Browsing by Author "Nurazalia Zakaria"
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Publication The Adverse Impact of COVID-19 on Islamic Banks in Malaysia(Universal Publishers - Boca Raton, Florida, USA, 2022) ;Azam Abdelhakeem Khalid ;Hasnah Haron ;Norhazlina Ibrahim ;Nurazalia ZakariaSupiah SallehPurpose – This research aims to look into the adverse impact of COVID-19 on Malaysian Islamic banks. Design/methodology/approach – For this work, literature review was undertaken to evaluate the impact of COVID-19 from selected countries. Findings – This research is an attempt to add to the body of knowledge on the matter at hand and to provide a better understanding of the adverse effect of COVID-19 on Islamic banks in Malaysia in terms of capital, liquidity and provision. Increased risk including capital, liquidity and provision, which COVID-19 is thought to disrupt. Research limitations – This study focuses on Islamic banks in Malaysia. Further research should look into the effect of COVID-19 on Islamic and conventional banks to see if there are any parallels or discrepancies with the results of this study. Theoretical implications – Because this paper is conceptual, it will be valuable for Islamic banks’ Shariah research function. The study also contributes to a review of the research on COVID-19 effect on Islamic banks in Malaysia Originality/value – It is the authors’ belief that this study is the first attempt of a conceptual examination of COVID-19’s adverse impact on Malaysian Islamic banks. - 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 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 Determinants of Motivating Muslims to Become Entrepreneurs in Malaysia(Universiti Sains Islam Malaysia, 2012) ;Rosnia Masruki ;Nurazalia Zakaria ;Nuradli Ridzwan Shah Mohd Dali ;Siti Nurulhuda NordinNorasikin SalikinThis paper discusses the factors that motivate Muslims to become entrepreneurs in various states throughout Malaysia. In 2009, a semi-structured interview of 150 Muslim entrepreneurs who are involved in a wide range of business activities was done throughout the various states in Malaysia. Grounded theory methodology was applied to identified the possible reasons behind their decision to become an entrepreneur. The findings suggested that passion and interest in managing own business greatly explain the motivation for people to be involved in entrepreneurship. The passion guided them to overcome obstacles and challenges arising from competitions and ensuring sustainability of the business. The second reason wasJinancia1 consideration or income generation from the business as this will be eventually used to support their families and improve their condition of life. The third reason was the independence and freedom that self-employment provides as compared to being employed in the private or public sector. Other notable reason was their family background since many of the entrepreneurs came from families that own businesses. The results of this study calls for the academia to develop teaching methods and conduct students ' activities that helps to fosters students' interest and passion in the field of entrepreneurship. Future research in this area might be an exploration on the differing attributes such work ethics, work culture, decision making behaviour of Muslim and non-Muslim entrepreneurs. - 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 Examining the Role of Shariah Advisory and Post Issuance Assurance in Islamic Capital Market Sector(Universiti Sains Islam Malaysia (USIM), 2021-07) ;Zurina Shafii ;Nurazalia Zakaria ;Supiah SallehAmirul Hafiz Abdullah Thani - Some of the metrics are blocked by yourconsent settings
Publication Exploring Shariah Audit Practices in Zakat and Waqf Institutions In Malaysia(Emerald, 2023) ;Muhammad Iqmal Hisham Kamaruddin ;Zurina Shafii ;Mustafa Mohammed Hanefah ;Supiah SallehNurazalia ZakariaPurpose This study aims to explore the current Shariah audit practices in zakat and waqf institutions in Malaysia. Design/methodology/approach A focus group discussion (FGD) with 38 zakat and waqf officers from 17 different zakat and waqf institutions in Malaysia was conducted. For reporting purposes, this study used a single-case study approach. The FGD was conducted and completed at the end of June 2021 via an online approach through Microsoft Teams. Findings The finding highlights the existing Shariah governance practices especially in terms of Shariah supervision roles, Shariah audit implementation in terms of Shariah audit scopes and common findings, Shariah audit competency, Shariah audit effectiveness especially the need for external Shariah audit function and Shariah audit issues and challenges faced in the implementation of Shariah audit practices. Practical implications The study findings and recommendations are useful for zakat and waqf institutions as well as the State Islamic Religious Councils to enhance Shariah audit practices in Malaysia. Originality/value This study is among the pioneer studies that explore Shariah audit practices in zakat and waqf institutions in Malaysia - 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. - Some of the metrics are blocked by yourconsent settings
Publication External Shariah Audit in Financial Services Industry: Practitioners’ View on Its Merits, Scope and Implementation Challenges(Universiti Sains Islam Malaysian, 2021-07) ;Nurazalia Zakaria ;Zurina ShafiiSupiah Salleh - Some of the metrics are blocked by yourconsent settings
Publication Governance and Shariah Audit in Islamic Financial Institutions(USIM Press, 2020) ;Mustafa Mohd Hanefah ;Zurina Shafii ;Supiah Salleh ;Nurazalia ZakariaMuhammad Iqmal Hisham KamruddinThe publication of this book is timely for the industry players and regulators to understand the mechanics and good practices of Shariah governance and assurance to manage the Islamic banks and financial institutions in accordance with Shariah principles or the maqasid Shariah. It is hoped that this book would aid students in their quality learning effort towards successful preparation of their examination. As this textbook provides comprehensive knowledge in the area of Governance and Shariah Audit in IFIs, it will prepare the students as Shariah Auditors in IFIs, accounting and auditing firms and corporations. - Some of the metrics are blocked by yourconsent settings
Publication Internal control, risk and Sharīʿah non-compliant income in Islamic financial institutions(Emerald Publishing Limited, 2020) ;Mustafa Mohd Hanefah ;Muhammad Iqmal Hisham Kamaruddin ;Supiah Salleh ;Zurina ShafiiNurazalia ZakariaPurpose: The existence of internal control for Sharīʿah-compliance promotes reasonable assurance that the Islamic financial institution’s (IFI’s) objectives are achieved in the following categories, namely, the effectiveness and efficiency of operations, the reliability of financial reporting and the level of compliance with applicable laws and regulations, as well as accounting and auditing standards. Sharīʿah non-compliant income (SNCI) is an important issue in IFIs’ operations. Thus, the purpose of this paper is to identify issues related to governance and internal control of SNCI in selected IFIs in Malaysia. Design/methodology/approach: This research uses a case study approach to gather data on the measures of governance and risk management in relation to the internal control for SNCI in IFIs. Interviews were conducted with officers of the Sharīʿah and internal audit departments on internal control practices regarding SNCI. Findings: Regulator’s guidelines on SNCI are simple and brief, lacking rigour in terms of governance, risk management and audit procedures. The section on SNCI is only a brief statement within the Bank Negara Malaysia’s Guidelines on Financial Reporting for Islamic Banking Institutions and also in the Operational Risk Integrated Online Network system operated by IFIs. Most of the respondents in the interviews suggested that there should be a proper guideline in determining the classification of SNCI. Second, although IFIs have established the purification account to manage SNCI, the real practice varies from one IFI to another. Third, although there are supposedly documented procedures established in relation to management and administration of SNCI, the following events still occur in practice, namely, no authorisation from the Sharīʿah Committee (SC) on various types of income channelled to the SNCI account; unauthorised use of SNCI for other purposes; SNCI not being reported in the annual financial reports; and distribution of SNCI prior to obtaining the SC’s consent. Fourth, there is an absence of Sharīʿah risk assessment conducted on operational risk by IFIs to identify any potential Sharīʿah non-compliant event. Research limitations/implications: This research contributes to the importance of Islamic corporate governance theory and Sharīʿah risk management, as well as strengthening the case for reporting SNCI to shareholders. It also contributes to the body of knowledge on the capability of the management in managing the internal control system of IFIs’ SNCI. - Some of the metrics are blocked by yourconsent settings
Publication Internal Shariah Audit Effectiveness And Its Determinants: Case Of Islamic Financial Institutions In Malaysia(Center For Islamic Area Studies Kyoto University, 2019) ;Nurazalia Zakaria ;Noraini Mohd AriffinNor Hafizah Zainal Abidin - Some of the metrics are blocked by yourconsent settings
Publication Issues and Challenges in Developing Shariah Governance and Shariah Audit in Islamic Cooperatives(Faculty of Syariah and Law (FSU), Selangor International Islamic University College (KUIS), 2023) ;Nur Amni Mahmud Sabri ;Supiah Salleh ;Muhammad Iqmal Hisham Kamaruddin ;Zurina Shafii ;Mustafa Mohd HanefahNurazalia ZakariaThe development of Shariah governance and audit in Islamic Cooperatives in Malaysia is one of the primary concerns since some issues were raised throughout the process. Islamic cooperatives in Malaysia are regulated by Suruhanjaya Koperasi Malaysia (SKM), which aims to encourage the growth of cooperatives that comply with Shariah. Islamic cooperatives operate their business under supervision from SKM regarding governance and Shariah perspective. The development of Shariah governance and Shariah audit support the Shariah compliance system that already operates in most Islamic institutions. During the Shariah governance and audit process, some issues are addressed during the development, which involves guidelines, Shariah auditor competency, staff skills, and governance and Shariah audit of the cooperative sector. The study’s approach included an interview with practitioners from cooperatives, auditors, and experts in the industry. This paper aims to identify the issues and challenges of Shariah governance and Shariah audit in the Islamic cooperative sector. The study will contribute to one of the key critical elements in strengthening the Shariah governance and Shariah audit in the cooperative sector - Some of the metrics are blocked by yourconsent settings
Publication Shariah Audit and Assurance: Process and Programme(USIM Press, 2017) ;Zurina Shafii ;Mustafa Mohd Hanefah ;Abdul Rahim Abdul Rahman ;Supiah Salleh ;Nurazalia ZakariaMuhammad Iqmal Hisham KamaruddinThis book is a continuous effort from previous effort form textbook Governance and Shariah Audit in Islamic Financial Institution. Practitioners and academics who have interests in Shariah Audit and Assurance practices in Islamic Financial Institutions (IFIS) will also benefit from this book. Readers who wish to have a comprehensive understanding on Shariah audit and assurance practice include its activities, programmes, processes, fieldwork and communication will find this book interesting. - Some of the metrics are blocked by yourconsent settings
Publication Shariah Audit Certification Contents: Views Of Regulators, Shariah Committee, Shariah Reviewers And Undergraduate Students(Canadian Center of Science and Education, 2014) ;Zurina Shafii ;Supiah Salleh ;Nurazalia Zakaria ;Mustafa Mohd Hanefah ;Nor Aishah Mohd AliRochania Ayu YunandaShariah 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. - Some of the metrics are blocked by yourconsent settings
Publication Strengthening the Shariah Governance Structure in Islamic Cooperative Sector(Human Resource Management Academic Research Society, 2023) ;Nur Amni Mahmud Sabri ;Supiah Salleh ;Zurina Shafii ;Mustafa Mohd Hanefah ;Muhammad Iqmal Hisham KamaruddinNurazalia ZakariaThis study aims to review the strength of Shariah governance in the cooperative sector. This study used a sample of 10 representatives from cooperatives, some from small, medium, and large cooperatives. They have 3–5 years of experience working in cooperatives. The sampling method was chosen for those who work in Islamic cooperatives as the study want to go deeper on Sharia governance. This study uses qualitative and thematic analysis methods in analyzing the data and is divided into three categories: Shariah audit, Shariah review, and Shariah risk. The results of the study prove that there is a deficiency on the part of the Suruhanjaya Koperasi Malaysia (SKM) in providing appropriate guidelines for auditing conducted in cooperatives. Shariah review is still at an early stage to be practiced in cooperatives, but there are cooperatives that have already conducted Shariah review. Specifically, Shariah audits and reviews are two of the important factors that will strengthen the Shariah governance structure in the cooperative sector. In addition, Shariah risk is also one of the important elements in strengthening Shariah governance to reduce Shariah non-compliance that may be faced by Islamic cooperatives. However, the research findings for Shariah risk are few because Shariah audits and reviews are still in their early stages. The findings of this study show that cooperatives and cooperative’s management need to work hand in hand to further strengthen the Shariah governance structure on the part of cooperatives, considering that cooperatives are still at an early stage in Islamic finance. - Some of the metrics are blocked by yourconsent settings
Publication Students’ Saving Attitude: Does Parents’ Background Matter(International Journal of Trade, Economics and Finance, 2012) ;Norasikin Salikin ;Norailis Ab.Wahab ;Nurazalia Zakaria ;Rosnia MasrukiSiti Nurulhuda NordinParents play important roles in educating their child to behave appropriately in all aspects of life including financial management. The aim of this paper is to identify the influence of parents’ background on savings attitude among students in a Malaysian local university. The findings of the research provide useful information to parents as well as public on the importance of early financial planning exposure toward teenagers, in encouraging savings habit. 2146 questionnaires were distributed among USIM students came from various family background. Apart from bar charts, further analysis is conducted using cross tabulation. The results showed that the higher the levels of education background of parents, the lower the tendency for students to put aside their money for savings. Similarly, the higher the amount of respondents’ household income, the lower is the tendency for students to put aside their money for savings. It seemed that higher level of parents’ education background and higher household income does not contribute more effort for students in fund savings. - Some of the metrics are blocked by yourconsent settings
Publication Value Relevance of Accounting Numbers: Determinants of Corporate Social Responsibility (CSR) Disclosures of Islamic Bank in Malaysia(Universiti Sains Islam Malaysia, 2012) ;Rosnia Masruki ;Nurazalia ZakariaNorhazlina IbrahimThe objective of this study is to examine whether corporate social responsibility (CSR) disclosures are influenced by the bank specific factor namely bank leverage, size and profitability in Islamic bank in Malaysia. It relates to the value relevance of accounting numbers which intended to assess how well accounting numbers reflect the determinants of CSR among Malaysian Islamic Banks. The determinants of CSR disclosures are investigated using both the Stakeholder Theory and the Agency Theory. This paper hypothesized that lowly leveraged banks will tend to make larger donations than highly leveraged banks. Therefore, leverage negatively influences the disclosure of CSR. Large and profitable banks will tend to be involved in social role than small and less profitable banks. Thus, there is a positive association between corporate social role and the bank's size and profit. - Some of the metrics are blocked by yourconsent settings
Publication Viability of External Shariah Audit Practice: Small and Medium Audit Practitioners’ Viewpoints(Fakulti Ekonomi dan Muamalat, Universiti Sains Islam Malaysia, 2023) ;Nurazalia Zakaria ;Zurina Shafii ;Supiah Salleh ;Mustafa Mohd HanefahMuhammad Iqmal Hisham KamaruddinThe current trend in Shariah governance and assurance has now gone beyond internal Shariah audit to external Shariah audit (ESA). At the international level, the move towards enhancing Shariah governance in Islamic financial institutions (IFIs) were made by mandating ESA function by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in its auditing standards in year 2019. Then, in year 2023 Islamic Financial Services Board (IFSB) jointly collaborate with AAOIFI on issuing an exposure draft on Shariah governance framework which suggested as best practice for ESA to be conducted not just for IFIs but also for Islamic capital market. As there is increasing number of institutions offering Shariah compliant products and services, there is also the need for ESA to provide assurance in sectors beyond IFIs. Besides big audit firms, the supply of ESA can be offered by small and medium audit practitioners (SMPs) as well. A focus group discussion was held to study this issue with 17 SMPs on the viability to venture into the Shariah audit industry. The findings indicate challenges to SMPs as there is no regulatory requirement for the conduct of ESA in Malaysia; there is debate on the audit scope and a need for human capital development to develop required skillset for external Shariah auditors that includes knowledge in Shariah principles, Shariah compliant contracts, Shariah risk management and Islamic capital market related products and services.