Philanthropic organizations or known as non-profit organizations in Malaysia currently having a high growth from it first existence from decades ago. The growth creates, among others, an issue on accountability especially on financial accountability. The aim of this article is to discuss the...

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...

Based on the Islamic social enterprise (ISE) concept which is a combination of both social and economic objectives embedded with Islamic principles and values, this study aims to classify ISE based on economic sectors namely public, private and non-profit sectors. In addition, eight...

It is undeniable that a non-profit sector as the third sector plays important roles in the economy nowadays. As a non-profit sector born from loopholes of public and private sectors, its impacts is believed to fulfill society’s interests that cannot be fulfilled by these two previous sectors....

Islam encourages Muslims to take care of their brothers and sisters by sharing and distributing their wealth to the different levels of the community. There are a few types of mechanisms that can be used to achieve this purpose. Nowadays, Islamic philanthropic institutions are known for the...

This study aims to examine the disclosure of web-based accountability of zakat institutions in Malaysia. This study examines 14 zakat institutions which covers all states in Malaysia. The website of the zakat institutions are analyzed based on content analysis. The levels of disclosure in the...

Waqf is one of Islamic economic instruments to promote the distribution of public wealth. This perpetual voluntary charity concept is that the underlying asset should remain and the people can benefit from the asset perpetually. It promises a continuous reward in the eternal life for as long as...

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...