Prof. Dr. Zulkarnain Muhamad Sori
Qualification:PhD, Corporate Governance and Auditing, Cardiff University, UK (2005).
Fields/Area of Specialization:Accounting, Auditing, Corporate Governance, Entrepreneurship, Finance and Takaful
Prof. Dr. Zulkarnain Muhammad Sori begin his academic career in 1999 after serving the industry for almost 5 years (i.e. in local and international organizations). He earned his PhD degree in Corporate Governance and Auditing from Cardiff Business School, Cardiff University, United Kingdom in 2005. His research and academic duties focus on Accounting and Finance disciplines with concentration on the following areas: Corporate Governance, Auditing, Financial Accounting, Ethics, Applied Finance, Financial Reporting, Entrepreneurship and Takaful. He currently serves as Deputy Director for BNP-Paribas-INCEIF Centre for Islamic Asset and Wealth Management.

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Top Country : Malaysia

Showing results 1 to 20 of 83
  • view_practice_stock_market_reaction_sukuk_credit_rating_changes_Malaysia_zulkarnain_shamsher.pdf.jpg
  • Journal Article


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; AlHomsi, Mahmoud (2019)

  • Documented evidence on conventional bond markets shows negative market reaction to bond credit rating downgrade and no reaction to credit rating upgrade. Despite the fact that sukuk issuances make up more than 58.8% of the value of outstanding bonds in the country and Malaysia issues at least half of the world's sukuk and is widely recognized as a leader in the sukuk space, there is no documented evidence on the stock market reaction to sukuk credit rating changes. This study analyzed the wealth effect of sukuk credit rating changes in Malaysia using 16 sukuk upgrades and 20 sukuk downgrades for the period 2000-2014. The evidence shows negative market reaction to downgrades and positi...

  • item.jpg
  • PhD


  • Authors: Hussin, Syaryanti (2019)

  • One of important non-financial information to be disclosed by IFIs is the information related to environment, social and governance (ESG) matters. Solid ESG practices result in lower risk and better operational performance of firm. The increasing cases of corporate collapse over non-financial issues during the last decades have highlighted the importance of ESG disclosure. IFIs have been seen left behind in term of providing their stakeholders with enough information to the stakeholders' attached surrounding from environmental aspect. In addition of that , the study examines SC characteristics from SC size, SC meeting and international member on the linkages between governance mechani...

  • chapter 4_revenue_recognition_Islamic_banks_Zulkarnain.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain (2019)

  • Accounting for revenue recognition has been a subject of interest for regulators and other market participants. The interest stems from the fact that revenue forms the greatest single item in the financial statements (FASB, 2002 , p. 1). Indeed, aggressive revenue recognition has always been associated with corporate financial scandals like Enron, Worldcom and Parmalat. It has been used to mask firms' real performance with the aim of preventing shareholders and stakeholders from scrutinizing their financial performance and other wrongdoings. The Securities and Exchange Commission in the US documented that mistake in revenue recognition as the lead issue in "financial reporting errors"...

  • chapter 3_analysis_accounting_Islamic_perspectives_Zulkarnain_Nurazleena.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ismail, Nurazleena (2019)

  • This chapter provides a discussion of a study that examines accounting in Islamic perspectives. The discussion includes an overview of the development of Islamic finance, accounting in Islamic perspectives, decision usefulness, stewardship, accountability, financial measurement, disclosure and presentation and four key accounting assumptions, namely 'substance over form', 'time value of money', 'fair value' measurement and 'recognition based on probability', which serve as important guides to preparers of financial information ...

  • chapter 11_conclusion_Zulkarnain.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain (2019)

  • Islamic finance industry has grown rapidly over the last few years, where the 2018 Islamic Finance Development Report by Thomson Reuters reported that the year on year growth by of 11% to US$2.4 trillion in assets in 2017 and predicted that it would grow to $3.8tn of assets by 2023 (Thomson Reuters, 2018). Realising the importance of the industry, this book examines various issues on Accounting and Governance of Islamic financial institutions. In fact, the unique feature of Islamic financ that is based on the shariah principle warrants critical examination on various issues relating to accounting of Islamic financial transactions. Basically, business dealings are prohibited to contain...

  • chapter 7_accounting_musharakah_mutanaqisah_home_financing_Mahmoud et al.jpg.jpg
  • Chapter in Book


  • Authors: Al Homsi, Mahmoud; Muhamad Sori, Zulkarnain; Asadov, Alam (2019)

  • This chapter provides the discussion on accounting issues for Musharakah Mutanaqisah (MM) home financing in the case of Malaysia. Though the MM mode of financing has addressed the 'ambiguities and risk issues in conventional mortgage financing and the controversy that surrounds other financing packages like al Bai Bithaman Ajiland Bay al Inah (Mydin-Meera & Abdul-Razak, 2009), there are some practical issues in operating this mode of financing, as Islamic banks operate this type of contract more closely to conventional practice, thereby lacking the spirit of the contract itself ...

  • chapter 2_comparison_MASB_AAOIFI_Zulkarnain_Shamsher.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad (2019)

  • This chapter provides new findings to accounting and finance literature, where, it compares the conceptual framework of both of the MASB- and the AAOIFI- in the context of financial reporting of Islamic financial institutions (IFls). The conceptual framework or some authors referred as "accounting constitution" set the tone for a consistent accounting standards and become a reference point for developing future standards for financial accounting and reporting (Barker et al., 2014; Abela et al., 2014; Holzmann & Munter, 2014 (Sutton et al., 2015; Gebhardt et aI., 2014; Norby, 1977; Gore & Zimmerman, 2007). In this context, more than 120 countries (including major players in Islamic fin...

  • chapter 9_shariah_committees_shariah_governance_Zulkarnain et al.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • This chapter discusses some challenges of Shariah Committees In Islamic financial institutions in dispensing their responsibilities in mitigating the non-compliance risks. The concept of shariah governance has its foundation in the Qur'an and the Sunnah. Shariah (which literally means "the way") is the divinely ordained guidelines of conduct for Muslims in all aspects of their life, which includes financial matters. Any form of transaction, irrespective of financial or otherwise, must be free of any element of injustice to the transacting parties. For financial transactions, any elemerit or form of activity that could be construed as 'riba' or injustice to any of the participants in t...

  • chapter 8_application_Shariah_governance_framework_Islamic_financial_institutions_Zulkarnain et al.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • This chapter provides discussion on a study that investigates the perceptions on shariah governance practices among Malaysian Islamic financial institutions. The chapter explores the effectiveness of implementation of Shariah Governance Framework among Malaysian IFIs with the focus on their level of commitment, the challenges and suggestions to further improve the effectiveness of implementation of this framework. The system of corporate control, effective and efficient governance that is consistent with shariah guidance has been an important agenda for Islamic Financial Institutions (IFIs) since the existence ofIslamic Finance in Malaysia. This is especially important in light of rap...

  • contemporary issues in financial reporting_zulkarnain et al.jpg.jpg
  • Book


  • Authors: Muhamad Sori, Zulkarnain; Abdul Wahab, Sazali; Al Homsi, Mahmoud (2019)

  • This book presents contemporary issues in financial reporting of Islamic financial institutions. Two key areas are covered namely, accounting for Islamic financial transactions and shariah governance. The main motivation to publish this book is to share our understanding on the unique nature of Islamic finance industry and the approach taken in accounting and reporting of Islamic financial transactions. Also, the book illustrate the importance of shariah governance in ensuring end-to-end shariah compliance. This book is to provide a practical guidance to researchers, industry practitioners and the other stakeholders.

  • item.jpg
  • PhD


  • Authors: Mohd Daud, Mohd Ariff (2019)

  • The provision of shelter is a fundamental human right as implied in the Maqasid al-Shari'ah, hence Islamic finance should provide avenues to facilitate society in buying affordable homes. This challenge covers the funding aspect of affordable housing development albeit other critical challenges associated such as high land cost, compliance and construction cost, and developers' profit margin. The issue is that market forces dictate property prices that many cannot afford; hence lack of affordable housing is a serious issue being faced by major cities around the globe, including Malaysia. As the public resort to government assistance for policy change to support more affordable housing...

  • Musharakah Mutanaqisah home financing_alam_zulkarnain_zaher_shinaj_shamsher.pdf.jpg
  • Journal Article


  • Authors: Asadov, Alam; Muhamad Sori, Zulkarnain; Anwer, Zaher; Shamsudheen, Shinaj Valangattil; Ramadili Mohd, Shamsher Mohamad (2018)

  • Musharakah mutanaqisah (MM) mode of Islamic financing purchase of an asset, where the bank and customer enter into a contract of joint property ownership and the customer's ownership of the asset gradually increases throughout the financing period and fully own the asset after the last financial settlement. This mode of financing was introduced to mitigate the issue of unequal risk burden of conventional mortgage financing, where the bank just provide the financing and the customer bears all risk. MM financing reflects a true partnership contract through sharing of risk and reward between both parties. Though the MM mode of financing has the salient features to address the flaws of co...

  • accounting_for_the_property acquisition_zulkarnain.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain (2018)

  • This case was developed based on a real-life experience related to an lslamic equity home financing contract (ie. Musharakah Mutanaqisah) between a Malaysian Islamic Bank and their customer. The Musharakah Mutanaqisah (MM) Financing mode has gained popularity in house financing in Malaysia, where the bank and customer enter into a contract of joint property ownership and the customer's ownership of the asset gradually increases throughout the financing period and fully owns the asset after the last financial settlement. This case aims to: illustrate the process of property acquisition using the MM financing mode; account the various transactions involved in MM financing; account capit...

  • accounting_for_Islamic_financial_transactions_zulkarnain.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain (2018)

  • This hypothetical case study was developed based on the financial statements of Bahrain Islamic Bank and Bank Islam Malaysia Berhad. The banks were registered in two different countries namely Bahrain and Malaysia that adopted Financial Accounting Standards (FAS) issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and International Financial Reporting Standards (IFRS) (the standards are locally adopted and named as Malaysian Financial Reporting Standards (MFRS)) issued by International Accounting Standards Board (IASB) respectively. The key issues explored in this case are: the motivation for recording and reporting Islamic financial transact...

  • the_impact_management_family_institution_zulkarnain.pdf.jpg
  • Journal Article


  • Authors: Osman, Mohammad Noor Hisham; Abdul Latiff, Ahmed Razman; Mat Daud, Zaidi; Muhamad Sori, Zulkarnain (2018)

  • Incidents where external auditors do not issue a going concern audit opinion (GC opinion) to companies having severe financial problems have been reported globally. This issue motivated this study : (i) to investigate the effect of selected auditor characteristics in terms of specialization, tenure, and fee on GC opinion issuance and (ii) to examine the moderating effect of management's, family's, and institution's influence on the relationship between auditor characteristics and GC opinion issuance. The study involves 644 Malaysian financially distressed listed companies in the period 2006 to 2012. The results of a panel logistic regression analysis show that auditor characteristics ...

  • possible_impact_of_the_latest_international_standard_Zulkarnain.pdf.jpg
  • Journal Article


  • Authors: Osman, Mohammad Noor Hisham; Abdul Latiff, Ahmed Razman; Mat Daud, Zaidi; Muhamad Sori, Zulkarnain; Turmin, Siti Zaidah (2018)

  • Auditors are required to issue going concern opinion (GC opinion) to companies that are incapable to continue their operations in the near future. It is very important for auditors to issue the GC opinion properly because such opinion is the only signal from them on the viability of a company. Investors need such signal before they can make good investment decisions. In Malaysia however, auditors do not want to issue GC opinion to a very large percentage of financially distressed companies. This motivates this paper to discuss the impact of the latest ISA 570 (2016) on GC opinion issuance rate in this country. Overall, we are in the opinion that there is no strong ground to expect the...

  • item.jpg
  • Master


  • Authors: Hussain, Siti Noorbaini (2018)

  • Amanah Ikhtiar Malaysia or history of AIM is closely linked to the establishment of Grameen Bank. It all began when Prof. Dr Muhammad Yunus, Economic lecturer at Chittagong University of Bangladesh conducted a study in 1976 with a sample of poor community that rarely engage in the banking world. From his study, these poor people are not able to improve their standard of living due to lack of capital. Therefore, Prof. Yunus suggests that capital injection is a basic human right and shall be given to the poor people in helping them to improve their social and economic welfares ...

  • accounting_for_leasing_zulkarnain_shamsher.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad (2018)

  • This case was developed based on a real-life experience dealing with an Islamic car financing contract (i.e. Al-ljarah Thumma Al-Bay |AITAB] contract - Sale and Leaseback) between a Malaysian Islamic Financial Institution and their customer. It is well recognised that AITAB is governed by the Malaysian Hire Purchase Act 1967, that oversees conventional (nor Islamic) car financing, yet it is used for both financing modes. The contract requires clarification on the following: understanding of the nature of the contract used and the relevant transactions involved; revenue recognition (current and future); capitalisation of relevant costs in the asset's value; fair value of leased asset; ...

  • A_closer_look_at_accounting_for_Islamic_financial_institutions_Zulkarnain.pdf.jpg
  • Academic Proceeding


  • Authors: Ismail, Nurazleen; Muhamad Sori, Zulkarnain (2017)

  • This paper provides a discussion of a study that examines accounting in Islamic perspectives. The discussion includes an overview of the development of Islamic finance, accounting in Islamic perspectives, and four key accounting assumptions, namely "substance over form", "time value of money", "fair value" measurement and "recognition based on probability", which serve as important guides to preparers of financial information.

Prof. Dr. Zulkarnain Muhamad Sori
author picture
Qualification: PhD, Corporate Governance and Auditing, Cardiff University, UK (2005).
Fields/Area of Specialization: Accounting, Auditing, Corporate Governance, Entrepreneurship, Finance and Takaful
Prof. Dr. Zulkarnain Muhammad Sori begin his academic career in 1999 after serving the industry for almost 5 years (i.e. in local and international organizations). He earned his PhD degree in Corporate Governance and Auditing from Cardiff Business School, Cardiff University, United Kingdom in 2005. His research and academic duties focus on Accounting and Finance disciplines with concentration on the following areas: Corporate Governance, Auditing, Financial Accounting, Ethics, Applied Finance, Financial Reporting, Entrepreneurship and Takaful. He currently serves as Deputy Director for BNP-Paribas-INCEIF Centre for Islamic Asset and Wealth Management.
Showing results 1 to 20 of 83
  • view_practice_stock_market_reaction_sukuk_credit_rating_changes_Malaysia_zulkarnain_shamsher.pdf.jpg
  • Journal Article


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; AlHomsi, Mahmoud (2019)

  • Documented evidence on conventional bond markets shows negative market reaction to bond credit rating downgrade and no reaction to credit rating upgrade. Despite the fact that sukuk issuances make up more than 58.8% of the value of outstanding bonds in the country and Malaysia issues at least half of the world's sukuk and is widely recognized as a leader in the sukuk space, there is no documented evidence on the stock market reaction to sukuk credit rating changes. This study analyzed the wealth effect of sukuk credit rating changes in Malaysia using 16 sukuk upgrades and 20 sukuk downgrades for the period 2000-2014. The evidence shows negative market reaction to downgrades and positi...

  • item.jpg
  • PhD


  • Authors: Hussin, Syaryanti (2019)

  • One of important non-financial information to be disclosed by IFIs is the information related to environment, social and governance (ESG) matters. Solid ESG practices result in lower risk and better operational performance of firm. The increasing cases of corporate collapse over non-financial issues during the last decades have highlighted the importance of ESG disclosure. IFIs have been seen left behind in term of providing their stakeholders with enough information to the stakeholders' attached surrounding from environmental aspect. In addition of that , the study examines SC characteristics from SC size, SC meeting and international member on the linkages between governance mechani...

  • chapter 4_revenue_recognition_Islamic_banks_Zulkarnain.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain (2019)

  • Accounting for revenue recognition has been a subject of interest for regulators and other market participants. The interest stems from the fact that revenue forms the greatest single item in the financial statements (FASB, 2002 , p. 1). Indeed, aggressive revenue recognition has always been associated with corporate financial scandals like Enron, Worldcom and Parmalat. It has been used to mask firms' real performance with the aim of preventing shareholders and stakeholders from scrutinizing their financial performance and other wrongdoings. The Securities and Exchange Commission in the US documented that mistake in revenue recognition as the lead issue in "financial reporting errors"...

  • chapter 3_analysis_accounting_Islamic_perspectives_Zulkarnain_Nurazleena.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ismail, Nurazleena (2019)

  • This chapter provides a discussion of a study that examines accounting in Islamic perspectives. The discussion includes an overview of the development of Islamic finance, accounting in Islamic perspectives, decision usefulness, stewardship, accountability, financial measurement, disclosure and presentation and four key accounting assumptions, namely 'substance over form', 'time value of money', 'fair value' measurement and 'recognition based on probability', which serve as important guides to preparers of financial information ...

  • chapter 11_conclusion_Zulkarnain.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain (2019)

  • Islamic finance industry has grown rapidly over the last few years, where the 2018 Islamic Finance Development Report by Thomson Reuters reported that the year on year growth by of 11% to US$2.4 trillion in assets in 2017 and predicted that it would grow to $3.8tn of assets by 2023 (Thomson Reuters, 2018). Realising the importance of the industry, this book examines various issues on Accounting and Governance of Islamic financial institutions. In fact, the unique feature of Islamic financ that is based on the shariah principle warrants critical examination on various issues relating to accounting of Islamic financial transactions. Basically, business dealings are prohibited to contain...

  • chapter 7_accounting_musharakah_mutanaqisah_home_financing_Mahmoud et al.jpg.jpg
  • Chapter in Book


  • Authors: Al Homsi, Mahmoud; Muhamad Sori, Zulkarnain; Asadov, Alam (2019)

  • This chapter provides the discussion on accounting issues for Musharakah Mutanaqisah (MM) home financing in the case of Malaysia. Though the MM mode of financing has addressed the 'ambiguities and risk issues in conventional mortgage financing and the controversy that surrounds other financing packages like al Bai Bithaman Ajiland Bay al Inah (Mydin-Meera & Abdul-Razak, 2009), there are some practical issues in operating this mode of financing, as Islamic banks operate this type of contract more closely to conventional practice, thereby lacking the spirit of the contract itself ...

  • chapter 2_comparison_MASB_AAOIFI_Zulkarnain_Shamsher.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad (2019)

  • This chapter provides new findings to accounting and finance literature, where, it compares the conceptual framework of both of the MASB- and the AAOIFI- in the context of financial reporting of Islamic financial institutions (IFls). The conceptual framework or some authors referred as "accounting constitution" set the tone for a consistent accounting standards and become a reference point for developing future standards for financial accounting and reporting (Barker et al., 2014; Abela et al., 2014; Holzmann & Munter, 2014 (Sutton et al., 2015; Gebhardt et aI., 2014; Norby, 1977; Gore & Zimmerman, 2007). In this context, more than 120 countries (including major players in Islamic fin...

  • chapter 9_shariah_committees_shariah_governance_Zulkarnain et al.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • This chapter discusses some challenges of Shariah Committees In Islamic financial institutions in dispensing their responsibilities in mitigating the non-compliance risks. The concept of shariah governance has its foundation in the Qur'an and the Sunnah. Shariah (which literally means "the way") is the divinely ordained guidelines of conduct for Muslims in all aspects of their life, which includes financial matters. Any form of transaction, irrespective of financial or otherwise, must be free of any element of injustice to the transacting parties. For financial transactions, any elemerit or form of activity that could be construed as 'riba' or injustice to any of the participants in t...

  • chapter 8_application_Shariah_governance_framework_Islamic_financial_institutions_Zulkarnain et al.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • This chapter provides discussion on a study that investigates the perceptions on shariah governance practices among Malaysian Islamic financial institutions. The chapter explores the effectiveness of implementation of Shariah Governance Framework among Malaysian IFIs with the focus on their level of commitment, the challenges and suggestions to further improve the effectiveness of implementation of this framework. The system of corporate control, effective and efficient governance that is consistent with shariah guidance has been an important agenda for Islamic Financial Institutions (IFIs) since the existence ofIslamic Finance in Malaysia. This is especially important in light of rap...

  • contemporary issues in financial reporting_zulkarnain et al.jpg.jpg
  • Book


  • Authors: Muhamad Sori, Zulkarnain; Abdul Wahab, Sazali; Al Homsi, Mahmoud (2019)

  • This book presents contemporary issues in financial reporting of Islamic financial institutions. Two key areas are covered namely, accounting for Islamic financial transactions and shariah governance. The main motivation to publish this book is to share our understanding on the unique nature of Islamic finance industry and the approach taken in accounting and reporting of Islamic financial transactions. Also, the book illustrate the importance of shariah governance in ensuring end-to-end shariah compliance. This book is to provide a practical guidance to researchers, industry practitioners and the other stakeholders.

  • item.jpg
  • PhD


  • Authors: Mohd Daud, Mohd Ariff (2019)

  • The provision of shelter is a fundamental human right as implied in the Maqasid al-Shari'ah, hence Islamic finance should provide avenues to facilitate society in buying affordable homes. This challenge covers the funding aspect of affordable housing development albeit other critical challenges associated such as high land cost, compliance and construction cost, and developers' profit margin. The issue is that market forces dictate property prices that many cannot afford; hence lack of affordable housing is a serious issue being faced by major cities around the globe, including Malaysia. As the public resort to government assistance for policy change to support more affordable housing...

  • Musharakah Mutanaqisah home financing_alam_zulkarnain_zaher_shinaj_shamsher.pdf.jpg
  • Journal Article


  • Authors: Asadov, Alam; Muhamad Sori, Zulkarnain; Anwer, Zaher; Shamsudheen, Shinaj Valangattil; Ramadili Mohd, Shamsher Mohamad (2018)

  • Musharakah mutanaqisah (MM) mode of Islamic financing purchase of an asset, where the bank and customer enter into a contract of joint property ownership and the customer's ownership of the asset gradually increases throughout the financing period and fully own the asset after the last financial settlement. This mode of financing was introduced to mitigate the issue of unequal risk burden of conventional mortgage financing, where the bank just provide the financing and the customer bears all risk. MM financing reflects a true partnership contract through sharing of risk and reward between both parties. Though the MM mode of financing has the salient features to address the flaws of co...

  • accounting_for_the_property acquisition_zulkarnain.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain (2018)

  • This case was developed based on a real-life experience related to an lslamic equity home financing contract (ie. Musharakah Mutanaqisah) between a Malaysian Islamic Bank and their customer. The Musharakah Mutanaqisah (MM) Financing mode has gained popularity in house financing in Malaysia, where the bank and customer enter into a contract of joint property ownership and the customer's ownership of the asset gradually increases throughout the financing period and fully owns the asset after the last financial settlement. This case aims to: illustrate the process of property acquisition using the MM financing mode; account the various transactions involved in MM financing; account capit...

  • accounting_for_Islamic_financial_transactions_zulkarnain.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain (2018)

  • This hypothetical case study was developed based on the financial statements of Bahrain Islamic Bank and Bank Islam Malaysia Berhad. The banks were registered in two different countries namely Bahrain and Malaysia that adopted Financial Accounting Standards (FAS) issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and International Financial Reporting Standards (IFRS) (the standards are locally adopted and named as Malaysian Financial Reporting Standards (MFRS)) issued by International Accounting Standards Board (IASB) respectively. The key issues explored in this case are: the motivation for recording and reporting Islamic financial transact...

  • the_impact_management_family_institution_zulkarnain.pdf.jpg
  • Journal Article


  • Authors: Osman, Mohammad Noor Hisham; Abdul Latiff, Ahmed Razman; Mat Daud, Zaidi; Muhamad Sori, Zulkarnain (2018)

  • Incidents where external auditors do not issue a going concern audit opinion (GC opinion) to companies having severe financial problems have been reported globally. This issue motivated this study : (i) to investigate the effect of selected auditor characteristics in terms of specialization, tenure, and fee on GC opinion issuance and (ii) to examine the moderating effect of management's, family's, and institution's influence on the relationship between auditor characteristics and GC opinion issuance. The study involves 644 Malaysian financially distressed listed companies in the period 2006 to 2012. The results of a panel logistic regression analysis show that auditor characteristics ...

  • possible_impact_of_the_latest_international_standard_Zulkarnain.pdf.jpg
  • Journal Article


  • Authors: Osman, Mohammad Noor Hisham; Abdul Latiff, Ahmed Razman; Mat Daud, Zaidi; Muhamad Sori, Zulkarnain; Turmin, Siti Zaidah (2018)

  • Auditors are required to issue going concern opinion (GC opinion) to companies that are incapable to continue their operations in the near future. It is very important for auditors to issue the GC opinion properly because such opinion is the only signal from them on the viability of a company. Investors need such signal before they can make good investment decisions. In Malaysia however, auditors do not want to issue GC opinion to a very large percentage of financially distressed companies. This motivates this paper to discuss the impact of the latest ISA 570 (2016) on GC opinion issuance rate in this country. Overall, we are in the opinion that there is no strong ground to expect the...

  • item.jpg
  • Master


  • Authors: Hussain, Siti Noorbaini (2018)

  • Amanah Ikhtiar Malaysia or history of AIM is closely linked to the establishment of Grameen Bank. It all began when Prof. Dr Muhammad Yunus, Economic lecturer at Chittagong University of Bangladesh conducted a study in 1976 with a sample of poor community that rarely engage in the banking world. From his study, these poor people are not able to improve their standard of living due to lack of capital. Therefore, Prof. Yunus suggests that capital injection is a basic human right and shall be given to the poor people in helping them to improve their social and economic welfares ...

  • accounting_for_leasing_zulkarnain_shamsher.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad (2018)

  • This case was developed based on a real-life experience dealing with an Islamic car financing contract (i.e. Al-ljarah Thumma Al-Bay |AITAB] contract - Sale and Leaseback) between a Malaysian Islamic Financial Institution and their customer. It is well recognised that AITAB is governed by the Malaysian Hire Purchase Act 1967, that oversees conventional (nor Islamic) car financing, yet it is used for both financing modes. The contract requires clarification on the following: understanding of the nature of the contract used and the relevant transactions involved; revenue recognition (current and future); capitalisation of relevant costs in the asset's value; fair value of leased asset; ...

  • A_closer_look_at_accounting_for_Islamic_financial_institutions_Zulkarnain.pdf.jpg
  • Academic Proceeding


  • Authors: Ismail, Nurazleen; Muhamad Sori, Zulkarnain (2017)

  • This paper provides a discussion of a study that examines accounting in Islamic perspectives. The discussion includes an overview of the development of Islamic finance, accounting in Islamic perspectives, and four key accounting assumptions, namely "substance over form", "time value of money", "fair value" measurement and "recognition based on probability", which serve as important guides to preparers of financial information.