Prof. Dr.


Zulkarnain Muhamad Sori

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PhD, Corporate Governance and Auditing, Cardiff University, UK (2005)
Fields/Area of Specialization
Accounting, Auditing, Corporate Governance, Entrepreneurship, Finance and Takaful
Prof. Dr. Zulkarnain Muhamad 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

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Now showing 1 - 11 of 92
  • Publication
    A comparison of MASB and AAOFI accounting conceptual frameworks
    Shamsher Mohamad Ramadili Mohd; Zulkarnain Muhamad Sori (AAOIFI, 2017)

    This paper aims to present comparison of conceptual framework published by the Malaysian Accounting Standards Board (MASB) (fully converged with the standards issued by the International Accounting Standards Board (IASB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). As the Islamic finance industry evolved, some scholars proposed that the Islamic Financial Institutions (IFIs) should have different accounting standards to serve their need to report the unique financial information needs. The research is motivated by the introduction of accounting standards by the AAOIFI to fulfill the financial reporting needs of Islamic finance industry that offered Shariah complied products and services. AAOIFI divided the objective of financial reporting into two parts, namely, objective of financial accounting and objective of financial reports. However, only a limited number of countries adapted the AAOIFI accounting standards as mandatory for their IFIs. The other 120 countries apply standards issued by IASB for their IFIs. For MASB, the objective of financial reporting is to generate useful financial information for creditors and investors. An analysis of the accounting principles outlined in the conceptual framework of the MASB shows substantial replication of the AAOIFI's conceptual framework. In the Malaysian Islamic finance industry perspective, though the regulator requires the IFIs to apply the IFRS, yet it issued relevant regulations as a guide for IFIs financial reporting and to close the gap.

  • Publication
    The role of Islamic finance as a catalyst to sustainable entrepreneurship
    Zulkarnain Muhamad Sori (INCEIF, 2020)

    Fairer and healthier planet have been the main agenda of governments around the globe since the last few decades. Global crisis like climate change, global warming, poverty, hunger, inequality and many more, have raised the concern on our planet sustainability. As a result, the United Nations Summit in New York from 25 to 27 September 2015 unveils the 2030 Agenda for Sustainable Development with 17 Sustainable Development Goals (SDGs) and 169 targets which are integrated and indivisible. This agenda promotes transformation of thinking and approaches to be more inclusive, people-centred and to include sustainable development consideration where possible.

  • Publication
    Accounting for the property acquisition: the case of musharakah mutanaqisah
    Zulkarnain Muhamad Sori (IBA Press, 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 capitalisation of acquisition costs; recognise and disclose financial assets/liabilities; and determine Fair value of the MM assets. Users of the case are assumed to be familiar with the various regulatory requirements and theoretical foundation of the "accounting for Islamic Financial transactions" from reporting perspectives of IFRS/MFRS (International Financial Reporting Standards/Malaysian Financial Reporting Standards) and the AAOIFI (Accounting and Auditing Organization for lslamic Financial lnstitutions).

  • Publication
    The implementation of internal control system among Malaysian credit co-operatives
    Aishah Ariffin; Farahaini Mohd Hanif; Salwana Ali; Nor Alyani Abdul Razak; Zulkarnain Muhamad Sori (Maktab Koperasi Malaysia, 2016)

    This study aims to examine the perception on internal control system (ICS) practices among Malaysian credit co-operatives. Specifically, this study provides input to those who are involved in developing ICS in co-operative namely, the Board Members (BOARD), Internal Audit Committee (IAC) and management staff. Using Malaysian Co-operative Societies Commission (MCSC) definition on classification of co-operatives, four groups of respondent cooperatives based on size of cooperatives were developed i.e. micro, small, medium and large. After eliminating with incomplete data, 536 co-operatives were selected to be included in this study, where, two questionnaires were mailed to co-operatives' BOD and IAC. After three follow up procedure, 22% of the respondents returned the questionnaire. To compliment the questionnaire analysis, a case study on four co-operatives using unstructured interview questions was conducted. The data was analysed based on three themes namely ICS awareness, readiness and practices. It was found that the majority of respondents are highly aware on the importance of ICS and they believed that ICS should associate with monitoring activities. Consistently, the large majority of the respondents pointed out that, their co-operatives are ready to perform ICS in the perspective of human resource, knowledge, and training. On the other hand, the majority of Malaysian credit co-operatives are not ready to provide sufficient financial resources to appoint competent and skilled staff. Finally, the majority of the respondents (> 80 percent) have performed 60 percent of the ICS components presented to them. Also, 56 percent of the respondents submitted periodic report to the MCSC as required by the law. These findings indicate that Malaysia credit co-operatives are aware and ready to perform ICS towards good governance in the interest of their members.

  • Publication
    Shariah committee and shariah governance framework: some evidence
    Mohamed Eskandar Shah Mohd Rasid; Shamsher Mohamad Ramadili Mohd; Zulkarnain Muhamad Sori (UPM Press, 2015)

    Over the last few decades, the Islamic financial system has shown a strong and improved performance, where the global total assets of the industry as of end 2014 has exceeding USD2.0 trillion or a compounded annual growth rate (GACR) of 17.4% between 2009 and 2014. The Malaysia International Islamic Financial Centre (MIFC) reported monumental issuances in sovereign sukuks by the governments of the UK, Senegal, Hong Kong, South Africa and Luxembourg ammounting to USD 115 billion.

  • Publication
    Application of Shariah governance framework in Islamic financial institutions
    Mohamed Eskandar Shah Mohd Rasid; Shamsher Mohamad Ramadili Mohd; Zulkarnain Muhamad Sori (UMK Press, 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 rapid growth in Islamic Finance industry not only in Malaysia but globally. The well-functioning Islamic finance industry can only be sustained if there is good corporate governance practice by IFIs that comply with the shariah guidance.

  • Publication
    Accounting for leasing: the case of Islamic car financing
    Shamsher Mohamad Ramadili Mohd; Zulkarnain Muhamad Sori (IBA Press, 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; recognition of financial assets and liabilities; and disclosure requirements from the bank and customer perspectives. Users of the case are assumed to be familiar with the various regulatory requirements and theoretical foundation of the "Accounting for Islamic Financial Transactions" from IFRS/MFRS (International Financial Reporting Standards/Malaysian Financial Reporting Standards) and the AAOFI (Accounting and Auditing Organization for Islamic Financial Institutions) reporting perspectives.

  • Publication
    Siti Zaidah Turmin; Mohammad Noor Hisham Osman; Ahmed Razman Abdul Latiff; Zulkarnain Muhamad Sori (UPM Press, 2015)

    Over the last 10 years, Malaysian capital market has made significant progress in instilling an efficient and well-regulated marketplace together with a proper institutional framework for the regulation of the accounting profession. The shareholders and stakeholders interests are safeguarded through high quality corporate financial reporting and corporate governance. It is the aim of the book to provide evidence and research findings on relevant issues. This book is divided into three parts that consists of 11 separate chapters of academic research works. The chapters covered ranging from issues on corporate internet reporting practice, corporate social responsibility, corporate governance, auditor independence and Islamic finance.

  • Publication
    The practice of musharakah mutanaqisah at Malaysian Islamic banks: an empirical review
    Alam Asadov; Shamsher Mohamad Ramadili Mohd; Zulkarnain Muhamad Sori (CIAWM, 2018)

    Among many permissible Islamic finance products, Musharakah or the partnership contract was put forward as a true representation of the PLS concept in the late 1970s. However, due to challenges to fully implement this type of contract in practice, practitioners have improvised a more practical version of the partnership contract termed Musharakah Mutanaqisah (MM) (or Diminishing Partnership). Currently, Musharakah Mutanaqisah is applied in home financing by Islamic banks and proposed as a replacement for Bai Bithaman Ajil and Bay al Inah in Malaysia. Despite the increasing popularity of MM in home financing in the Malaysian Islamic banking industry, there are issues in the way the Islamic banks operate and report this mode of home financing in their annual reports.

  • Publication
    Audit committees from the legal perspectives: the case of Malaysia
    Shamsher Mohamad Ramadili Mohd; Zulkarnain Muhamad Sori (ICFAI University Press, 2008)

    Good corporate governance practices are a trademark of developed capital markets. Stringent regulation of capital markets is not a consistent way to mitigate financial mishaps in developed market environment. Malaysian government has adopted a market deregulation approach, and delegated the responsibilities of ensuring a fair and proper functioning of financial institutions to the Securities Commission. The commission is required to issue listing requirements for public and listed companies to establish audit committees. This paper discusses the Malaysian audit committees' duties from the legal perspective. The discussion covers audit committee's fiduciary duties, duty to be diligent, duty of care and skill and statutory duties which are framed in order to make the functioning of Audit committees more effective.

  • Publication
    Understanding issues of affordable housing in Malaysia to attract investment: an exploratory investigation
    Mohd Ariff Mohd Daud; Saiful Azhar Rosly; Zulkarnain Muhamad Sori (Malaysian Institute of Planners (MIP), 2022)

    This study attempts to investigate the issues that impede the provision of affordable housing for Malaysian population. These issues need to be identified and addressed, as they hinder potential private investments in affordable housing projects. In order to achieve this aim, a qualitative method was adopted, in the form of interviews with several developers and institutional investors. Seven areas were recognised to be the sources of major problems with affordable housing in Malaysia namely, the lax policy; poor urban design and planning; supply and demand; property overhang, financing, and price; lacking innovation and research and development; escalating development costs; as well as obsolete quota and subsidy programmes. These findings may provide invaluable insight for policymakers in identifying and resolving the issues of affordable housing, which may then create potential avenue for private investment to alleviate the issue of shortage of affordable housing.