Integrated Islamic Financial Accountability Model for Islamic Social Enterprise (ISE)

The Journal of Muamalat and Islamic Finance Research, 16(1), 17-36 (2019)

20 Pages Posted: 1 Jul 2019

See all articles by Muhammad Iqmal Hisham Kamaruddin

Muhammad Iqmal Hisham Kamaruddin

Universiti Sains Islam Malaysia (USIM)

Sofiah MdAuzair

National University of Malaysia (UKM) - Faculty of Economics and Management

Date Written: March 29, 2019

Abstract

This study aims to present an integrated Islamic financial accountability model, which is different from previous accountability models and frameworks. In this case, all three accountability aspects which are: (i) accountability to whom (accountability groups); (ii) accountability for what (accountability dimensions); and (iii) accountability on how (accountability tools and processes) were integrated into a single model. By using these three accountability aspects, this model is specifically focused on financial accountability area with additional Islamic elements that suits Islamic Social Enterprise (ISE). In order to develop this model, this study applies the comparison method on previous accountability and Islamic accountability models with additional literature inputs from financial accountability aspects and Islamic accountability perspectives. Based on the findings, this study introduces an integrated Islamic financial accountability model specifically for ISE, one of the emerging institution types under the non-profit sector. It is hoped that the integrated Islamic financial accountability model developed in this study will be implemented by the management of ISE in order to discharge their accountability especially to donors, beneficiaries and other stakeholders.

Keywords: Financial accountability, Islamic accountability, Islamic social enterprise (ISE), Financial management, Islamic social accounting

JEL Classification: M41

Suggested Citation

Kamaruddin, Muhammad Iqmal Hisham and MdAuzair, Sofiah, Integrated Islamic Financial Accountability Model for Islamic Social Enterprise (ISE) (March 29, 2019). The Journal of Muamalat and Islamic Finance Research, 16(1), 17-36 (2019), Available at SSRN: https://ssrn.com/abstract=3412264

Muhammad Iqmal Hisham Kamaruddin (Contact Author)

Universiti Sains Islam Malaysia (USIM) ( email )

Bandar Baru Nilai
Nilai, 71800
Malaysia

Sofiah MdAuzair

National University of Malaysia (UKM) - Faculty of Economics and Management ( email )

Bangi, Selangor 43600
Malaysia

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