Financial accountability of Waqf (Pious endowment) institutions: the case of budgeting practices in state Islamic religious councils in Malaysia

Islamic Waqf Organisations are unique to the Islamic World. However, over the last two decades Islamic Waqf (i.e., Islamic endowment) institutions in Malaysia have been under intense pressure to improve their financial accountability and budgetary practices. Thus, this study empirically examines the...

Full description

Bibliographic Details
Main Authors:	Siraj, Siti Alawiah, Karbhari, Yusof
Format:	Conference or Workshop Item
Language:	English English
Published:	2014
Subjects:	HF5601 Accounting. Bookkeeping
Online Access:	http://irep.iium.edu.my/41468/ http://irep.iium.edu.my/41468/ http://irep.iium.edu.my/41468/1/Siti_Alawiah_Paper_1-_BAFA2014.pdf http://irep.iium.edu.my/41468/4/Proceeding_BAFA_2014.pdf

id	iium-41468
recordtype	eprints
spelling	iium-414682016-03-30T02:17:11Z http://irep.iium.edu.my/41468/ Financial accountability of Waqf (Pious endowment) institutions: the case of budgeting practices in state Islamic religious councils in Malaysia Siraj, Siti Alawiah Karbhari, Yusof HF5601 Accounting. Bookkeeping Islamic Waqf Organisations are unique to the Islamic World. However, over the last two decades Islamic Waqf (i.e., Islamic endowment) institutions in Malaysia have been under intense pressure to improve their financial accountability and budgetary practices. Thus, this study empirically examines the extent of financial accountability of waqf management in State Islamic Religious Councils (SIRCs) by examining, in particular, their budgeting practices. Data was collected by means of semi-structured interviews with senior finance officers of the twelve SIRCs and the two baytulmal (House of wealth) institutions in existence in Malaysia. The study finds that that the participative budgeting and bottom-up budget preparation are the prevalent budgeting culture; (2) budget allocation were thoroughly deliberated via technical examinations and Shari’ah screening before being approved by higher level authorities for spending ; (3) budgetary controls strictly emphasized on budget compliance due to financial constraints and less focus on the effectiveness of budget consumption; and (4) the existence of inherent challenges of shortages in financial and human resource and a clear lack of expertise and top management commitment along with weak management information systems which inevitably act as major hindrance to achieving an effective financial accountability system. 2014 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/41468/1/Siti_Alawiah_Paper_1-_BAFA2014.pdf application/pdf en http://irep.iium.edu.my/41468/4/Proceeding_BAFA_2014.pdf Siraj, Siti Alawiah and Karbhari, Yusof (2014) Financial accountability of Waqf (Pious endowment) institutions: the case of budgeting practices in state Islamic religious councils in Malaysia. In: 50th BAFA Annual Conference, 14th-16th April 2014, London School of Economics. (Unpublished) http://www.bafa.ac.uk/events/events-past/past-event-of-bafa-annual-conference.html
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HF5601 Accounting. Bookkeeping
spellingShingle	HF5601 Accounting. Bookkeeping Siraj, Siti Alawiah Karbhari, Yusof Financial accountability of Waqf (Pious endowment) institutions: the case of budgeting practices in state Islamic religious councils in Malaysia
description	Islamic Waqf Organisations are unique to the Islamic World. However, over the last two decades Islamic Waqf (i.e., Islamic endowment) institutions in Malaysia have been under intense pressure to improve their financial accountability and budgetary practices. Thus, this study empirically examines the extent of financial accountability of waqf management in State Islamic Religious Councils (SIRCs) by examining, in particular, their budgeting practices. Data was collected by means of semi-structured interviews with senior finance officers of the twelve SIRCs and the two baytulmal (House of wealth) institutions in existence in Malaysia. The study finds that that the participative budgeting and bottom-up budget preparation are the prevalent budgeting culture; (2) budget allocation were thoroughly deliberated via technical examinations and Shari’ah screening before being approved by higher level authorities for spending ; (3) budgetary controls strictly emphasized on budget compliance due to financial constraints and less focus on the effectiveness of budget consumption; and (4) the existence of inherent challenges of shortages in financial and human resource and a clear lack of expertise and top management commitment along with weak management information systems which inevitably act as major hindrance to achieving an effective financial accountability system.
format	Conference or Workshop Item
author	Siraj, Siti Alawiah Karbhari, Yusof
author_facet	Siraj, Siti Alawiah Karbhari, Yusof
author_sort	Siraj, Siti Alawiah
title	Financial accountability of Waqf (Pious endowment) institutions: the case of budgeting practices in state Islamic religious councils in Malaysia
title_short	Financial accountability of Waqf (Pious endowment) institutions: the case of budgeting practices in state Islamic religious councils in Malaysia
title_full	Financial accountability of Waqf (Pious endowment) institutions: the case of budgeting practices in state Islamic religious councils in Malaysia
title_fullStr	Financial accountability of Waqf (Pious endowment) institutions: the case of budgeting practices in state Islamic religious councils in Malaysia
title_full_unstemmed	Financial accountability of Waqf (Pious endowment) institutions: the case of budgeting practices in state Islamic religious councils in Malaysia
title_sort	financial accountability of waqf (pious endowment) institutions: the case of budgeting practices in state islamic religious councils in malaysia
publishDate	2014
url	http://irep.iium.edu.my/41468/ http://irep.iium.edu.my/41468/ http://irep.iium.edu.my/41468/1/Siti_Alawiah_Paper_1-_BAFA2014.pdf http://irep.iium.edu.my/41468/4/Proceeding_BAFA_2014.pdf
first_indexed	2023-09-18T20:59:23Z
last_indexed	2023-09-18T20:59:23Z
_version_	1777410520871075840

Financial accountability of Waqf (Pious endowment) institutions: the case of budgeting practices in state Islamic religious councils in Malaysia

Similar Items