Advanced International Journal of Banking, Accounting and Finance最新文献

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THE IMPLEMENTATION OF GOOD GOVERNANCE IN SUSTAINING WAQF FUND: AN EXPERIENCE OF INDONESIAN WAQF BOARD (BWI) 在维持waqf基金中实施善治:印度尼西亚waqf委员会的经验

Advanced International Journal of Banking, Accounting and Finance Pub Date : 2020-03-13 DOI: 10.35631/aijbaf.22005

{"title":"THE IMPLEMENTATION OF GOOD GOVERNANCE IN SUSTAINING WAQF FUND: AN EXPERIENCE OF INDONESIAN WAQF BOARD (BWI)","authors":"","doi":"10.35631/aijbaf.22005","DOIUrl":"https://doi.org/10.35631/aijbaf.22005","url":null,"abstract":"Good governance is at the heart of any successful organization. It helps the organization to achieve its objectives and drive improvement, as well as maintain legal and ethical standing in the eyes of shareholders, regulators and the wider community. The implementation of good governance builds a positive reputation and helps to increase business sustainability and profitability within the organization. Indonesia is the most populous Muslim-majority country in the world and has great potential in waqf assets and funds. Indonesian Waqf Board (BWI) is an independent state institution, formed based on Law Number 41 of 2004 concerning waqf. The main objective of its establishment is to become a coordinating institution of existing nazhir (waqf managers) in managing and supervising waqf assets and funds. This paper aims to critically analyze the implementation of good governance adapted by the Indonesian Waqf Board (BWI) in sustaining its waqf fund. A qualitative method approach was employed using primary and secondary sources. The primary data was collected through the interview session with BWI officers, while secondary sources were collected through published regulation and reports, journal papers, and articles. The content analysis approach was adopted to analyze the data gathered from this study. The findings showed that the Indonesian Waqf Board (BWI) was given huge responsibility by carrying out various functions whether as a motivator, facilitator, regulator and other supporting roles. The huge responsibility and the overlapping functions of the BWI have pros and cons in sustaining its waqf fund. This study is expected to provide the current condition of waqf governance in Indonesia and the sustainability of waqf funds managed by the Indonesian Waqf Board (BWI).","PeriodicalId":225585,"journal":{"name":"Advanced International Journal of Banking, Accounting and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130142751","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

ISSUES AND CHALLENGES OF SHARIAH COMPLIANCE AUDITING IN ISLAMIC FINANCIAL INSTITUTION 伊斯兰金融机构合规审计的问题与挑战

Advanced International Journal of Banking, Accounting and Finance Pub Date : 2019-12-15 DOI: 10.35631/aijbaf.11002

M. Omar

{"title":"ISSUES AND CHALLENGES OF SHARIAH COMPLIANCE AUDITING IN ISLAMIC FINANCIAL INSTITUTION","authors":"M. Omar","doi":"10.35631/aijbaf.11002","DOIUrl":"https://doi.org/10.35631/aijbaf.11002","url":null,"abstract":"The study examines the stakeholders’ perspectives who are involved directly and/or indirectly with Shariah compliance auditing of Islamic financial institutions on the issues of Shariah auditing standards, auditors’ qualifications, and independence. Auditing Islamic financial institutions cover a broader scope than the financial statement auditing. The auditors are not only conducting financial audits but also conduct tests on the Shariah compliance according to Shariah resolution and guidelines set by the centralized Shariah Board and/ or the industry Shariah Body. The Shariah audit review is unique due to the requirement in ensuring that all business activities and operations adhere to Shariah principles. The limited resourceful auditors that possess both Shariah and technical accounting/auditing qualifications and the issue of independence may affect the reputable image of Islamic financial institutions. This study is based on a literature review from past studies. Evidence from past studies mostly emphasizes the importance of auditors' qualifications and independence in determining the Islamic financial market’s growth. The paper suggests practical actions to regulators in formulating regulated professional governance structure for Shariah auditors.","PeriodicalId":225585,"journal":{"name":"Advanced International Journal of Banking, Accounting and Finance","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125962819","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

CO-MOVEMENT AND CAUSAL RELATIONSHIP BETWEEN STOCK MARKET AND MACROECONOMIC VARIABLES: LATEST EVIDENCE FROM MALAYSIA 股票市场和宏观经济变量之间的共同运动和因果关系:来自马来西亚的最新证据

Advanced International Journal of Banking, Accounting and Finance Pub Date : 2019-12-15 DOI: 10.35631/aijbaf.11003

M. Isa, Norashikin Ismail, R. A. Latif, Nor Hadaliza Abd Rahman, Nurul Farhana Mazlan

{"title":"CO-MOVEMENT AND CAUSAL RELATIONSHIP BETWEEN STOCK MARKET AND MACROECONOMIC VARIABLES: LATEST EVIDENCE FROM MALAYSIA","authors":"M. Isa, Norashikin Ismail, R. A. Latif, Nor Hadaliza Abd Rahman, Nurul Farhana Mazlan","doi":"10.35631/aijbaf.11003","DOIUrl":"https://doi.org/10.35631/aijbaf.11003","url":null,"abstract":"Previous studies pertaining to the co-movement and causal relationship between Malaysian stock markets and domestic macroeconomic variables are by now quite well documented. Nonetheless, to the best of authors’ knowledge, there is a void in the literature about foreign macroeconomic variables. Therefore, this paper aims to examine co-movement and causal relationship between FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBMKLCI) with foreign macroeconomic variables namely world crude oil price, gold price, and five world major stock market indices; Singapore’s Straits Times Index (STI), Chinese Shanghai A-Share Index (SHAI), the US’s Dow Jones Industrial Average (DJIA), Hong Kong’s Hang Seng Index (HSI) and Japanese Nikkei 225 Index (NIK). We also include domestic macroeconomic variables namely private sector domestic credit, gross international reserves and foreign currency assets, and an exchange rate of Malaysian ringgit (MYR) to the US dollar (USD) in this study. Using 9-year monthly data series from 2010 to 2018, the Augmented Dickey-Fuller (ADF) test reveals that data series have unit root in level order, but become integrated when converted into the first difference. The t-statistics of the Trace test suggests that FBMKLCI co-moves with Malaysian gross international reserves and foreign currency assets, world gold price and STI in the long run, respectively. Further, the VECM notes the absence of long-run or short runs causal relationships except Singapore’s STI to FBMKLCI in the short run. The pairwise Granger causality test indicates a one-way causal relationship running from FBMKLCI to gross international reserves and foreign currency assets. The findings benefit stock market investors, diversified portfolio fund managers, market regulators, and policymakers besides enriching the existing literature.","PeriodicalId":225585,"journal":{"name":"Advanced International Journal of Banking, Accounting and Finance","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131115495","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

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