Researchers from the Accounting Research Institute (ARI) will be participating in a three-day research proposal retreat in Port Dickson on 27-29 December 2011. The Retreat is to specifically discuss, deliberate and finalise ARI's Phase 2 research proposals in Islamic Financial Criminology for 2012. The 2012 research proposals are cluster-based: three clusters under the Islamic Finance research thrust and another three clusters under the Financial Criminology group. For the Islamic Finance thrust, the three research clusters are namely "Islamic Microfinancing", "Shari'ah and Islamic Governance" and "Zakat & Waqaf". On the same token, the three research clusters for the Financial Criminology are namely "Financial Reporting & Governance of Non-Profit Organizations", Anti-Money laundering & Counter Financing of Terrorism" and "Anti-Fraud Methodologies & Fraud Risk Indicators". In view of the HICoE aspiration to go regional, all research clusters are expected to invite and to include regional and international collaborative partners in their research projects. On day one, ARI Director, Professor Dr Normah Omar gave a briefing on the aspiration and expectation of the Retreat. As cluster-based research projects, researchers need to syncronize their own research objectives with the cluster's overall objective. Participants were also advised to match their research timeline with expected deliverables. The 2012 research projects on Islamic Financial Criminology are more focused with deliverables in the forms of new products, new policies and innovation.