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Sharia Audit Challenges in Malaysian Islamic Financial Institutions Shahid, Mohammad; Khaliq, Ahmad; Hassan, Rusni
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol 15, No 1 (2023)
Publisher : Faculty of Sharia and Law, UIN Syarif Hidayatullah Jakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v1i1.26014

Abstract. Sharia Auditing in Islamic Financial Institutions (IFIs) poses several challenges, for example, lack of standardization, harmonization in Sharia standards, and incompetent Sharia auditors. Addressing these challenges is critical to ensuring the sustainability and growth of IFIs in Malaysia. This study aims to discuss the problems and challenges of Sharia auditing in IFIs. This study used a qualitative method by distributing questionnaires to 40 practitioners from several IFIs engaged in Islamic audit services through a purposive sampling procedure. T he research findings show that the awareness of the Sharia audit is satisfactory in the absence of a separate audit report. In addition, Sharia audit should be integrated into college accounting; comprehensive Sharia audit framework and standards; regulatory/professional bodies; and professional certification in Sharia audit.Abstrak. Audit Syariah di Lembaga Keuangan Islam (LKI) menimbulkan beberapa tantangan, misalnya kurangnya standarisasi, harmonisasi dalam standar Syariah dan auditor Syariah yang tidak kompeten. Mengatasi tantangan ini sangat penting untuk memastikan keberlanjutan dan pertumbuhan LKI di Malaysia. Penelitian ini bertujuan untuk membahas masalah dan tantangan audit syariah di IFI. Penelitian ini menggunakan metode kualitatif dengan menyebar kuesioner kepada 40 praktisi dari beberapa LKI yang bergerak di bidang jasa audit Syariah melalui prosedur purposive sampling. Temuan penelitian menunjukkan bahwa kesadaran audit Syariah cukup memuaskan dengan tidak adanya laporan audit yang terpisah. Selain itu, audit Syariah harus diintegrasikan ke dalam akuntansi perguruan tinggi; kerangka dan standar audit syariah yang komprehensif; badan pengatur/profesional; dan sertifikasi profesi dalam audit Syariah.

The Value Propositions and The Nature of The Islamic Banks Products and Services in Providing The Solution/s for The Financial Needs of Bimb Business Customer Segments Shahid, Mohammad; Bhatti, Farhad Ahmed; Mohtesham, Mohammed Meeran Jasir; Mahadi, Nur Farhah Binti
El-Barka Journal of Islamic Economics and Business Vol. 5 No. 1 (2022)
Publisher : El-Barka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/elbarka.v5i1.3815

The present study discusses the value proposition of the presently offered by Islamic banks (IBs) products and services. It also elaborates the nature of the Islamic banks’ products and services in providing the solutions for the financial needs and investment requirements of their retail and business customer segments. The study has adopted a qualitative approach, as this research paper justifies the value propositions and the nature of the IBs's products in providing the solution for the financial needs and investment to their clients. In collecting the data, the following sources were used, such as library research, content analysis, research articles. Journals, conference papers and websites in the literature review. With the practical implications of Islamic banking products offered by Bank Islam Malaysia Berhad (BIMB) such as the financing, deposit, and investment products, customers have now shifted more towards embracing IBs’s products due to the benefits derived through the value proposition attached on these products and services offering. Overall, this study provides comprehensive and coherent material on the topic which will serve as a guiding principle for customers to fulfil their needs. The study discusses value proposition of the currently offered banking products and services of IBs and does not cover the Shariah compliance aspect of the products and services. The paper will be a reference for fellow researchers to study the value proposition of the currently offered banking products and services and its implication in providing the solutions for the financial needs and investment requirements. The study aims at creating awareness to the consumers that the products and services provided by the IBs are competitive and superior to the ones offered by the conventional banks. This study is a comprehensive review of the value proposition of the contemporary products and services offered by Islamic banks.

An Innovative Fintech Model for The Enhancement of Akhuwat Microfinance Practices Shahid, Mohammad; Khaliq, Ahmad; Mohtesham, Mohammed Meeran Jasir
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 13 No. 2 (2021)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v13i2.22498

Abstract. To accelerate Akhuwat microfinance growth and lessen its cost to assist the poor, the current study proposes Fintech Rich Hybrid Islamic Micro-Finance (FRHIMF) model. This study adopts a qualitative approach relying on the content analysis of secondary sources, such as research articles, journals, conference papers, and websites. The study reveals that to achieve socio-economic mobility, poor people are in requisite of adequate financing. However, Islamic commercial banks generally finance major businesses and medium- to high-income proficient workers in consumer finance. Thus, the poor are unable to access funding to meet their liquidity constraints and the needs of small business finance. Akhuwat microfinance is a globally renowned institution that has played a vital role in supporting the underprivileged community. The implementation of FRHIMF has greater potential to increase Akhuwat microfinance accessibility.Keywords. Microfinance, Akhuwat, Poverty, Fintech Rich Hybrid Islamic Micro-FinanceJEL: D64,O1,O2 Abstrak. Untuk mempercepat pertumbuhan keuangan mikro Akhuwat dan menekan biayanya untuk membantu orang miskin, studi ini mengusulkan model Fintech Rich Hybrid Islamic Micro-Finance (FRHIMF). Studi ini mengadopsi pendekatan kualitatif dengan melakukan analisis konten terhadap sumber-sumber sekunder berupa hasil-hasil penelitian, jurnal, makalah konferensi, dan situs web. Kajian ini mengungkapkan bahwa untuk mencapai mobilitas sosial ekonomi, masyarakat miskin membutuhkan pembiayaan yang memadai. Namun, bank syariah umumnya membiayai bisnis besar dan pekerja terampil berpenghasilan menengah ke atas untuk pembiayaan konsumsi. Dengan demikian, masyarakat miskin tidak dapat mengakses pendanaan untuk memenuhi kendala likuiditas dan kebutuhan pembiayaan usaha kecil. Keuangan mikro Akhuwat adalah lembaga yang terkenal secara global yang telah memainkan peran penting dalam mendukung masyarakat yang kurang mampu. Penerapan FRHIMF berpotensi besar untuk meningkatkan aksesibilitas keuangan mikro Akhuwat.Kata kunci. Keuangan Mikro, Akhuwat, Kemiskinan, Fintech Rich Hybrid Islamic Micro-FinanceJEL: D64,O1,O2

Sharia Audit Challenges in Malaysian Islamic Financial Institutions Shahid, Mohammad; Khaliq, Ahmad; Hassan, Rusni
Al-Iqtishad: Jurnal Ilmu Ekonomi Syariah Vol. 15 No. 1 (2023)
Publisher : UNIVERSITAS ISLAM NEGERI SYARIF HIDAYATULLAH JAKARTA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15408/aiq.v1i1.26014

Abstract. Sharia Auditing in Islamic Financial Institutions (IFIs) poses several challenges, for example, lack of standardization, harmonization in Sharia standards, and incompetent Sharia auditors. Addressing these challenges is critical to ensuring the sustainability and growth of IFIs in Malaysia. This study aims to discuss the problems and challenges of Sharia auditing in IFIs. This study used a qualitative method by distributing questionnaires to 40 practitioners from several IFIs engaged in Islamic audit services through a purposive sampling procedure. T he research findings show that the awareness of the Sharia audit is satisfactory in the absence of a separate audit report. In addition, Sharia audit should be integrated into college accounting; comprehensive Sharia audit framework and standards; regulatory/professional bodies; and professional certification in Sharia audit.Abstrak. Audit Syariah di Lembaga Keuangan Islam (LKI) menimbulkan beberapa tantangan, misalnya kurangnya standarisasi, harmonisasi dalam standar Syariah dan auditor Syariah yang tidak kompeten. Mengatasi tantangan ini sangat penting untuk memastikan keberlanjutan dan pertumbuhan LKI di Malaysia. Penelitian ini bertujuan untuk membahas masalah dan tantangan audit syariah di IFI. Penelitian ini menggunakan metode kualitatif dengan menyebar kuesioner kepada 40 praktisi dari beberapa LKI yang bergerak di bidang jasa audit Syariah melalui prosedur purposive sampling. Temuan penelitian menunjukkan bahwa kesadaran audit Syariah cukup memuaskan dengan tidak adanya laporan audit yang terpisah. Selain itu, audit Syariah harus diintegrasikan ke dalam akuntansi perguruan tinggi; kerangka dan standar audit syariah yang komprehensif; badan pengatur/profesional; dan sertifikasi profesi dalam audit Syariah.

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