Corporate disclosure has been one of major areas discussed in accounting research. It is a tool to discharge a company’s accountability and transparency. Basically, corporate information and disclosure is used to diminish the conflict of interests among stakeholders. The most accessible source providing corporate information and disclosure is published annual report. Having particular nature and objective, Islamic banking is one sector that has been growing fast in the global financial industry. Islamic bank is a making profit institution which must be in li ne with Shariah compliance (Islamic requirements) and has social orientation as the prime consideration. Examining 18 Islamic banks in 10 countries, this paper attempts to explore the social disclosure extent provided by Islamic banks. The data is analysed using content analysis and correlation. This study supported the previous theory that Disclosure correlates with country values regarding transparency. Unexpectedly, Disclosure has a negative correlation with Human Development Index. Although the correlation value is relatively low, it can be concluded that Disclosure has a positive correlation with the percentage of the moslem in the country. This study has provided some interesting insights into cultural influences on accounting practices. Last but not least, this study found the themes disclosed comprehensively in the annual reports. Those themes are zakah, employee right, and other community involvement.

Different from a conventional cooperative, a Shari’ah-based cooperative observes Shari’ah principles. As these cooperatives offers Islamic financial products and involves in Shari’ah compliant investment, they are bound to observe Shari’ah governance structure, transparency, disclosure of information and strict compliance with Shari’ah principles. Compliance with the Shari’ah principles will strengthen public confidence in the credibility of the system of the Islamic Muamalat particularly in the cooperative movement. Due to the infancy of Shari’ahbased cooperative industry that needs for proper governance measures, this paper aims to discuss corporate governance in Shari’ah-based cooperatives in the attempt to propose a model for resolving stakeholders’ conflicts of interest

Halal industry has attracted global attention from business stakeholders from aroundthe world for its vast growth. The term of “halal‖ means―permissible‖ or―allowed‖. Halal refers to the whole procedure in any products, activities and businesses. There is an urge to have an understanding and implementation on halal concept. Halal industries nowadays not only refer to food and Islamic financial sectors but it also encompasses cosmetics, tourism, logistics, and so forth. This paper attempts to review the development of researches in halal industry, and the findings on halal certification and those three biggest industries in halal market.

Purpose

The halal industry is one of the most growing industries in the world. It refers to the industry in line with Islamic principles and requirements. The emergence of this industry aims to fulfil the requirement of Islamic-compliant products and services. Surprisingly, the industry has been growing in both Muslim and non-Muslim countries. Assessing the performance of the industry will be notable for ensuring that it obtains its objectives. The proper performance measurement should highlight business perspectives and religious aspects. This study aims to explore the current issues and challenges in developing Maqashid Al-Shari’ah-based performance measurement in the halal industry.

Design/methodology/approach

This is a qualitative research using in-depth interviews, and uses content analysis to interpret and explain the interview result. Interviews were conducted with experts in Maqashid Al-Shari’ah and Islamic capital markets.

Findings

The existence of the concept of Maqashid Al-Shari’ah is to create maslahah for all human beings. The development of Maqashid Al-Shari’ah performance measurement for the business is very important. It has only been developed for Islamic financial industry. Unfortunately, it is found that the development of Maqashid Al-Shari’ah performance measurement has not been carried out comprehensively in non-financial industry. The main issue is the absence of the applicable measurements. Therefore, collective decision is required to develop the appropriate measurements.

Practical implications

There is a necessity for regulator to produce standards on Maqashid Al-Shari’ah-based performance measurement. The government policy plays an important role in the development and implementation of Maqashid Al-Shari’ah -based measurement index.

Originality/value

This paper highlights the issue of the development of Maqashid Al-Shari’ah -based performance measurement in halal business and commerce which has not much discussed in prior studies.

Different from a conventional cooperative, a Shari’ah-based cooperative observes Shari’ah principles. As these cooperatives offers Islamic financial products and involves in Shari’ah compliant investment, they are bound to observe Shari’ah governance structure, transparency, disclosure of information and strict compliance with Shari’ah principles. Compliance with the Shari’ah principles will strengthen public confidence in the credibility of the system of the Islamic Muamalat particularly in the cooperative movement. Due to the infancy of Shari’ahbased cooperative industry that needs for proper governance measures, this paper aims to discuss corporate governance in Shari’ah-based cooperatives in the attempt to propose a model for resolving stakeholders’ conflicts of interest

The professional ethics of accountants is an important issue directly relating to the integrity of the profession and its ability to secure the public trust. The fraudulent activities in accounting field indicate the failure of accounting education as the beginning stage of the practice. It is perceived that those happen due to deficiency of moral values inserted in the education level. Inevitably, education system is alleged as the main cause of the problem. Accounting education seeks for moral values to generate ethical accountants as part of society. Accordingly, the visibility of ethics education in accounting programs may initiate the development of morality and also increase public confidence in the profession. However, the efforts to integrate ethical values in educational system will not work well if there are no moral commitments implanted in the individuals. Islam with its divine values plays the notable role to embed cognitive ethical values. It emphasizes on the unity of God, the accountability to God and the concept of maslahah (public benefits) to be the foundations of ethics. Incorporating Islamic ethics into the system will be a significant contribution towards generating ethical accounting education. This paper attempts to elucidate how the Islamic ethics contribute its role towards ethical accountants as the products of accounting education

Discussions on waqf and waqf institutional development currently it has become one of the major topics in the national and international discourse, especially in Muslim countries. Waqf institutions has great potential to support job creation, providing educational opportunities, and to reduce reliance on government funding. However, some problems related to the management of Waqf as asset maintenance, management and mobilization of waqaf asset should be followed. Some recent research suggests there is no specific guidance in preparing and maintaining continuity waqf report as a means of accountability through transparent reporting. In addition to the accountability report itself, the credibility of the institution of Waqf manager also requires the evaluation of performance. As a nonprofit organization, the performance of Waqf institutions may not be determined by certain financial ratios, but how the institution is able to move effectively Waqf assets and how those assets can contribute to the welfare of the people. Therefore, the performance framework Waqf institutions need to be developed. This conceptual paper aims to develop a performance measurement framework for Waqf institutions

The purpose of this paper is to investigate the effects of predominant cultural values on banking disclosure. On one hand, Islamic banks have practiced Islamic principles which are universal for all countries. Islamic banks are expected to provide transparent information especially in terms of social and Shariah(Islamic) compliant information as Islamic banks claim themselves to have social objectives as the prime consideration. Islamic banks also have Shariah supervisory body to ensure that the banking activities and business operations are in line with Islamic requirements. On the other hand, Hofstede‘s cultural dimensions and Gray‘s hypotheses have rendered remarkable contributions in financial and accounting practices among different nations. Examining 45 Islamic banks in 11 Moslem majority countries, this paper focuses on four particular cultural dimensions namely individualism/collectivism, masculinity/femininity, uncertainty avoidance, and power distance and whether these dimensions have an impact on transparency. This study found that two out of four national cultures still have significant effect on the transparency level in Moslem majority countries.

Knowing the factors which can improve performance is very crucial in every organization including Waqf institutions as charitable institutions. Waqf institutions have significant roles in a country to mobilize and distribute public funds. Examining its performance could be useful to assess Waqf’s perpetual existence. In the context of business organizations, financial ratios which rely on the bottom line can be the tools to examine the performance. Financial ratios somehow reflect the financial health and vulnerability of the organizations. Besides that, the organizations frequently compare actual performance with standards or expectations to enhance the organizations’ achievements. Several financial ratios might be applicable to evaluate non-profit organizations although those ratios do not seem sufficient. Financial ratios alone cannot serve as measures of success in non-profits organizations, these organizations have to be assessed in more complex ways, generally dealing with efficiency and effectiveness.

Shariah Audit certification will show the stakeholders that Shariah auditors are skillful and competent in their field. Shariah audit practices should be identified at the professional and certified level. There should be a ‘Certified Shariah Auditor’ to ensure that the Shariah auditor is proficient to perform the task. This issue can be resolved through the certification program. Shariah audit is considered a new area in Islamic finance. It assures that institutions embracing Islamic finance are true to the Shariah principles by them having to undergo periodical audit on Shariah matters. There is a gap in the industry to the certification of Shariah audit as currently no certification is required for Shariah auditors, and there is no professional body offering Shariah audit certification. This research aims to identify the content/scope/ of Shariah audit certification. Data were collected through questionnaire survey method. The subjects for questionnaire distribution are the regulators, Shariah Committee members, Shariah Reviewers in the Islamic banks and undergraduate students. This study contributes on the contents for Shariah audit certification program. The results reveal that Shariah audit certification should at least cover the scope of Shariah audit outlined by Bank Negara Malaysia (BNM), financial statements and internal control systems of an Islamic bank. The contents of certification may also include the area of business policies, process and procedures, zakat calculation and payment, contracts and agreements, and assessment of financial resources. This study implicates that certification in this area will promote professionalism and improve the conduct of Shariah audit in the industry.

Waqf organizations have significant roles in a country to mobilize and distribute public funds. The uniqueness of waqf is that waqf assets should be in existence in perpetuity, therefore the assets must be well managed. Managing public assets must be based on transparency and accountability. The financial reports are prepared to meet the accountability and transparency purposes. Since there was no specifically standardized accounting measurement and report, waqf organisations often adopt the financial reporting practices of for-profit accounting standards to present their financial performance which are not wholly appropriate for non- profit. However, organisations managing waqf assets must also ensure that they follow the unique Islamic principles of waqf such as perpetual existence. Ensuring its accountability through financial reports could be useful to assess waqf‟s perpetual existence. This paper aims to examine the accountability of waqf organizations since accountability is needed to promote public trust in such organizations. Using content and financial statement analysis, this study examines the latest two years (2013-2014) annual reports of five different waqf organization