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The accounting treatment of cryptocurrencies: the perspective of current accounting standards
Shamsher Mohamad Ramadili Mohd; Zulkarnain Muhamad Sori; Aimi Adibah Yasmin Ahmad; Mohammad Noor Hisham Osman (2024)

Cryptocurrencies are digital currencies void of any support from regulatory body that is currently in vogue as a medium of exchange and an investment security. This paper examines the accounting treatment for cryptocurrency from the perspective of IFRS and AAOIFI accounting standards and propose actions to standard setters on the best way to treat the Crypto transactions in accounting reports. A proper accounting treatment will allow for a fair reporting of crypto related transactions and facilitate users of financial statements to make objective assessment of this new invention. A content analysis was conducted to review all major accounting standards issued by accounting standards setting bodies for possible accounting treatment for cryptocurrencies. To better understand the issue in practice, an analysis of accounting treatment of cryptocurrencies by 2 companies also was conducted. This study found that there is no suitable accounting standard that could objectively be applied for cryptocurrencies. For example, from the perspective of the current accounting standards, cryptocurrencies match the definition of inventory if it is used as a commodity for broker-trader and intangible asset for others respectively. It is suggested that there an urgent need for the International Accounting Standards Board (IASB) to comprehensively develop accounting standard for cryptocurrency, specifically to develop a specific category for this type of assets to allow a standard treatment for cryptocurrency and fill the gap in the IFRS.

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Scholars review of tayyib concept: discussion paper
Said Bouheraoua; Younes Soualhi; Fares Djafri; Noor Suhaida Kasri; Imene Tabet; Kinan Salim (ISRA Research Management Centre, 2024)

The contemporary landscape of global finance is witnessing a paradigm shift towards ethical practices, and tayyib stands as the Islamic finance industry�s answer to this call. With an increasing global focus on sustainability, the tayyib concept positions itself as the pathway through which Islamic finance expands beyond Shariah compliance (halal), to reach the heights of socially, environmentally, and economically beneficial (tayyib). It not only answers the need for ethical financing but sets a precedent for the Islamic finance industry to emerge as a global leader in responsible financial practices. The tayyib concept emerges as a timely response to the global imperative for the Islamic finance industry to pivot towards ethical financing, aligning seamlessly with the growing interest in sustainability. Positioned as a catalyst for Malaysia to take a global lead in the Islamic finance sector, tayyib serves as a unifying force for countries and jurisdictions engaged in Islamic finance.

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Horn of Africa, DRIVE takaful: FAQ
Qhelile Ndlovu; Younes Soualhi; Zainal Kassim (The World Bank, 2023)

The De-risking, Inclusion and Value Enhancement of Pastoral Economies in the Horn of Africa (DRIVE) project is being implemented across HoA countries with support from the World Bank and in partnership with the private sector. DRIVE aims to enhance the financial resilience of pastoralists to drought through supporting the scale up of a financial services package including index-based livestock insurance (IBLI), and index-based livestock takaful (IBLT) to meet the needs of the majority Muslim population in Somalia and the Somali region of Ethiopia. The takaful market in HoA is small but growing, with Somalia being the most nascent. Somalia is home to six takaful operators, each with varying durations of operation, spanning from two to nine years. In Ethiopia there are two insurers with registered takaful windows, while Kenya has just one takaful operator. There are no retakaful operators in Somalia or Ethiopia, while in Kenya there are three reinsurance companies that operate retakaful windows. Between 2019 and 2022 total contributions in Somalia increased by 50 percent from US$6.5 million to US$9.2 million. However, the bulk is for expatriate medical cover. In Kenya, takaful contributions are estimated to have reached US$21 million in 2020. This Frequently Asked Questions (FAQ) note was prepared to improve understanding on takaful and the process of sharia compliance by pastoralists and other stakeholders. The FAQ also clarifies the nature of the DRIVE IBLT product and its status of sharia compliance as of December 2023. The indexbased livestock takaful (IBLT) product under DRIVE is the first parametric takaful solution globally.

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Waqaf An-Nur: Social sustainability impact report - socio-economic development programme
Mohamed Fairooz Abdul Khir; Magda Ismail Abdel Mohsin; Hainnur Aqma Rahim; Shamimi Mohd Zulkarnaini; Faaza Fakhrunnas; Nur Athina Al Zaharam (Centre of Excellence Islamic Social Finance, INCEIF University, 2024)

Waqaf An-Nur Corporation Berhad is a philanthropic organisation established by Johor Corporation (JCorp) to manage and develop waqf (Islamic endowment) assets and shares within the JCorp Group. Operating as a company limited by guarantee without shares, Waqaf An-Nur focuses on leveraging endowed resources for the benefit of the community across various sectors, including healthcare, education, social welfare, and economic development. In 2019, Waqaf An-Nur, operating under the trust of the Johor State Islamic Religious Council, significantly expanded its role by managing Johor's Business Zakat Agency (JCorp). This strategic expansion has enabled Waqaf An-Nur to broaden its support for needy beneficiaries through a variety of impactful programmes centred on healthcare, socio-economic development, spirituality, and community welfare.

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Waqaf An-Nur: Social sustainability impact report - socio-economic development programme
Mohamed Fairooz Abdul Khir; Magda Ismail Abdel Mohsin; Hainnur Aqma Rahim; Shamimi Mohd Zulkarnaini; Faaza Fakhrunnas; Nur Athina Al Zaharam (Centre of Excellence Islamic Social Finance, INCEIF University, 2024)

Waqaf An-Nur Corporation Berhad is a philanthropic organisation established by Johor Corporation (JCorp) to manage and develop waqf (Islamic endowment) assets and shares within the JCorp Group. Operating as a company limited by guarantee without shares, Waqaf An-Nur focuses on leveraging endowed resources for the benefit of the community across various sectors, including healthcare, education, social welfare, and economic development. In 2019, Waqaf An-Nur, operating under the trust of the Johor State Islamic Religious Council, significantly expanded its role by managing Johor's Business Zakat Agency (JCorp). This strategic expansion has enabled Waqaf An-Nur to broaden its support for needy beneficiaries through a variety of impactful programmes centred on healthcare, socio-economic development, spirituality, and community welfare.