Waqf Reporting: A Modified Integrated Reporting for Sustainable Islamic Social Finance
Journal Title: International Journal of Academic Research in Business and Social Sciences - Year 2018, Vol 8, Issue 12
Abstract
The increasing growth of waqf activities in recent years makes it timely to study the accounting and reporting practices for this important economic sector. Waqf institutions are generally voluntarily established with emphasis on acquiring waqf assets and cash contributions to fund activities. Generally, less attention is given to the accounting and reporting aspects. Today, the global accounting practice is moving towards reporting of multiple capitals to create value for sustainable business. Introduced in 2013 and known as integrated reporting, this approach is relatively new to most part of the world including Malaysia. The approach integrates six types of capitals categorized as human, intellectual, social, manufactured, natural and financial, linked to business model and strategy in value creation. It expands the traditional reporting which stresses on past financial performance, to future, strategy-based focus. This research reviews the literature on waqf accounting and reporting practices and discusses the drawbacks of the conventional accounting system for Islamic social finance. The study then highlights the new integrated reporting and discusses its applicability in waqf reporting which is based on the Islamic reporting and accountability. The proposed Integrated Waqf Reporting System (IWRS) adopts a long-term perspective, linking organizational performance to business model and strategy and, providing information on Social, Intellectual, Relational, Awqaf and Human (SIRAH) capitals. The IWRS highlights the principle of stakeholders-inclusiveness and assist the public and potential donors in determining the long-term performance of waqf institutions and enhance the social support and sustainability of Islamic social finance.
Authors and Affiliations
Noorhayati Mansor, Amira Jamil, Asniati Bahari
Keywords
Related Articles
- EP ID EP581110
- DOI 10.6007/IJARBSS/v8-i12/5069
- Views 76
- Downloads 0
Organizational Citizenship Behaviour and Turnover Intention among Generation Y in Malaysia
The purpose of this study is to investigate the relationship between Organizational Citizenship Behaviour (OCB) of generation Y and their turnover intention in Malaysia. Organizational Citizenship Behaviour (OCB) was ref...
Testing Nomological Validity of Customers’ Cognitive Levels in Evaluating Higher Education Service Experience
Previous studies have proven that service information is evaluated in the customers’ cognitive at three abstraction levels, namely Service Personal Values (SPV – highest cognitive level), Service Value (SV– intermediate...
Exploring National Tourism Organizations’ (NTOs) Use of YouTube to Communicate Information on Destination Safety and Security
Prior studies on destination image and risk perceptions have pointed out that various information sources affect tourists’ risk perceptions and overall image of the destination. In the case of providing tourist safety an...
Relationship between Parenting Styles, Academic Performance and Socio-demographic Factors among Undergraduates at Universiti Putra Malaysia
The purpose of this study is to determine the relationship between parenting styles, undergraduates’ academic performances and socio-demographic factors (ethnic group and socioeconomic status) among undergraduates at Uni...
Role of Supplier Selections on Performance of Manufacturing Firms
Across the globe, organizations have realized the importance of procurement performance in establishing and maintaining their competitive advantage. Supplier’s development was considered as one of the aspect that can enh...