This paper aims to measure the financial performance and sustainability in Malaysian waqf private... more This paper aims to measure the financial performance and sustainability in Malaysian waqf private entity and corporations. Examining its performance and sustainability could be useful to assess waqf perpetual existence. Besides that, the waqf private entity and corporations frequently compare actual performance with standards or expectations to enhance the organizations’ achievements. Thus, by using ratio analysis, this study examines five years (2014-2018) annual reports of waqf private entity administered by Pusat Wakaf Majlis Agama Islam Wilayah Persekutuan Sdn. Bhd (PWMSB) and two waqf corporations Pusat Wakaf Selangor (PWS) and Wakaf An-Nur Corporation (WANCorp). The results indicate that only one waqf corporation was financially performed and sustainable in all seven components. The findings provide useful insights into the financial performance and sustainability of waqf private entity and corporations and highlight the need for policy makers in Malaysia and other Muslim countries to give due attention to the holistic accountability of waqf institutions to ensure waqf’s systematic revival. It is hoped that the results and the recommendations of the study would enable the financial reporting and accountability of such institutions at a higher level
Journal of Financial Reporting and Accounting, Apr 12, 2022
Purpose This study aims to explain the justification behind the current weak waqf reporting pract... more 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.
International Journal of Education, Psychology and Counseling
Person with Disabilities (PWD) is an individual that suffers a long-term physical, mental, intell... more Person with Disabilities (PWD) is an individual that suffers a long-term physical, mental, intellectual, or sensory impairments, preventing one from full and effective participation in society when faced with challenges. The challenges and pressures as a disabled person are very high especially for the individual that was born normal. The relation of PWD with hardship and poverty is very close because of the inability to manage oneself, run a business or find a job to generate an income. The tenacity and strength to rise again by an individual who has faced the misfortune or difficulty shows the characteristics of a person who has a high resilience. The Resilience Model is applied in this study as a guideline to enhance the resilience among PWD’s entrepreneurs. The findings of this study focus on the external protective factors (social support, psychological intervention, public facility and source of inspiration) and the internal protective factors (religion, learning motivation, a...
The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in Developing Countries
The purpose of this study is to investigate the current quality waqf reporting practices by waqf ... more 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 items were used to measure the current level of quality waqf reporting practices in all 14 waqf institutions in Malaysia. Results show the current quality waqf reporting practices by waqf institutions in Malaysia are at a moderate level as it only scored 40.29%. Among the five factors, timeliness scored the highest with 54.29% while the lowest score is comparability at 27.5%. Among the 14 waqf institutions, Perbadanan Wakaf Malaysia (PWS) achieved the highest scorewith 82%.On the other hand, there are eight (8) waqf institutions that only scored 20% (all 20 items are scored with one (1) as the lowest score value). This research provides an important extension on previous knowledge and relevant literature of quality waqf reporting practices by waqf institutions in Malaysia.Moreover, this research focuses on the key dimensions of quality waqf reporting practices reported in the literature. This research helps especially the management of waqf institutions to measure their current disclosure level to improve quality waqf reporting practices.
The absence of the bottom line in the not-for-profit organisations, including waqf institution, r... more 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 established for social well-being; thus their outcome and impact on social benefits are essential, in addition to governance aspects. This is also in line with the National Blue Ocean Strategy (NBOS) and the Outcome-Based Budgeting (OBB) in the Malaysian public sector that has been announced, which concerns on the impact of programs and activities conducted, rather than focused on expenses and outputs. Indeed, this chapter aims to investigate disclosure practices for waqf, concerning their socio-economic impact. In order to achieve the stated research objective, case study approach is adopted through focus group discussion, by interviewing waqf accountants and managers to understand on waqf socio-economic impact. The findings indicate that the current waqf socio-economic impact disclosed by selected waqf institution is still in moderate level. Several recommendations are also provided in order to enhance accountability and promote transparency towards sustainability of waqf institutions in Malaysia.
Purpose This study aims to explain the justification behind the current weak waqf reporting pract... more 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 pu...
Handbook of Research on Theory and Practice of Global Islamic Finance, 2020
This chapter examines the relationship between corporate governance practices and firm performanc... more 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 2014 to 2016. Based on the result of multiple regression; board size, Muslim chairman, and Muslim director have a weak positive correlation with the performance of the firms. However, directors with Shari'ah background seem to have a negative correlation with the performance of the firms. The findings of the chapter would be very useful to the regulators to improve the Malaysian Code of Corporate Governance (MCCG). The findings also help to fill the gap on scarce literature that study the relationship between the corporate governance practices involving Muslim characteristics and performance.
This paper aims to measure the financial performance and sustainability in Malaysian waqf private... more This paper aims to measure the financial performance and sustainability in Malaysian waqf private entity and corporations. Examining its performance and sustainability could be useful to assess waqf perpetual existence. Besides that, the waqf private entity and corporations frequently compare actual performance with standards or expectations to enhance the organizations’ achievements. Thus, by using ratio analysis, this study examines five years (2014-2018) annual reports of waqf private entity administered by Pusat Wakaf Majlis Agama Islam Wilayah Persekutuan Sdn. Bhd (PWMSB) and two waqf corporations Pusat Wakaf Selangor (PWS) and Wakaf An-Nur Corporation (WANCorp). The results indicate that only one waqf corporation was financially performed and sustainable in all seven components. The findings provide useful insights into the financial performance and sustainability of waqf private entity and corporations and highlight the need for policy makers in Malaysia and other Muslim coun...
It is undeniable fact that waqf becomes as one of tools used in order to alleviate inequality amo... more It is undeniable fact that waqf becomes as one of tools used in order to alleviate inequality among people especially Muslim community. Basically, waqf fund is raised from the public and managed by mutawalli under waqf institution. As the intermediate party between waqif and beneficiaries, waqf institution is accountable for the management of waqf funds and need to disclose sufficient information pertaining to waqf fund itself. Good disclosure practices by waqf institution should cover both financial and non-financial information for all related waqf activities, programs and projects conducted. This includes such as corporate information, strategic information, financial performance information, financial statement information and non-financial performance information. To examine such disclosure practices, intensive content analysis was employed on waqf reporting information which is waqf annual report from three selected awqaf institutions namely, Perbadanan Wakaf Selangor (PWS), P...
This study aims to analyse the current practices of disclosure of financial and non-financial rep... more This study aims to analyse the current practices of disclosure of financial and non-financial reports of waqf institutions in Indonesia; to identify the performance indicators concerning social economic and governance impact of waqf; to suggest the best reporting framework for waqf institutions in Indonesia. A qualitative method was employed to measure the content analysis of annual report. Data are collected by downloading annual reports of waqf institutions from their website. Twenty waqf boards of 201 registered waqf institutions as the sample of participants. The disclosure of performance reports were measured by counting 57 disclosure items. The results indicate that waqf boards in Indonesia do not have a guidance or list for reporting their activities; methods on how to assess waqf board performance and the impact of waqf on social-economic and governance. They did not comply with 57 disclosure items, and none of waqf board reported the impact of waqf on social-economic and le...
IPN Journal of Research and Practice in Public Sector Accounting and Management
Tujuan: Kajian ini bertujuan untuk melihat sejauh mana penggunaan maklumat perakaunan akruan dala... more Tujuan: Kajian ini bertujuan untuk melihat sejauh mana penggunaan maklumat perakaunan akruan dalam empat aspek; iaitu pembangunan belanjawan, pengurusan liabiliti, pengurusan aset dan penzahiran akauntabiliti, di samping melihat impak penggunaan tersebut terhadap Matlamat Pembangunan Lestari (Sustainable Development Goals, “SDG”) berdasarkan Maqasid Syariah. Rekabentuk Kajian: Kajian ini melibatkan kementerian dan Pihak Berkuasa Tempatan (PBT) dengan menggunakan pendekatan kuantitatif dengan edaran soal selidik dalam talian menggunakan Google Form. Data kemudiannya dianalisa menggunakan statistik diskriptif dan inferensi. Dapatan: Hasil kajian rintis mendapati semua pemboleh ubah yang digunakan mempunyai nilai Cronbach’s Alpha yang dapat diterima, iaitu antara 0.617-0.886. Berdasarkan nilai min, dapatan kajian menunjukkan tahap penggunaan maklumat perakaunan akruan berada pada tahap yang tinggi; iaitu dalam pengurusan liabiliti (4.18), pengurusan aset (4.13), penzahiran akauntabilit...
IPN Journal of Research and Practice in Public Sector Accounting and Management
Purpose: The current study aims to determine the degrees of accrual accounting implementation and... more Purpose: The current study aims to determine the degrees of accrual accounting implementation and accrual information usage in the Malaysian public sector with relevant impacts on budget development and management, asset and liability management, accountability disclosure, and performance measurement. Methodology: The present study employed a qualitative methodology, namely focus group discussion to garner relevant insights from the accountants in Malaysian Ministries and Local Authorities (LA). Thematic analysis was subsequently conducted for interview data analysis. Results: The findings revealed that accrual accounting was implemented as specified in the Malaysian Government Treasury Circular. Meanwhile, accrual information was employed in budget development and management and asset and liability management albeit less frequently in performance measurement. Accrual information usage contributed to satisfactory accountability disclosure through more comprehensive, accurate, and tr...
This paper aims to measure the financial performance and sustainability in Malaysian waqf private... more This paper aims to measure the financial performance and sustainability in Malaysian waqf private entity and corporations. Examining its performance and sustainability could be useful to assess waqf perpetual existence. Besides that, the waqf private entity and corporations frequently compare actual performance with standards or expectations to enhance the organizations’ achievements. Thus, by using ratio analysis, this study examines five years (2014-2018) annual reports of waqf private entity administered by Pusat Wakaf Majlis Agama Islam Wilayah Persekutuan Sdn. Bhd (PWMSB) and two waqf corporations Pusat Wakaf Selangor (PWS) and Wakaf An-Nur Corporation (WANCorp). The results indicate that only one waqf corporation was financially performed and sustainable in all seven components. The findings provide useful insights into the financial performance and sustainability of waqf private entity and corporations and highlight the need for policy makers in Malaysia and other Muslim countries to give due attention to the holistic accountability of waqf institutions to ensure waqf’s systematic revival. It is hoped that the results and the recommendations of the study would enable the financial reporting and accountability of such institutions at a higher level
Journal of Financial Reporting and Accounting, Apr 12, 2022
Purpose This study aims to explain the justification behind the current weak waqf reporting pract... more 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.
International Journal of Education, Psychology and Counseling
Person with Disabilities (PWD) is an individual that suffers a long-term physical, mental, intell... more Person with Disabilities (PWD) is an individual that suffers a long-term physical, mental, intellectual, or sensory impairments, preventing one from full and effective participation in society when faced with challenges. The challenges and pressures as a disabled person are very high especially for the individual that was born normal. The relation of PWD with hardship and poverty is very close because of the inability to manage oneself, run a business or find a job to generate an income. The tenacity and strength to rise again by an individual who has faced the misfortune or difficulty shows the characteristics of a person who has a high resilience. The Resilience Model is applied in this study as a guideline to enhance the resilience among PWD’s entrepreneurs. The findings of this study focus on the external protective factors (social support, psychological intervention, public facility and source of inspiration) and the internal protective factors (religion, learning motivation, a...
The Importance of New Technologies and Entrepreneurship in Business Development: In The Context of Economic Diversity in Developing Countries
The purpose of this study is to investigate the current quality waqf reporting practices by waqf ... more 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 items were used to measure the current level of quality waqf reporting practices in all 14 waqf institutions in Malaysia. Results show the current quality waqf reporting practices by waqf institutions in Malaysia are at a moderate level as it only scored 40.29%. Among the five factors, timeliness scored the highest with 54.29% while the lowest score is comparability at 27.5%. Among the 14 waqf institutions, Perbadanan Wakaf Malaysia (PWS) achieved the highest scorewith 82%.On the other hand, there are eight (8) waqf institutions that only scored 20% (all 20 items are scored with one (1) as the lowest score value). This research provides an important extension on previous knowledge and relevant literature of quality waqf reporting practices by waqf institutions in Malaysia.Moreover, this research focuses on the key dimensions of quality waqf reporting practices reported in the literature. This research helps especially the management of waqf institutions to measure their current disclosure level to improve quality waqf reporting practices.
The absence of the bottom line in the not-for-profit organisations, including waqf institution, r... more 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 established for social well-being; thus their outcome and impact on social benefits are essential, in addition to governance aspects. This is also in line with the National Blue Ocean Strategy (NBOS) and the Outcome-Based Budgeting (OBB) in the Malaysian public sector that has been announced, which concerns on the impact of programs and activities conducted, rather than focused on expenses and outputs. Indeed, this chapter aims to investigate disclosure practices for waqf, concerning their socio-economic impact. In order to achieve the stated research objective, case study approach is adopted through focus group discussion, by interviewing waqf accountants and managers to understand on waqf socio-economic impact. The findings indicate that the current waqf socio-economic impact disclosed by selected waqf institution is still in moderate level. Several recommendations are also provided in order to enhance accountability and promote transparency towards sustainability of waqf institutions in Malaysia.
Purpose This study aims to explain the justification behind the current weak waqf reporting pract... more 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 pu...
Handbook of Research on Theory and Practice of Global Islamic Finance, 2020
This chapter examines the relationship between corporate governance practices and firm performanc... more 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 2014 to 2016. Based on the result of multiple regression; board size, Muslim chairman, and Muslim director have a weak positive correlation with the performance of the firms. However, directors with Shari'ah background seem to have a negative correlation with the performance of the firms. The findings of the chapter would be very useful to the regulators to improve the Malaysian Code of Corporate Governance (MCCG). The findings also help to fill the gap on scarce literature that study the relationship between the corporate governance practices involving Muslim characteristics and performance.
This paper aims to measure the financial performance and sustainability in Malaysian waqf private... more This paper aims to measure the financial performance and sustainability in Malaysian waqf private entity and corporations. Examining its performance and sustainability could be useful to assess waqf perpetual existence. Besides that, the waqf private entity and corporations frequently compare actual performance with standards or expectations to enhance the organizations’ achievements. Thus, by using ratio analysis, this study examines five years (2014-2018) annual reports of waqf private entity administered by Pusat Wakaf Majlis Agama Islam Wilayah Persekutuan Sdn. Bhd (PWMSB) and two waqf corporations Pusat Wakaf Selangor (PWS) and Wakaf An-Nur Corporation (WANCorp). The results indicate that only one waqf corporation was financially performed and sustainable in all seven components. The findings provide useful insights into the financial performance and sustainability of waqf private entity and corporations and highlight the need for policy makers in Malaysia and other Muslim coun...
It is undeniable fact that waqf becomes as one of tools used in order to alleviate inequality amo... more It is undeniable fact that waqf becomes as one of tools used in order to alleviate inequality among people especially Muslim community. Basically, waqf fund is raised from the public and managed by mutawalli under waqf institution. As the intermediate party between waqif and beneficiaries, waqf institution is accountable for the management of waqf funds and need to disclose sufficient information pertaining to waqf fund itself. Good disclosure practices by waqf institution should cover both financial and non-financial information for all related waqf activities, programs and projects conducted. This includes such as corporate information, strategic information, financial performance information, financial statement information and non-financial performance information. To examine such disclosure practices, intensive content analysis was employed on waqf reporting information which is waqf annual report from three selected awqaf institutions namely, Perbadanan Wakaf Selangor (PWS), P...
This study aims to analyse the current practices of disclosure of financial and non-financial rep... more This study aims to analyse the current practices of disclosure of financial and non-financial reports of waqf institutions in Indonesia; to identify the performance indicators concerning social economic and governance impact of waqf; to suggest the best reporting framework for waqf institutions in Indonesia. A qualitative method was employed to measure the content analysis of annual report. Data are collected by downloading annual reports of waqf institutions from their website. Twenty waqf boards of 201 registered waqf institutions as the sample of participants. The disclosure of performance reports were measured by counting 57 disclosure items. The results indicate that waqf boards in Indonesia do not have a guidance or list for reporting their activities; methods on how to assess waqf board performance and the impact of waqf on social-economic and governance. They did not comply with 57 disclosure items, and none of waqf board reported the impact of waqf on social-economic and le...
IPN Journal of Research and Practice in Public Sector Accounting and Management
Tujuan: Kajian ini bertujuan untuk melihat sejauh mana penggunaan maklumat perakaunan akruan dala... more Tujuan: Kajian ini bertujuan untuk melihat sejauh mana penggunaan maklumat perakaunan akruan dalam empat aspek; iaitu pembangunan belanjawan, pengurusan liabiliti, pengurusan aset dan penzahiran akauntabiliti, di samping melihat impak penggunaan tersebut terhadap Matlamat Pembangunan Lestari (Sustainable Development Goals, “SDG”) berdasarkan Maqasid Syariah. Rekabentuk Kajian: Kajian ini melibatkan kementerian dan Pihak Berkuasa Tempatan (PBT) dengan menggunakan pendekatan kuantitatif dengan edaran soal selidik dalam talian menggunakan Google Form. Data kemudiannya dianalisa menggunakan statistik diskriptif dan inferensi. Dapatan: Hasil kajian rintis mendapati semua pemboleh ubah yang digunakan mempunyai nilai Cronbach’s Alpha yang dapat diterima, iaitu antara 0.617-0.886. Berdasarkan nilai min, dapatan kajian menunjukkan tahap penggunaan maklumat perakaunan akruan berada pada tahap yang tinggi; iaitu dalam pengurusan liabiliti (4.18), pengurusan aset (4.13), penzahiran akauntabilit...
IPN Journal of Research and Practice in Public Sector Accounting and Management
Purpose: The current study aims to determine the degrees of accrual accounting implementation and... more Purpose: The current study aims to determine the degrees of accrual accounting implementation and accrual information usage in the Malaysian public sector with relevant impacts on budget development and management, asset and liability management, accountability disclosure, and performance measurement. Methodology: The present study employed a qualitative methodology, namely focus group discussion to garner relevant insights from the accountants in Malaysian Ministries and Local Authorities (LA). Thematic analysis was subsequently conducted for interview data analysis. Results: The findings revealed that accrual accounting was implemented as specified in the Malaysian Government Treasury Circular. Meanwhile, accrual information was employed in budget development and management and asset and liability management albeit less frequently in performance measurement. Accrual information usage contributed to satisfactory accountability disclosure through more comprehensive, accurate, and tr...
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