Browsing by Author "Mustafa Mohd Hanefah"
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Publication Accounting Standards, Goodwill Impairment and Earnings Management in Malaysia(Canadian Center of Science and Education, 2014) ;Murad Abuaddous ;Mustafa Mohd HanefahNur Hidayah LailiThis paper has two objectives. The first is to investigate whether the provision of MFRS 136 (that is equivalent to IAS 36) allows for an earnings management technique termed “big bath” in Bursa Malaysia and, whether the change in firms’ CEOs plays a role in goodwill impairment loss recognition. The second objective is to examine the application of goodwill impairment loss recognition under the provision of MFRS136 in Bursa Malaysia between 2011–2012, using a “Mann-Whitney U” test. Our findings suggest that companies utilize goodwill impairment to take a “bath” regarding earnings management. Moreover, we find that Malaysian companies struggle to understand the ambiguity of the Value in Use (VIU) method under the MFRS 136 as they tend to take extreme accounting treatment strategies. Finally, we find that the new CEOs in Malaysian companies are more conservative in accounting treatment than CEOs with long tenure. - Some of the metrics are blocked by yourconsent settings
Publication The Association between Environmental Disclosure and Financial Disclosure on the Internet by Malaysian Listed Companies(Inderscience Enterprises Ltd., 2013) ;Ali Saleh Ahmed Alarussi ;Mustafa Mohd HanefahMohamad Hisyam SelamatThe rapid growth of internet technology has made it possible for companies to directly and instantly disclose their financial and non-financial information to fulfil user needs worldwide. The purpose of this paper is to examine whether there is any association between the extent of internet financial disclosure (IFD) and the extent of internet environmental disclosure (IED) by Malaysian listed companies. The data from 194 companies were used as a sample for this study. Linear regression analysis was conducted and results show that there is a significant positive relationship between the extent of IED and the extent of IFD. The finding also indicates that the disclosure of financial and environmental information on the internet by Malaysian listed companies has improved; however, there is still much room for improvement especially in areas of environmental disclosures. - Some of the metrics are blocked by yourconsent settings
Publication Audit Committee and Financial Performance in Jordan:The Moderating Effect of Ownership Concentration(ELIT - Economic Laboratory for Transition Research, 2021) ;Saddam Ali Shatnawi ;Ahmad Marei ;Mustafa Mohd Hanefah ;Monther EldaiaSaad AlaarajOwnership concentration (OC) can affect a wide range of corporate governance (CG) mechanisms. Jordan is characterized by high OC such as family ownership and managerial ownership. The effectiveness of the audit committee (AC) as one of the major CG mechanisms is affected by OC, which in turn, affects accounting and market-based performance among Jordanian listed companies. Based on this fact, it is believed that OC can moderate the relationship between AC on accounting and market based performance in Jordan. The main purpose of this study is to examine the moderating effect of OC between audit committee effectiveness (ACE) and accounting and market based performance in Jordan. This study used data obtained from 828 firm-year observations of companies listed in Amman stock exchange (ASE) in industrial and service sectors from 2009 to 2017. The findings display that OC has a direct positive effect on ROE and ROA and a negative direct effect on TQ. The results revealed that OC positively moderated the relationship between ACE and ROE as well as ROA. However, OC did not moderate the effect of ACE on Tobin’s Q (TQ). Overall, the hypotheses are accepted in terms of ROA and ROE while it is rejected in terms of Tobin’s Q. OC only moderated the effect of ACE on ROA and ROE but not on TQ. - Some of the metrics are blocked by yourconsent settings
Publication Audit Structure, Time Pressure and Judgment Accuracy: A Comparison between Strategic System Audit and Traditional Audit(Canadian Center of Science and Education, 2015) ;Murad Abuaddous ;Mustafa Mohd HanefahNur Hidayah LailiThe development of audit practice is a continuous process. The strategic system audit (SSA) method is a quite recent audit procedure that represents a complete shift from old audit techniques as it relies on assessing the client's business risk using a top-down rather than a bottom-up (traditional) approach. Previous studies focused on the effectiveness of SSA in performing audit. In addition, previous studies did not rule out the role of auditors' experience in an experimental procedure that compares between the two methods. Moreover, the effect of time pressure on auditors' "JDM" effectiveness under Traditional Audit (TA) and SSA during the orientation phase is still lacking in the literature. Using expert auditors as a benchmark and 81 master degree students, a2x2 factorial design experiment and a Mann-Whitney U test show that auditors under SSA method issue a more effective audit assessment than under TA in the absence or presence of time pressure. - Some of the metrics are blocked by yourconsent settings
Publication Audit Syariah Sektor Awam (ASSA): Isu dan Cabaran(Universiti Sains Islam Malaysian, 2021-07) ;Mustafa Mohd Hanefah ;Muhammad Iqmal Hisham Kamaruddin ;Zurina Shafii ;Supiah Salleh ;Nurazalia ZakariaHairul Nizam Yusoff - Some of the metrics are blocked by yourconsent settings
Publication Board Characteristics and Muslim Ownership Structure on Value Relevance of Accounting Information: Evidence from Malaysian Shariah Compliant Companies(Universiti Sains Islam Malaysia, 2018) ;Abdelhakhem Hamed Mohamed Ali AdaaMustafa Mohd HanefahCorporate reporting is considered important because it provides information to assist internal and external corporate annual report users in making informed decisions. The high quality of financial reporting information is really significant, since employing this information can also lead to an increase in investment efficiency. Owners or shareholders need all necessary financial information for decision making. Nevertheless, even though they own the companies but the management is carried out by a pool of professionals – managers and directors. Thus, the directors set the directions and policies for the management team to run the company’s daily affairs. The separation between ownership and managers in firms leads to the agency problem between them. This study looks into the relationship between corporate governance characteristics (the size of the board of directors, the number of Shariah background directors, number of Muslim female in board, Muslim ownership structure) and value relevance of accounting information. Findings show a positive association between board size and value relevance of accounting information in Malaysian Shariah-compliant firms. However, there is not enough evidence to prove Shariah background members on board can enhance the value relevance of accounting information. Regarding the relationship between the presence of Muslim female directors in the board and the value relevance of accounting information, the results reveal insignificant relationship. The findings also indicate that companies with large Muslim ownership are negatively significant for value relevance of accounting information. - Some of the metrics are blocked by yourconsent settings
Publication Challenges And Prospects In Waqf Reporting Practices In Malaysia(Emerald Publishing Limited., 2022) ;Muhammad Iqmal Hisham KamaruddinMustafa Mohd HanefahPurpose :This study aims to explain the justification behind the current weak waqf reporting practices in waqf institutions in Malaysia and also investigates the factors affecting the good waqf reporting practices. Design/methodology/approach : A series of interviews with four waqf officers who are involved with waqf reporting process from four different waqf institutions in Malaysia were conducted. Findings : The findings show a number of reasons for the current weak waqf reporting practices including the absence of standardised waqf reporting standards, no reporting or disclosure awareness by the waqf management, limited reporting channels from the state authorities to the national authorities, diversification in the governance structure and reluctance of waqf administration to disclose waqf reporting. The findings also identified several factors contributing to good waqf reporting 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 the waqf report itself. Practical implications : The study findings and recommendations are useful for the State Islamic Religious Councils and waqf institutions in Malaysia to enhance the waqf reporting practices in Malaysia. Originality/value: This study is among the few studies that identify the reasons and factors affecting the good waqf reporting practices in Malaysia. Originality/value This study is among the few studies that identify the reasons and factors affecting the good waqf reporting practices in Malaysia. - Some of the metrics are blocked by yourconsent settings
Publication Closing the Expectation Gap in Shariah Audit(Universiti Sains Islam Malaysia, 2020-10-10) ;Supiah Salleh ;Mustafa Mohd HanefahZurina ShafiiShariah audit has currently emerged as an important mechanism in ensuring Shariah compliance in line with the rapid development of Islamic Banking. It strengthens the Shariah compliance and enhance the integrity of Islamic Financial Institutions (IFIs) due to the uniqueness features of the IFIs such as the prohibition of riba, gharar, maysir and other requirements that its activities must be in compliance with Shariah. Research on audit expectations gap in Shariah audit practices has received little attention by researchers. Two objectives are set in this study; these are: Firstly, to examine the perceptions of the internal auditors (Shariah auditors), regulators (BNM), Shariah committee, Shariah officers, external auditors and depositors concerning the Shariah audit practices in the Islamic banks in Malaysia. Secondly, to determine the existence of expectations-performance gap between internal auditors (Shariah auditors), regulators (BNM), Shariah committee, Shariah officers’ external auditors and depositors concerning the Shariah auditor’s performance in the Islamic banks in Malaysia. Based on the findings there is existence of gap in Shariah audit practices and auditor’s performance. Thus, there is a need to strengthen the Shariah audit practices in the Islamic banks to ensure greater effectiveness of the goals of Shariah compliance. The research provides new insights into the structure, composition and extent of the audit expectation-performance gap in Shariah audit practices but, more importantly, it signals a rational, comprehensive approach towards narrowing the gap. This should bring practitioner’s and stakeholders's expectations on Shariah audit practices and Shariah auditors' performance into closer accord and, as a consequence, reduce the criticism and different expectations on the Shariah audit practices in the Islamic banks. - Some of the metrics are blocked by yourconsent settings
Publication Comparative Analysis on Shariah Governance in Malaysia: SGF 2010, IFSA 2013 and SGPD 2019(MacroThink Institute, 2020) ;Muhammad Iqmal Hisham Kamaruddin ;Mustafa Mohd Hanefah ;Zurina Shafii ;Supiah SallehNurazalia ZakariaThe main focus of shariah governance for an organization is to ensure that it is comply with shariah laws and regulations. Under Islamic finance industry, shariah governance is being given attention due to rapid growth of this industry in the world. For Malaysia, the authority through Bank Negara Malaysia (BNM) have taken a proactive role by introducing shariah governance guidelines including the Shariah Governance Framework (SGF) 2010, the Islamic Financial Services Act (IFSA) 2013 and the latest is the Shariah Governance Policy Document (SGPD) 2019. These shariah governance guidelines are supposed to support the development of shariah governance practices especially by Islamic Financial Institutions (IFIs) in Malaysia. However, there is limited to none study conducted to compare these guidelines. These shariah governance guidelines is necessary to be compared in order to find out whether these guidelines are complemented each other and to identify any differences among these guidelines. Therefore, the aim of this study is to compare between these shariah governance guidelines. Based on the analysis, it has been found that SGPD 2019 is the most comprehensive covers on shariah governance as compared to IFSA 2013 and SGF 2010. However, these three guidelines still not become comprehensive enough, as there is still limited to none discussion on the definition and objectives of shariah governance itself. Keywords: Shariah governance, SGF 2010, IFSA 2013, SGPD 2019 - Some of the metrics are blocked by yourconsent settings
Publication Corporate Governance and Performance of Shariah - Compliant Companies(IGI Global, 2020) ;Mustafa Mohd Hanefah ;Muhammad Iqmal Hisham Kamaruddin ;Rosnia MasrukiMohd Marzuki IsmailThis chapter examines the relationship between corporate governance practices and firm performance. The characteristics of the board of Shari'ah-compliant companies in consumer products counter of Bursa Malaysia were examined against the firm's performance using data from 77 companies from 2014 to 2016. Based on the result of multiple regression; board size, Muslim chairman, and Muslim director have a weak positive correlation with the performance of the firms. However, directors with Shari'ah background seem to have a negative correlation with the performance of the firms. The findings of the chapter would be very useful to the regulators to improve the Malaysian Code of Corporate Governance (MCCG). The findings also help to fill the gap on scarce literature that study the relationship between the corporate governance practices involving Muslim characteristics and performance. - Some of the metrics are blocked by yourconsent settings
Publication Development Of Fintech in Islamic Social Finance in Malaysia(International Islamic University Malaysia, 2023) ;Muhammad Iqmal Hisham Kamaruddin ;Mustafa Mohd Hanefah ;Amir Shaharuddin ;Abdullah Mohammed Ahmed AyedhNur Adilah OthmanThis study aims at investigating adoption of FinTech in Islamic social finance especially for zakat and waqf institutions in Malaysia. A focus group discussion (FGD) with 13 zakat and waqf officers and FinTech experts in Malaysia was conducted. For reporting purposes, this study employed a single-case study approach. The FGD was conducted and completed at the end of December 2021 via an online approach through the Zoom platform. The findings highlight the level of FinTech adoption, issues, challenges, and prospects of FinTech adoption as well as impact of FinTech adoption especially on collecting, managing and distributing the Islamic social finance funds (zakat and waqf) to beneficiaries. The study findings and recommendations are useful especially for zakat and waqf institutions as well as the State Islamic Religious Councils (SIRCs) to utilize FinTech in their operation. This study is among the pioneer studies that explore FinTech adoption in Islamic social finance in Malaysia. - Some of the metrics are blocked by yourconsent settings
Publication Development of Quantum Communications Technology (QCT) in Malaysia: National Security, Framework and Policy(Fakulti Ekonomi dan Muamalat, Universiti Sains Islam Malaysia, 2023) ;Nurul Huda ;Mustafa Mohd Hanefah ;Rosnia MasrukiNor Asiah YaakubThe transfer of information from one single device to another has been more secure in recent years through to the development of quantum communication technology (QCT) in a variety of technological uses. Preparing for this new, emerging sector is important since information communication technology (ICT) in the future will certainly depend on QCT, which is built on quantum physics laws to secure the transfer of information. Future quantum technology will not only optimize computers and the internet but also change the way we communicate. This study discusses the importance and impact of QCT in the context of national security, framework, and policy. Furthermore, this paper also discusses the latest research trends of QCT in several countries including the United States, Canada, and China that Malaysia can learn from. In addition to that, this paper traces the development of QCT policy in other countries along with the existing development of security policy and framework in Malaysia. Finally, this paper discusses the importance of QCT with recommendations. - Some of the metrics are blocked by yourconsent settings
Publication Development Of Shariah Governance And Audit In Islamic Cooperative Sector(Penerbit USIM, 2022-12) ;Supiah Salleh ;Zurina Shafii ;Mustafa Mohd Hanefah ;Muhammad Iqmal Hisham Kamaruddin ;Nurazalia ZakariaNur Amni Mahmud SabriThis study focuses on development of Shariah governance and audit in Islamic Cooperatives in Malaysia. Suruhanjaya Koperasi Malaysia (SKM) governs Islamic cooperatives, which aim to stimulate the development of co-operatives in accordance with Shariah. SKM provides guidelines for Islamic cooperatives to manage the operation of institutions. The development of Shariah governance and audit is essential to complement the Shariah compliance mechanism that already in place and practised internally in the microfinance institutions. Strong regulations, framework and guidelines are needed to uphold the practice of Shariah compliance. Roundtable discussions was used as methodology of the study with the industry practitioners in Islamic Cooperatives. Apart from that, this study also used current guidelines in Islamic Cooperatives as benchmarking practices. SKM published few guidelines related to Shariah governance to assist the operation of cooperatives. Based on the finding, there is an existence of gap in regulation, framework, and guidelines in governing Shariah compliance principles in Islamic Cooperatives. This is crucial since regulation, framework and guidelines in Shariah governance and audit in Islamic Cooperatives will increase the level of trust of the stakeholders that the activities and operations are Shariah-compliant. Also, giving the standardize framework it will contribute towards managing the risk of the microfinance institutions and, within the grander scheme of things, contribute to the growth of the industry and the economy by providing adequate disclosure for the stakeholders to make informed decisions. - Some of the metrics are blocked by yourconsent settings
Publication Disclosure on Investment Account by Islamic Financial Institutions (IFIs) in Malaysia: Gaps between Malaysia Standards and AAOIFI Standards(USIM Press, 2019) ;Muhammad Iqmal Hisham Kamaruddin ;Mustafa Mohd HanefahZurina ShafiiThis chapter is written by Muhammad Iqmal Hisham Kamaruddin, Mustafa Mohd Hanefah and Zurina Shafii from Universiti Sains Islam Malaysia (USIM). The chapter aims to assess the gaps that exist between the requirements outlined by Malaysia accounting standards (MAS) with AAOIFI’s Financial Accounting Standard No.1 (FAS1). Additionally, this chapter also focuses in examining the compliance of all IFIs in Malaysia with the disclosure on investment account. This issue could potentially be explored to identify the extend of the disclosure practices by IFIs in Malaysia and whether it is beyond MAS requirements and in line with some other additional features of FAS1. - Some of the metrics are blocked by yourconsent settings
Publication The Effect Of Audit Committee On Financial Performance Of Listed Companies In Jordan: The Moderating Effect Of Enterprise Risk Management.(Allied Business Academies, 2022) ;Saddam Ali Shatnawi ;Ahmad Marei ;Mustafa Mohd Hanefah ;Monther EldaiaSaad AlaarajThe Audit Committee (AC) is one of the most indispensable mechanisms of CG that impacts corporate performance. In Jordan, there exists a limited separation between the company owners and AC members, where executive managers from family owners make direct decisions and taking risks, consequently limiting the effectiveness of AC. The purpose of this study is to determine the effect of ACE on financial performance (FP) of companies listed on Amman Stock Exchange (ASE). It also aims to examine the moderating effect of enterprise risk management (ERM) between ACE and FP in Jordan. This study uses data from 2009 to 2017 with 92 selected firms cover a period of 9 years of companies listed in ASE in industrial and service sectors. Data was analyzed using STATA. The findings demonstrated that ACE has a significant relationship with ROA, ROE, and Tobin’s Q. Similarly, firm size has a positive relationship with ROA, ROE, and Tobin’s Q, while leverage and firm age have negative relationships with ROA, ROE, and Tobin’s Q. The tested model is statistically significant and can predict 46.7% of the variation in all performance variables. In terms of moderating effect, the findings showed that ERM positively moderated the effect of ACE on ROA and ROE in Jordan. However, it did not support the moderating role between ACE and Tobin’s Q. Decision makers have to enforce the implementation of ERM in Jordanian companies to improve the FP. - Some of the metrics are blocked by yourconsent settings
Publication An Empirical Investigation on Waqf Governance Practices in Waqf Institutions in Malaysia(Emerald Publishing Limited, 2021) ;Muhammad Iqmal Hisham KamaruddinMustafa Mohd HanefahPurpose – This study aims to examine and compare the current waqf governance practices in waqf institutions in Malaysia. Design/methodology/approach – This paper reviews professional documents and literature to propose a new and practical waqf governance measurement. Waqf governance measurements were used to examine and compare the current waqf governance practices among waqf institutions in Malaysia. The annual reports of all waqf institutions under the State Islamic Religious Councils (SIRCs) were analysed using content analysis on the current waqf governance practices using binomial logic. Findings – Overall, the results indicate moderate waqf governance practices under three waqf governance categories, namely waqf governance policy, waqf governance board and waqf governance processes. This study also found a significant impact of corporatisation reformation of waqf institutions on waqf governance practices. Research limitations/implications – The findings indicate the need for all waqf institutions in Malaysia, especially for non-corporate waqf institutions, to enhance their waqf governance practices by disclosing all relevant information to the public. This is because the success of waqf fund management can be portrayed through the management’s transparency in waqf governance practices on how they deliver and use their resources to attain socio-economic objectives. Originality/value – To the best of the authors’ knowledge, this study is among the first studies that examined and evaluated the current waqf governance practices in several waqf institutions in Malaysia. - Some of the metrics are blocked by yourconsent settings
Publication Enhancing Internal Controlling Mechanism of Halal Industry: The Proposed Study on the Needs for External Halal Audit(Universiti Sains Islam Malaysia, 2021-08-23) ;Muhammad Iqmal Hisham Kamaruddin ;Nurul Aini MuhamedMustafa Mohd Hanefah - Some of the metrics are blocked by yourconsent settings
Publication Enhancing Shariah Audit Practices in Islamic Financial Institutions in Malaysia(David Publishing Company, 2017) ;Muhammad Iqmal Hisham KamaruddinMustafa Mohd HanefahIt is undeniable that Islamic financial institutions (IFIs) in Malaysia are growing with a positive impact on the national economic growth. In order to sustain and maintain Shariah compliance in Islamic financial industry, adequate Shariah audit practices are necessary to ensure that the operation of IFIs should be in parallel with Shariah guidelines and policies set by the authority. In order to equip Islamic industry practitioners with adequate Shariah audit practices, Faculty of Economics and Muamalat (FEM), Universiti Sains Islam Malaysia (USIM) has introduced a professional Shariah Audit Training (SAT) program for IFIs staffs. SAT is a program that covers various aspects on Shariah audit practices starting from Shariah principles, Shariah governance, Shariah audit program, Shariah audit process, Shariah audit fieldwork, Shariah risk management and Shariah audit communications. Modules used in SAT have been developed based on collaboration between academic institutions and industry players in order to ensure that the knowledge and practice in the industry are harmonized and relevant. The series of trainings conducted in the program are believed to achieve the programme’s ultimate objective which is to produce Shariah auditors who are qualified and trained to fill the gap for Islamic finance industry. The objective is to produce talents with adequate Shariah audit knowledge. This study provides the result of the SAT program toward IFIs practitioners’ skills and knowledge on Shariah audit practices. - Some of the metrics are blocked by yourconsent settings
Publication Exploring Shariah Audit Training Impact on Shariah Audit Understanding by Malaysian Students(Human Resource Management Academic Research Society, 2023) ;Muhammad Iqmal Hisham Kamaruddin ;Mustafa Mohd Hanefah ;Zurina Shafii ;Supiah SallehNurazalia ZakariaThis study aims to analyse the impact of Shariah audit training on the understanding of Shariah audit knowledge by final year students in Malaysian universities. Specifically, this study investigates the understanding of final year students from Malaysian universities based on Shariah audit knowledge learned by comparing the understanding before and after enrolling in the Certified Professional Shariah Auditor (CPSA) training program conducted under the National Graduate Employability (GE 2020) initiative. Shariah audit knowledge is measured through training modules covering Shariah principles, Shariah governance, Islamic financial transactions, Shariah risk management, Shariah audit planning and programme and Shariah audit fieldwork and communication. A survey method was used to collect data from 296 graduates of 13 Malaysian public universities who were enrolled in the training program from July to August 2020. The study found that fresh graduates improved their understanding of Shariah audit knowledge after joining the Shariah audit training. In particular, female students and students with muamalat/Islamic economic background highly improved their Shariah audit knowledge from this CPSA training program compared to other students. In addition, the results also show that Shariah audit education background does not play a significant impact on students’ understanding of Shariah audit knowledge after completing Shariah audit training – CPSA program. This study is believed to be the first study in recognising the impact of Shariah audit training on Shariah audit understanding by students. - Some of the metrics are blocked by yourconsent settings
Publication Exploring Shariah Governance Practices In Islamic Co-operatives In Malaysia(EconJournals, 2024) ;Muhammad Iqmal Hisham Kamaruddin ;Supiah Salleh ;Zurina Shafii ;Mustafa Mohd HanefahNurazalia ZakariaThis study aims to explore the current Shariah governance practices, Shariah function practices and Shariah governance issues and challenges in Islamic co-operatives in Malaysia. For this, a physical town hall session with 64 representatives from 39 Islamic co-operatives was conducted for data collection. The empirical finding indicates that the Shariah Advisory Council (SAC) of the Malaysia Co-operative Societies Commission (SKM) was perceived to play similar roles like the SAC of the Bank Negara Malaysia and the Securities Commission of Malaysia (SC). Besides, management of Islamic co-operatives in Malaysia also see the need to create a Shariah committee at the co-operative level as part of good Shariah governance practices. Moreover, although more than half of the respondents admit that their respective co-operatives are already implementing Shariah governance practices, the implementation of Shariah function such as Shariah review and Shariah audit is still at the initial stage, with more than half of Islamic co-operatives yet to implement this Shariah function. In addition, several issues and challenges have been identified in the implementation of Shariah governance in Islamic co-operatives. Thisstudy is expected to contribute to enhancing Shariah governance practices in Islamic co-operatives to ensure better Shariah compliance.
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