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Professionalizing the role of Shari'ah auditors: How Malaysia can generate economic benefits

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  • Najeeb, Syed Faiq
  • Ibrahim, Shahul Hameed Mohamed

Abstract

The paper presents arguments on the need for inventing the profession of Shari'ah auditing and why Malaysia should take the lead to create an Association of Chartered Shari'ah Accountants and Auditors (ACSAA) that can result in long run economic benefits for the country. The paper also critically analyzes how accounting and auditing membership is being exported worldwide by few dominant players to generate economic benefits for their respective origin countries and how existing Islamic accounting and auditing qualification suppliers have failed to deliver and create holistic Shari'ah accountants/auditors required to serve in an ideal Islamic economy. The paper proposes 2 models through which ACSAA can be made a practical reality.

Suggested Citation

  • Najeeb, Syed Faiq & Ibrahim, Shahul Hameed Mohamed, 2014. "Professionalizing the role of Shari'ah auditors: How Malaysia can generate economic benefits," Pacific-Basin Finance Journal, Elsevier, vol. 28(C), pages 91-109.
  • Handle: RePEc:eee:pacfin:v:28:y:2014:i:c:p:91-109
    DOI: 10.1016/j.pacfin.2013.10.009
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    References listed on IDEAS

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    1. Hennie Van Greuning & Zamir Iqbal, 2008. "Risk Analysis for Islamic Banks," World Bank Publications, The World Bank, number 6923, September.
    2. Prem Sikka & Hugh Wilmott, 2002. "Commentary on 'Accountability of accounting educators and the rhythm of the university: resistance strategies for postmodern blues'," Accounting Education, Taylor & Francis Journals, vol. 11(2), pages 191-197.
    3. Muhammad Akram Khan, 2001. "Role Of Supreme Audit Institutions In Shaping The Islamic Economy In The 21st Century," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 9(1), pages 77-100, June.
    4. Hasan, Zubair, 2010. "Islamic Finance:Sructure-objective mismatch and its consequences," MPRA Paper 21536, University Library of Munich, Germany.
    5. Saiful Azhar Rosly, 2010. "Shariah parameters reconsidered," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing, vol. 3(2), pages 132-146, June.
    6. Chua, Wai Fong & Poullaos, Chris, 2002. "The Empire Strikes Back? An exploration of centre-periphery interaction between the ICAEW and accounting associations in the self-governing colonies of Australia, Canada and South Africa, 1880-1907," Accounting, Organizations and Society, Elsevier, vol. 27(4-5), pages 409-445.
    7. Annisette, Marcia, 2000. "Imperialism and the professions: the education and certification of accountants in Trinidad and Tobago," Accounting, Organizations and Society, Elsevier, vol. 25(7), pages 631-659, October.
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    Citations

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    Cited by:

    1. Christophe Godlewski & Rima Turk-Ariss & Laurent Weill, 2014. "What Influences Stock Market Reaction to Sukuk Issues? The Impact of Scholars and Sukuk Types," Working Papers of LaRGE Research Center 2014-03, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
    2. Godlewski, Christophe J. & Turk-Ariss, Rima & Weill, Laurent, 2016. "Do the type of sukuk and choice of shari’a scholar matter?," Journal of Economic Behavior & Organization, Elsevier, vol. 132(S), pages 63-76.

    More about this item

    Keywords

    Shari'ah audit; Professional accounting bodies; Islamic finance;

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F54 - International Economics - - International Relations, National Security, and International Political Economy - - - Colonialism; Imperialism; Postcolonialism
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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