EFEKTIVITAS AUDIT SYARIAH DALAM MENDETEKSI DEVIASI PRODUK KEUANGAN SYARIAH
DOI:
https://doi.org/10.36272/jes.v13i2.344Keywords:
Sharia Audit; Audit Effectiveness; Sharia Compliance; Sharia Finance; Sharia PrinciplesAbstract
This research evaluates the effectiveness of sharia audits in detecting irregularities in sharia financial products, which is important for ensuring compliance with sharia principles such as the prohibition of usury, gharar, and maysir. The research approach used is a combination of qualitative and quantitative. Qualitative data was obtained through in-depth interviews with sharia auditors, management and members of the sharia supervisory board at selected financial institutions. Quantitative data was collected through questionnaires distributed to auditors and management at various sharia financial institutions. Document analysis was carried out on audit reports, financial reports and sharia compliance reports. The instruments used include interview guides, questionnaires, and document checklists. Qualitative data was analyzed using thematic methods, while quantitative data was analyzed using descriptive and inferential statistics. The research results show that the effectiveness of sharia audits is influenced by auditor competence, audit methods, technological support, and management commitment to sharia compliance. Auditors who are knowledgeable in sharia law and accounting are more effective in detecting irregularities, and the use of technology such as audit software and blockchain increases accuracy and efficiency.
Downloads
Download data is not yet available.
References
[1] AAOIFI. (2020). Shariah standards. Manama, Bahrain: Accounting and Auditing Organization for Islamic Financial Institutions.
[2] Ahmed, H., & Mohamad, S. (2020). Islamic Finance: Ethics, Concepts, and Practices. Pearson.
[3] Alam, N., & Rizvi, S. A. R. (2017). Fintech and Islamic Finance. In Islamic Fintech (pp. 1-16). Springer, Cham.
[4] Almutairi, A. R., & Quttainah, M. A. (2019). Corporate Governance and Firm Performance: Evidence from Islamic Banks. Journal of Islamic Financial Studies, 5(2), 123-139. https://doi.org/10.12816/0050514
[5] Al-Sultan, A., & Abdulaziz, A. (2019). Shariah Compliance in Takaful: An Analysis of Regulatory Framework in Saudi Arabia. Journal of Islamic Finance, 10(2), 203-217. https://doi.org/10.12816/0051231
[6] Aziz, M. R. A., Anwar, M., & Mahmood, R. (2020). Effectiveness of Shariah Auditing in Islamic Financial Institutions: Evidence from Malaysia. Journal of Islamic Accounting and Business Research, 11(3), 485-502. https://doi.org/10.1108/JIABR-08-2019-0151
[7] Chapra, M. U. (2019). Islamic Economics: What It Is and How It Developed. Edward Elgar Publishing.
[8] El-Gamal, M. A. (2019). Islamic Finance: Law, Economics, and Practice. Cambridge University Press.
[9] Farook, S., Kabir Hassan, M., & Lanis, R. (2018). Determinants of corporate social responsibility disclosure: the case of Islamic banks. Journal of Islamic Accounting and Business Research, 9(4), 337-368. https://doi.org/10.1108/JIABR-07-2015-0035
[10] Farooq, M., & Khan, M. (2021). The Role of Shariah Compliance in Mudharabah Contracts: Evidence from Pakistan. Journal of Islamic Finance, 12(1), 45-58. Retrieved from [link]
[11] Hamid, M. A., & Nordin, N. A. (2019). Challenges in Implementing Shariah Auditing: Evidence from Malaysia. Journal of Islamic Accounting and Business Research, 10(2), 203-218. https://doi.org/10.1108/JIABR-12-2017- 0152
[12] Haneef, M. A., & Furqani, H. (2020). Islamic Banking and Finance: Critical Issues and Challenges. Routledge.
[13] Haniffa, R., & Hudaib, M. (2017). A theoretical framework for the development of the Islamic perspective of accounting. Islamic Finance: The New Regulatory Challenge, 2, 133-159. https://doi.org/10.1108/9781787431649-008
[14] Hassan, M. K., & Lewis, M. K. (2017). Handbook of Empirical Research on Islam and Economic Life. Edward Elgar Publishing.
[15] Hayat, R., & Hassan, M. K. (2021). Shariah Governance and Islamic Finance: Theory, Practice, and Issues. Routledge.
[16] Iqbal, M. (2021). Regulatory framework for Islamic finance. Singapore: Palgrave Macmillan.
[17] Kasim, N., Ibrahim, M., & Sulaiman, M. (2020). The Role of Shariah Auditors in Enhancing Accountability and Transparency in Islamic Financial Institutions. Journal of Islamic Accounting and Business Research, 11(4), 553-567. https://doi.org/10.1108/JIABR-09-2019-0158
[18] Khan, F. (2018). Shariah compliance and operational guidelines in Islamic banking. London, UK: Routledge.
[19] Khan, M. F., & Bhatti, M. I. (2016). Islamic Banking and Finance: Ethical Dimensions. Springer.
[20] Khan, T., & Bhatti, M. I. (2020). The Role of Shariah Audit in Ensuring Compliance in Islamic Financial Institutions: Evidence from the UAE. Journal of Islamic Finance, 12(1), 78-92. Retrieved from [link]
[21] Lewis, M. K. (2020). Accountability and Islam. Journal of Islamic Accounting and Business Research, 11(2), 206-227. https://doi.org/10.1108/JIABR-08-2018-0123
[22] Maali, B., Casson, P., & Napier, C. (2021). Social reporting by Islamic banks. Abacus, 42(2), 266-289. https://doi.org/10.1111/j.1467-6281.2006.00206.x
[23] Mohamed, Z., & Ali, S. S. (2019). Transparency and Accountability in Sukuk Investments: The Role of Shariah Auditing in Bahrain. International Journal of Islamic and Middle Eastern Finance and Management, 12(4), 407-421. https://doi.org/10.1108/IMEFM-03-2018-0096
[24] Rahman, A. R. A., & Bukair, A. A. (2019). The Role of Shariah Auditing in Enhancing Accountability and Governance of Islamic Financial Institutions. International Journal of Islamic and Middle Eastern Finance and Management, 12(4), 478-490. https://doi.org/10.1108/IMEFM-04-2018-0134
[25] Rosly, S. A. (2019). Auditing practices in Islamic financial institutions. Kuala Lumpur, Malaysia: IIUM Press.
[26] Sulaiman, M., & Willett, R. (2018). Using the Hofstede-Gray framework to argue normatively for an extension of Islamic Corporate Reports. Asian Review of Accounting, 11(2), 105-121. https://doi.org/10.1108/ARA-04- 2017-0063
[27] Usmani, M. T. (2020). An Introduction to Islamic Finance: Theory and Practice. Brill.
[28] Yusuf, M. Y., & Bahari, Z. (2016). Islamic Financial Technology (Fintech): The Enabler for the Digital Islamic Banks? Al-Shajarah: Journal of the International Institute of Islamic Thought and Civilization (ISTAC), Special Issue: Islamic Banking and Finance, 1-15.
[29] Zainuldin, M. H., Lui, G., & Abd Majid, W. Z. (2018). Auditing in Islamic Financial Institutions: Exploring the gap in the internal Shariah audit function. Journal of Islamic Accounting and Business Research, 9(2), 216- 232. https://doi.org/10.1108/JIABR-04-2017-0052
[2] Ahmed, H., & Mohamad, S. (2020). Islamic Finance: Ethics, Concepts, and Practices. Pearson.
[3] Alam, N., & Rizvi, S. A. R. (2017). Fintech and Islamic Finance. In Islamic Fintech (pp. 1-16). Springer, Cham.
[4] Almutairi, A. R., & Quttainah, M. A. (2019). Corporate Governance and Firm Performance: Evidence from Islamic Banks. Journal of Islamic Financial Studies, 5(2), 123-139. https://doi.org/10.12816/0050514
[5] Al-Sultan, A., & Abdulaziz, A. (2019). Shariah Compliance in Takaful: An Analysis of Regulatory Framework in Saudi Arabia. Journal of Islamic Finance, 10(2), 203-217. https://doi.org/10.12816/0051231
[6] Aziz, M. R. A., Anwar, M., & Mahmood, R. (2020). Effectiveness of Shariah Auditing in Islamic Financial Institutions: Evidence from Malaysia. Journal of Islamic Accounting and Business Research, 11(3), 485-502. https://doi.org/10.1108/JIABR-08-2019-0151
[7] Chapra, M. U. (2019). Islamic Economics: What It Is and How It Developed. Edward Elgar Publishing.
[8] El-Gamal, M. A. (2019). Islamic Finance: Law, Economics, and Practice. Cambridge University Press.
[9] Farook, S., Kabir Hassan, M., & Lanis, R. (2018). Determinants of corporate social responsibility disclosure: the case of Islamic banks. Journal of Islamic Accounting and Business Research, 9(4), 337-368. https://doi.org/10.1108/JIABR-07-2015-0035
[10] Farooq, M., & Khan, M. (2021). The Role of Shariah Compliance in Mudharabah Contracts: Evidence from Pakistan. Journal of Islamic Finance, 12(1), 45-58. Retrieved from [link]
[11] Hamid, M. A., & Nordin, N. A. (2019). Challenges in Implementing Shariah Auditing: Evidence from Malaysia. Journal of Islamic Accounting and Business Research, 10(2), 203-218. https://doi.org/10.1108/JIABR-12-2017- 0152
[12] Haneef, M. A., & Furqani, H. (2020). Islamic Banking and Finance: Critical Issues and Challenges. Routledge.
[13] Haniffa, R., & Hudaib, M. (2017). A theoretical framework for the development of the Islamic perspective of accounting. Islamic Finance: The New Regulatory Challenge, 2, 133-159. https://doi.org/10.1108/9781787431649-008
[14] Hassan, M. K., & Lewis, M. K. (2017). Handbook of Empirical Research on Islam and Economic Life. Edward Elgar Publishing.
[15] Hayat, R., & Hassan, M. K. (2021). Shariah Governance and Islamic Finance: Theory, Practice, and Issues. Routledge.
[16] Iqbal, M. (2021). Regulatory framework for Islamic finance. Singapore: Palgrave Macmillan.
[17] Kasim, N., Ibrahim, M., & Sulaiman, M. (2020). The Role of Shariah Auditors in Enhancing Accountability and Transparency in Islamic Financial Institutions. Journal of Islamic Accounting and Business Research, 11(4), 553-567. https://doi.org/10.1108/JIABR-09-2019-0158
[18] Khan, F. (2018). Shariah compliance and operational guidelines in Islamic banking. London, UK: Routledge.
[19] Khan, M. F., & Bhatti, M. I. (2016). Islamic Banking and Finance: Ethical Dimensions. Springer.
[20] Khan, T., & Bhatti, M. I. (2020). The Role of Shariah Audit in Ensuring Compliance in Islamic Financial Institutions: Evidence from the UAE. Journal of Islamic Finance, 12(1), 78-92. Retrieved from [link]
[21] Lewis, M. K. (2020). Accountability and Islam. Journal of Islamic Accounting and Business Research, 11(2), 206-227. https://doi.org/10.1108/JIABR-08-2018-0123
[22] Maali, B., Casson, P., & Napier, C. (2021). Social reporting by Islamic banks. Abacus, 42(2), 266-289. https://doi.org/10.1111/j.1467-6281.2006.00206.x
[23] Mohamed, Z., & Ali, S. S. (2019). Transparency and Accountability in Sukuk Investments: The Role of Shariah Auditing in Bahrain. International Journal of Islamic and Middle Eastern Finance and Management, 12(4), 407-421. https://doi.org/10.1108/IMEFM-03-2018-0096
[24] Rahman, A. R. A., & Bukair, A. A. (2019). The Role of Shariah Auditing in Enhancing Accountability and Governance of Islamic Financial Institutions. International Journal of Islamic and Middle Eastern Finance and Management, 12(4), 478-490. https://doi.org/10.1108/IMEFM-04-2018-0134
[25] Rosly, S. A. (2019). Auditing practices in Islamic financial institutions. Kuala Lumpur, Malaysia: IIUM Press.
[26] Sulaiman, M., & Willett, R. (2018). Using the Hofstede-Gray framework to argue normatively for an extension of Islamic Corporate Reports. Asian Review of Accounting, 11(2), 105-121. https://doi.org/10.1108/ARA-04- 2017-0063
[27] Usmani, M. T. (2020). An Introduction to Islamic Finance: Theory and Practice. Brill.
[28] Yusuf, M. Y., & Bahari, Z. (2016). Islamic Financial Technology (Fintech): The Enabler for the Digital Islamic Banks? Al-Shajarah: Journal of the International Institute of Islamic Thought and Civilization (ISTAC), Special Issue: Islamic Banking and Finance, 1-15.
[29] Zainuldin, M. H., Lui, G., & Abd Majid, W. Z. (2018). Auditing in Islamic Financial Institutions: Exploring the gap in the internal Shariah audit function. Journal of Islamic Accounting and Business Research, 9(2), 216- 232. https://doi.org/10.1108/JIABR-04-2017-0052
Downloads
Published
2024-08-18
Issue
Section
Articles
