This chapter is written by Supiah Salleh, Mustafa Mohd Hanefah, Zurina Shafii and Muhammad Iqmal Hisham Kamaruddin from Universiti Sains Islam Malaysia (USIM). It explains the perceptions of the internal auditors (Shariah auditors), regulators (BNM), Shariah committee, Shariah officers, external...

This chapter is written by Muhammad Iqmal Hisham Kamaruddin, Mustafa Mohd Hanefah and Zurina Shafii from Universiti Sains Islam Malaysia (USIM). The chapter aims to assess the gaps that exist between the requirements outlined by Malaysia accounting standards (MAS) with AAOIFI’s Financial...

Halal lifestyle is one of the contemporary issues discussed by Muslim populations around the world, including Malaysia. Muslim consumers treat Halal as a compulsory element in all transactions as part of religious obligation, while traders see Halal as an important element in expanding their...

Purpose – The existence of internal control for Sharīʿah-compliance promotes reasonable assurance that the Islamic financial institution’s (IFI’s) objectives are achieved in the following categories, namely, the effectiveness and efficiency of operations, the reliability of financial...

This study attempts to link between the current impacts of zakat institutions (ZIs) activities and programs under all 14 states in Malaysia with maqasid shariah and sustainable development goals (SDGs). Besides, this study also compares these impacts between corporatize and non-corporatize ZIs...

This study compares stakeholder and management perspectives on accountability practices in Malaysian Islamic Social Enterprises (ISEs). Two sets of questionnaires were used in the survey for this study. The first set was answered randomly by 100 ISE stakeholders, and the second set was answered...

This study aims at examining the impacts of internal control practices on financial accountability in Islamic non-profit organizations (NPOs) in Malaysia. Thus, this study applies an explanatory case study method to analyze intervention of life events which form the internal control practices....

The purpose of Shariah financial screening indices is to exclude companies with unacceptable levels of conventional debt, liquidity, interest-based investment and/or impure income. In Islamic perspective, a company must not borrow on the basis of interest rate, nor invest in debt-bearing...

The developments of social enterprise (SE) concept around the world have significantly impacted Islamic organizations' behavior and operation. Due to SE concept where both social and economic objectives are combined in a single entity, it has increased the complexity of Islamic organizations'...

Accountability and non-profit sector is not a strange issue. As it has wider stakeholders as compared to other sectors, abuse, misappropriate and fraud cases frequently remark the ‘dark side' of non-profit sector. Plus, with the introduction of Social Enterprise (SE) concept that combine for...