Internal control system for Islamic micro financing
Purpose - This paper aims to contribute to literature on managing Islamic micro financing by formulating and evaluating the implementation of internal control system for Islamic micro financing. It also aims to investigate the implementation of an internal control system for financing activities pra...
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Veröffentlicht in: | International journal of Islamic and Middle Eastern finance and management 2012-11, Vol.5 (4), p.340-352 |
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description | Purpose - This paper aims to contribute to literature on managing Islamic micro financing by formulating and evaluating the implementation of internal control system for Islamic micro financing. It also aims to investigate the implementation of an internal control system for financing activities practiced by Baitul Maal wat Tamwil (BMT), a special micro finance organization, in Indonesia.Design methodology approach - First, the paper introduces the concept of internal control system. Second, an internal control system for Islamic financing is formulated. Primary data that relate to the implementation of an internal control system for financing activities are obtained through a direct survey using questionnaires. The data are then analyzed using descriptive statistic and qualitative analysis to find the implementations of the internal control system.Findings - BMTs in Indonesia have implemented an internal control system for their financing activities. The rank of the implementation is: information and communication; monitoring; control environment; risk assessment; and control activities. This study also indicates that the implementation of authorization and consultation to the Shariah Supervisory Board was low.Research limitations implications - The respondents of this study are small in number. However, the findings are valid and reliable.Originality value - To the author's knowledge, there is a lack of scholars' attention on the implementation of internal control especially for Islamic micro financing. Therefore, this study will provide insight to the literature on how to manage Islamic micro financing efficiently and effectively. |
doi_str_mv | 10.1108/17538391211282836 |
format | Article |
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It also aims to investigate the implementation of an internal control system for financing activities practiced by Baitul Maal wat Tamwil (BMT), a special micro finance organization, in Indonesia.Design methodology approach - First, the paper introduces the concept of internal control system. Second, an internal control system for Islamic financing is formulated. Primary data that relate to the implementation of an internal control system for financing activities are obtained through a direct survey using questionnaires. The data are then analyzed using descriptive statistic and qualitative analysis to find the implementations of the internal control system.Findings - BMTs in Indonesia have implemented an internal control system for their financing activities. The rank of the implementation is: information and communication; monitoring; control environment; risk assessment; and control activities. This study also indicates that the implementation of authorization and consultation to the Shariah Supervisory Board was low.Research limitations implications - The respondents of this study are small in number. However, the findings are valid and reliable.Originality value - To the author's knowledge, there is a lack of scholars' attention on the implementation of internal control especially for Islamic micro financing. 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It also aims to investigate the implementation of an internal control system for financing activities practiced by Baitul Maal wat Tamwil (BMT), a special micro finance organization, in Indonesia.Design methodology approach - First, the paper introduces the concept of internal control system. Second, an internal control system for Islamic financing is formulated. Primary data that relate to the implementation of an internal control system for financing activities are obtained through a direct survey using questionnaires. The data are then analyzed using descriptive statistic and qualitative analysis to find the implementations of the internal control system.Findings - BMTs in Indonesia have implemented an internal control system for their financing activities. The rank of the implementation is: information and communication; monitoring; control environment; risk assessment; and control activities. This study also indicates that the implementation of authorization and consultation to the Shariah Supervisory Board was low.Research limitations implications - The respondents of this study are small in number. However, the findings are valid and reliable.Originality value - To the author's knowledge, there is a lack of scholars' attention on the implementation of internal control especially for Islamic micro financing. Therefore, this study will provide insight to the literature on how to manage Islamic micro financing efficiently and effectively.</description><subject>Accounting records</subject><subject>Banking industry</subject><subject>Cooperation</subject><subject>Debt financing</subject><subject>Economic crisis</subject><subject>Equity financing</subject><subject>Financial institutions</subject><subject>Financial services</subject><subject>International finance</subject><subject>Islamic financing</subject><subject>Islamic law</subject><subject>Microfinance</subject><subject>Monitoring systems</subject><subject>Risk assessment</subject><subject>Small & medium sized enterprises-SME</subject><subject>Social 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industry</topic><topic>Cooperation</topic><topic>Debt financing</topic><topic>Economic crisis</topic><topic>Equity financing</topic><topic>Financial institutions</topic><topic>Financial services</topic><topic>International finance</topic><topic>Islamic financing</topic><topic>Islamic law</topic><topic>Microfinance</topic><topic>Monitoring systems</topic><topic>Risk assessment</topic><topic>Small & medium sized enterprises-SME</topic><topic>Social responsibility</topic><topic>Studies</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Wardiwiyono, Sartini</creatorcontrib><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ABI/INFORM Collection (ProQuest)</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>ProQuest 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Basic</collection><jtitle>International journal of Islamic and Middle Eastern finance and management</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Wardiwiyono, Sartini</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Internal control system for Islamic micro financing</atitle><jtitle>International journal of Islamic and Middle Eastern finance and management</jtitle><date>2012-11-23</date><risdate>2012</risdate><volume>5</volume><issue>4</issue><spage>340</spage><epage>352</epage><pages>340-352</pages><issn>1753-8394</issn><eissn>1753-8408</eissn><abstract>Purpose - This paper aims to contribute to literature on managing Islamic micro financing by formulating and evaluating the implementation of internal control system for Islamic micro financing. 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This study also indicates that the implementation of authorization and consultation to the Shariah Supervisory Board was low.Research limitations implications - The respondents of this study are small in number. However, the findings are valid and reliable.Originality value - To the author's knowledge, there is a lack of scholars' attention on the implementation of internal control especially for Islamic micro financing. Therefore, this study will provide insight to the literature on how to manage Islamic micro financing efficiently and effectively.</abstract><cop>Bingley</cop><pub>Emerald Group Publishing Limited</pub><doi>10.1108/17538391211282836</doi><tpages>13</tpages><oa>free_for_read</oa></addata></record> |
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subjects | Accounting records Banking industry Cooperation Debt financing Economic crisis Equity financing Financial institutions Financial services International finance Islamic financing Islamic law Microfinance Monitoring systems Risk assessment Small & medium sized enterprises-SME Social responsibility Studies |
title | Internal control system for Islamic micro financing |
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