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Issues and Challenges in Shariah Audit Practices in Malaysian Shariah-Based Sectors

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cris.lastimport.scopus2024-12-06T16:57:25Z
cris.lastimport.wos2024-12-06T16:53:33Z
dc.contributor.authorMuhammad Iqmal Hisham Kamaruddin
dc.contributor.authorZurina Shafii
dc.contributor.authorMustafa Mohd Hanefah
dc.contributor.authorSupiah Salleh
dc.contributor.authorNurazalia Zakaria
dc.date.accessioned2024-09-04T02:09:28Z
dc.date.available2024-09-04T02:09:28Z
dc.date.issued2024-06-01
dc.descriptionThe Journal of Muamalat and Islamic Finance Research, Volume 21 Issue 1 Page (82-100)
dc.description.abstractThis study aims to examine the current issues and challenges in implementing Shariah audit practices in several Shariah-based sectors in Malaysia, namely, Islamic financial sector, Islamic Capital Market (ICM), Islamic cooperative, public Shariah-based and Public Trust Entity (PTE). Furthermore, based on the findings, several future strategies are proposed to enhance Shariah audit practices. In this study, a series of Focus Group Discussions (FGD) was employed, and 124 participants from 76 Shariah-based institutions were involved through five FGD sessions. This study discovered that each Shariah-based sector has different issues and challenges in implementing Shariah audit practices due to the current Shariah governance and assurance practices in respective sectors. Thus, three main strategies were proposed that can be used to bring Shariah audit practices to another level for these Shariah-based sectors. This includes nurturing Shariah governance and assurance, developing specific Shariah audit scopes based on the uniqueness of each Shariah-based sector, and enhancing the professionalisation of Shariah auditors. Note that this study is considered a pioneering study in identifying the issues and challenges in implementing Shariah audit practices in various Shariah-based sectors. It also contributes by proposing the main strategies to enhance Shariah audit practices as a next step in the future.
dc.identifier.citationMuhammad Iqmal Hisham Kamaruddin, Zurina Shafii, Mustafa Mohd Hanefah, Supiah Salleh & Nurazalia Zakaria (2024). Issues and Challenges in Shariah Audit Practices in Malaysian Shariah-Based Sectors. The Journal of Muamalat and Islamic Finance Research, 21(1), 82-100. https://doi.org/10.33102/jmifr.564
dc.identifier.doi10.33102/jmifr.564
dc.identifier.urihttps://jmifr.usim.edu.my/index.php/jmifr/article/view/564/397
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/22310
dc.language.isoen_US
dc.publisherUniversiti Sains Islam Malaysia
dc.relation.ispartofThe Journal of Muamalat and Islamic Finance Research
dc.relation.issn2948-5266
dc.subjectShariah audit
dc.subjectIslamic financial
dc.subjectIslamic capital market (ICM)
dc.subjectIslamic cooperative
dc.subjectpublic Shariah-based
dc.subjectpublic trust entity (PTE).
dc.titleIssues and Challenges in Shariah Audit Practices in Malaysian Shariah-Based Sectors
dc.typejournal-article
dspace.entity.typePublication
oaire.citation.endPage100
oaire.citation.issue1
oaire.citation.startPage82
oaire.citation.volume21

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