Disclosure on Investment Account by Islamic Financial Institutions (IFIs) in Malaysia: Gaps between Malaysia Standards and AAOIFI Standards
Shariah Governance and Assurance in Islamic Financial Sectors (pp. 146-176). Negeri Sembilan: USIM Press, 2019
Posted: 25 May 2021
Date Written: 2019
This chapter is written by Muhammad Iqmal Hisham Kamaruddin, Mustafa Mohd Hanefah and Zurina Shafii from Universiti Sains Islam Malaysia (USIM). The chapter aims to assess the gaps that exist between the requirements outlined by Malaysia accounting standards (MAS) with AAOIFI’s Financial Accounting Standard No.1 (FAS1). Additionally, this chapter also focuses in examining the compliance of all IFIs in Malaysia with the disclosure on investment account. This issue could potentially be explored to identify the extend of the disclosure practices by IFIs in Malaysia and whether it is beyond MAS requirements and in line with some other additional features of FAS1.
Keywords: Disclosure, Investment Account, Malaysian Standards, AAOIFI Standards
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