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...

The purpose of this study is to investigate the current quality waqf reporting practices by waqf institutions in Malaysia. Five factors that influence quality waqf reporting practices namely relevance, faithful representation, understandability, comparability and timeliness were studied. Twenty...

The absence of the bottom line in the not-for-profit organisations, including waqf institution, restrains the rendering of accounts. Therefore, the accountability of such faith-based institution is crucial towards achieving their outcome and socio-economic impact. Waqf institutions are...

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...

This chapter examines the relationship between corporate governance practices and firm performance. The characteristics of the board of Shari’ah-compliant companies in consumer products counter of Bursa Malaysia were examined against the firm’s performance using data from 77 companies from...

This chapter proposes the best reporting practices for waqf institutions, concerning information disclosure on performance, governance, and socio-economic impact using the waqf integrated reporting (WAQIR) model. The WAQIR model is viewed as a comprehensive reporting tool for waqf institutions....

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...