Last week, I made 2 presentations. On Tuesday at USIM, I presented a topic on "Islamization of Accounting Knowledge: Challenges and Hopes". It was attended by academic staff of the Faculty of Economics and Muamalat. On Thursday, I presented at my previous university, IIUM, on the topic "Emerging Issues on Zakat Management and Accounting". It was attended by academic staff and postgraduate students of the Faculty of Economics and Management Sciences. Both topics are inter-related and reflect my academic concerns for many years.
As I am settling down at USIM, it is important for the next generation of academics to be aware of the development of Islamic accounting. Islamization of accounting is a challenging task as we need to master conventional accounting theory and practice before we can embark on Islamizing accounting. Our ability to deal with our heritage i.e. the Qur'an and the Sunnah together with critical understanding of past literature will determine how far we can move forward.
On the topic of Zakat, I have presented 4 emerging issues. First, on the need to measure performance of Zakat institutions by focusing on the outcome of Zakat collection and distribution rather than focusing only on inputs and outputs of activities. Secondly, I also shared my views and past research on the efficiency of Zakat institutions in Malaysia. Past research findings indicated that `decentralization' of decision making process and providing good facilities in terms of Zakat payment systems influenced efficiency. Thirdly, I shared my concerns on the shortcomings of the present measurement method for Zakat on business wealth and the present accounting valuation method of fair value in assessing Zakat. Fourthly, the conventional accounting system, I argued, is not `friendly' for Zakat accounting and reporting purposes.
Finally, as I reflect on the new field of Islamic accounting, there is a need for more intensive and high quality research. May Allah SWT provides us strength and patience in exploring and contributing towards Islamic accounting knowledge. As we are at the end of the month of Ramadhan, I pray for the blessings from Allah (Barakah and Rahmah) and, Eid Mubarak to all Muslim readers and friends.
As I am settling down at USIM, it is important for the next generation of academics to be aware of the development of Islamic accounting. Islamization of accounting is a challenging task as we need to master conventional accounting theory and practice before we can embark on Islamizing accounting. Our ability to deal with our heritage i.e. the Qur'an and the Sunnah together with critical understanding of past literature will determine how far we can move forward.
On the topic of Zakat, I have presented 4 emerging issues. First, on the need to measure performance of Zakat institutions by focusing on the outcome of Zakat collection and distribution rather than focusing only on inputs and outputs of activities. Secondly, I also shared my views and past research on the efficiency of Zakat institutions in Malaysia. Past research findings indicated that `decentralization' of decision making process and providing good facilities in terms of Zakat payment systems influenced efficiency. Thirdly, I shared my concerns on the shortcomings of the present measurement method for Zakat on business wealth and the present accounting valuation method of fair value in assessing Zakat. Fourthly, the conventional accounting system, I argued, is not `friendly' for Zakat accounting and reporting purposes.
Finally, as I reflect on the new field of Islamic accounting, there is a need for more intensive and high quality research. May Allah SWT provides us strength and patience in exploring and contributing towards Islamic accounting knowledge. As we are at the end of the month of Ramadhan, I pray for the blessings from Allah (Barakah and Rahmah) and, Eid Mubarak to all Muslim readers and friends.
No comments:
Post a Comment