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Accounting standards for awaqf: a review

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General Information Cached
Title
Accounting standards for awaqf: a review
Type
Article
Main Author
Azam Abdelhakeem Khalid
Additional Authors
  • Adel M. Sarea
  • Zakir Hossen Shaikh
Subject
HF5601 Accounting
Language Code
eng
Bibliographic Details
Place of Production
Tanjong Malim
Publisher
Fakulti Pengurusan dan Ekonomi
Year of publication
2019
Degree Type
Not related
Corporate Name
Universiti Pendidikan Sultan Idris

Abstract

The paper focuses on establishing accounting standards for the awqaf system in order to increase the efficiency and effectiveness of its operation. Standardization could cut costs and reduce the risk of mismanagement so that services provided by awqaf strengthen development fundamentals. Thus, it is essential that Muslim countries adopt unified accounting standards to ensure accountability and transparency of various transactions related to awqaf. This will provide flexibility concerning allocations of awqaf endowments so that priority will be given to projects related to people’s basic needs. The proposed framework is designed based on the literature review to conceptualize the need of standardization of accounting for awqaf. The contribution of this paper is to add value to the literature of accounting for awqaf.

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