Challenges and prospects inwaqfreporting practices in Malaysia

Muhammad Iqmal Hisha Kamaruddin, Mustafa Mohd Hanefah and Rosnia Masruki

Journal of Financial Reporting and Accounting, 2022, vol. 22, issue 3, 752-765

Abstract: Purpose - This study aims to explain the justification behind the current weakwaqfreporting practices inwaqfinstitutions in Malaysia and also investigates the factors affecting the goodwaqfreporting practices. Design/methodology/approach - A series of interviews with fourwaqfofficers who are involved withwaqfreporting process from four differentwaqfinstitutions in Malaysia were conducted. Findings - The findings show a number of reasons for the current weakwaqfreporting practices including the absence of standardisedwaqfreporting standards, no reporting or disclosure awareness by thewaqfmanagement, limited reporting channels from the state authorities to the national authorities, diversification in the governance structure and reluctance ofwaqfadministration to disclosewaqfreporting. The findings also identified several factors contributing to goodwaqfreporting 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 thewaqfreport itself. Practical implications - The study findings and recommendations are useful for the State Islamic Religious Councils andwaqfinstitutions in Malaysia to enhance thewaqfreporting practices in Malaysia. Originality/value - This study is among the few studies that identify the reasons and factors affecting the goodwaqfreporting practices in Malaysia.

Keywords: Waqf reporting; Waqf institution; Challenges; Prospects; Islamic accounting (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfrapp:jfra-01-2022-0018

DOI: 10.1108/JFRA-01-2022-0018

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