Abstract
The reporting system of Malaysian waqf institutions requires substantial attention and revision to keep up with technological advancement and shifting trends in global accounting and reporting practices. Traditional waqf reporting has shown to be less effective in dealing with recurring issues such as unproductive asset management and mismanagement. In general, one of the significant challenges waqf institutions faces is inadequate transparency in reporting. Following the integrated reporting framework, this study proposed the development of a waqf capital reporting index for the online disclosure of Malaysian waqf institutions. The study examined the standards and literature on financial and non-financial capital disclosure of information to develop the Waqf Capital Reporting Index (WCRI). The final seven categories and 36 items under consideration were developed into an instrument, the proposed WCRI, for assessing waqf institutions’ commitment to advancing the agenda of multicapital and integrated reporting. The index passed the validity, reliability, and expert-driven pre-test procedures. This study contributed to developing WCRI that may be ideal for waqf institutions to adopt in developing countries. It addressed the concerns of best practices for waqf institutions regarding accountability and online transparency. The study introduced the first multicapital reporting index designed for Malaysian waqf institutions. The index might serve as a model for adoption by waqf institutions in other developed and developing countries.
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Acknowledgements
A special appreciation to the authors from University Malaysia Kelantan for their cooperation and dedication in publishing this article. We are also grateful for the financial support from Universiti Malaysia Kelantan under the UMK Fundamental (UMK-FUND) Grant Scheme: R/FUND/A0100/01049A/001/2022/01105.
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Jamil, A., Abdullah, T., Zainuddin, S.A., Abdullah, S.S., Mohamad, S.R., Azmi, N.F. (2023). Development of a Waqf Capital Reporting Index (WCRI) for Online Waqf Disclosure. In: Yusoff, M.N.H. (eds) Industry Forward and Technology Transformation in Business and Entrepreneurship. InCEBT 2022. Springer, Singapore. https://doi.org/10.1007/978-981-99-2337-3_15
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