance standards and the role of AAOIFI: a comprehensive literature review and future research agenda

Hassan, M. Kabir; Rabbani, Mustafa Raza

doi:10.1108/jiabr-04-2022-0111

Cited by 25 publications

(13 citation statements)

References 103 publications

(179 reference statements)

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“…Information on the IFI's fiduciary and social responsibilities be inevitably disclosed. Furthermore, Hassan & Rabbani (2022) stated that AAOIFI has been instrumental in the development of accounting standards for IFIs and has contributed significantly to the general growth of the Islamic finance sector.…”

Section: Discussion and Resultsmentioning

confidence: 99%

Critical Review on Financial Reporting Practices by Islamic Banks: (Comparison between AAOIFI and IFRS)

Perwiragama

Fauziyah²

2022

nurani

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This paper summarizes the findings of a comparative critical examination of the financial reporting methods of Bank Al-Barakah, BTPN Syariah, and Maybank Islamic Berhad. Due to the discrepancy between theory and practice, several past studies have found that Islamic banks need to alter the implementation of their financing facilities. This fact requires clarification. The research employs the quantitative descriptive method and theoretical with secondary data sources derived from literature research, as well as the IASB Conceptual Framework, AAOIFI Conceptual Framework, Resolution 2 of the Sharia Advisory Committee of Bank Negara Malaysia (SAC BNM), Statement of Islamic Financial Accounting Standards (PSAK Syariah), and other related references. The findings of this study indicate that AAOIFI and IFRS interpret the objectives of financial reporting differently. AAOIFI serves sharia principles as an intrinsic component of financial reporting, whereas IFRS implements neutrality of financial reporting from religion or standard components. Overall, the authors of this article maintain that Islamic banks conform to AAOIFI criteria for all of its components, including financial reporting objectives, key accounting assumptions, and SLM-based revenue estimation.

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Section: Discussion and Resultsmentioning

confidence: 99%

Critical Review on Financial Reporting Practices by Islamic Banks: (Comparison between AAOIFI and IFRS)

Perwiragama

Fauziyah²

2022

nurani

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“…4.3.3 Shariah governance standards for Islamic crypto asset. The key aspect to ensure accountability, transparency and fulfilment of shariah compliance are shariah governance (Mohammed Sarea and Mohd Hanefah, 2013;Hassan and Raza Rabbani, 2023). These standards are needed to ensure Islamic financial institutions are on track, follow shariah ethical principles, work for marginalised sections of society and IJLMA 66,2 standardise transparency in financial reporting (Hassan et al, 2019).…”

Section: Islamic Crypto Assets and Regulatory Frameworkmentioning

confidence: 99%

“…These standards are needed to ensure Islamic financial institutions are on track, follow shariah ethical principles, work for marginalised sections of society and IJLMA 66,2 standardise transparency in financial reporting (Hassan et al, 2019). Good corporate governance practices lead to good financial performance, reduce corporate risk, increase transparency and increase efficiency and resilience for external and internal stakeholders (Grassa, 2016;Hassan and Raza Rabbani, 2023). Good corporate governance practices also facilitate access to capital, engender a good reputation and produce good working relationships with all stakeholders and overall performance (Vinnicombe, 2010;Hassan and Raza Rabbani, 2023).…”

Section: Islamic Crypto Assets and Regulatory Frameworkmentioning

confidence: 99%

Islamic crypto assets and regulatory framework: evidence from Indonesia and global approaches

Wiwoho,

Trinugroho,

Kharisma

et al. 2023

IJLMA

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Purpose The purpose of this study is to formulate a governance and regulatory framework for Islamic crypto assets (ICAs). A balanced regulatory framework is required to protect consumers and to encourage digital Islamic finance innovation. Design/methodology/approach This study focuses on Indonesia and compares it to other countries, specifically Malaysia and the UK, using statutory, comparative and conceptual research approaches. Findings The ICAs are permissible (halal) commodities/assets to be traded if they fulfil the standards as goods or commodities that can be traded with a sale and purchase contract (sil’ah) and have an underlying asset (backed by tangible assets such as gold). Islamic social finance activities such as zakat and Islamic microfinance activities such as halal industry are backed by ICAs. The regulatory framework needed to support ICAs includes the Islamic Financial Services Act, shariah supervisory boards, shariah governance standards and ICA exchanges. Research limitations/implications This study only examined crypto assets (tokens as securities) and not cryptocurrencies. It used regulations in several countries with potential in Islamic finance development, such as Indonesia, Malaysia and the UK. Practical implications The ICA regulatory framework is helpful as an element of a comprehensive strategy to develop a lasting Islamic social finance ecosystem. Social implications The development of crypto assets must be supported by a regulatory framework to protect consumers and encourage innovation in Islamic digital finance. Originality/value ICA has growth prospects; however, weak regulatory support and minimal oversight indicate weak legal protection for consumers and investors. Regulating ICA, optimising supervision, implementing shariah governance standards and having ICA exchanges can strengthen the Islamic economic ecosystem.

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“…With the tremendous growth and advance of technology and common use of smart devices, donations have also gone through a massive transformation in recent years. The traditional medium of funds raising started to lose popularity in favor of more advanced and innovative Fintech-based financial services such as crowdfunding (Hassan et al, 2022a(Hassan et al, , 2022b. Fintech-based financial innovation comes with multiple benefits to the charitable institutions as it helps them not only to raise money for a campaign but also to reach the masses and promote charitable and solidarity activities and giving behavior.…”

Section: Charity Projects and Covid-19 Pandemicmentioning

confidence: 99%

Donors’ attitude towards fundraising efforts in UAE during COVID-19 pandemic: the moderating role of ethics

Sarea

Rabbani

Rahiman

et al. 2022

JIABR

Self Cite

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Purpose This study aims to explore the antecedents of donors’ attitudes toward fundraising campaigns to fight COVID-19 in the United Arab Emirates (UAE) during the pandemic crisis. This manuscript identified how moderating effects of ethical dimensions can strengthen the relationship between trust in charity and charity projects with their attitude to raise funds to mitigate pandemic repercussions. Design/methodology/approach This study follows a quantitative approach by administering survey instruments to collect the data from the sample of respondents. A total of 391 responses were obtained adopting snowball sampling and analyzed through structural equation modeling (SEM) to derive meaningful results for path analysis. Findings The findings of this study indicate that certain insights need to be considered to trigger the donors’ attitude toward raising or participating in charity-oriented campaigns, especially during pandemic situations. For instance, organizing more transformable processes in charity projects and establishing more trust factors among donors is highly essential in charity activities. Similarly, promoting ethical dimensions of the donors toward supporting the vulnerable more effectively and encouraging them to participate or organize philanthropic activities certainly benefit and support this noble cause. Practical implications This study will help the government and nonprofit organizations in devising their campaigns for raising funds. The findings of this study suggest that ethics is an important consideration and driver for donors in philanthropy-serving organizations and individuals. Originality/value This research contributes to the literature on donation and philanthropic studies focusing on fundraising campaigns attitudes during COVID-19. This study contributes influential factors and attitudes of individuals and organizations toward charity and philanthropic service.

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Sharia governance standards and the role of AAOIFI: a comprehensive literature review and future research agenda

Cited by 25 publications

References 103 publications

Critical Review on Financial Reporting Practices by Islamic Banks: (Comparison between AAOIFI and IFRS)

Critical Review on Financial Reporting Practices by Islamic Banks: (Comparison between AAOIFI and IFRS)

Islamic crypto assets and regulatory framework: evidence from Indonesia and global approaches

Donors’ attitude towards fundraising efforts in UAE during COVID-19 pandemic: the moderating role of ethics

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