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

See all articles by Muhammad Iqmal Hisham Kamaruddin

Muhammad Iqmal Hisham Kamaruddin

Universiti Sains Islam Malaysia (USIM)

Mustafa Hanefah

Universiti Sains Islam Malaysia (USIM) - Faculty of Economics and Muamalat

Zurina Shafii

Universiti Sains Malaysia (USM)

Date Written: 2019

Abstract

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

Suggested Citation

Kamaruddin, Muhammad Iqmal Hisham and Hanefah, Mustafa and Shafii, Zurina, Disclosure on Investment Account by Islamic Financial Institutions (IFIs) in Malaysia: Gaps between Malaysia Standards and AAOIFI Standards (2019). Shariah Governance and Assurance in Islamic Financial Sectors (pp. 146-176). Negeri Sembilan: USIM Press, 2019, Available at SSRN: https://ssrn.com/abstract=3848265

Muhammad Iqmal Hisham Kamaruddin (Contact Author)

Universiti Sains Islam Malaysia (USIM) ( email )

Bandar Baru Nilai
Nilai, 71800
Malaysia

Mustafa Hanefah

Universiti Sains Islam Malaysia (USIM) - Faculty of Economics and Muamalat

N.Sembilan
Malaysia

Zurina Shafii

Universiti Sains Malaysia (USM) ( email )

Jalan Sungai Dua
Minden, Penang 11800
Malaysia

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