Thursday, September 3, 2015

ARI's Strategic Planning Workshop

The Accounting Research Institute (ARI) held a  one-day strategic planning workshop at the Grand Blue Wave hotel today.  Attended by all fellows,the workshop discussed among others strategic actions for four main research clusters for 2015 - 2018.  The four research clusters already identified are: (i) Islamic-based  Business Model  in Enhancing Good Governance and Wealth Creation, (ii) Corporate Integrity, Ethics and Risk Management, (iii) Anti-Money Laundering Mechanisms to Mitigate Financial Leakages and (iv) Methodologies in Financial Fraud Detection and Prevention.  The four research clusters support ARI's niche research agenda in Islamic Financial Criminology.  Islamic Financial Criminology (IFC) is a pioneering research area introduced by the Accounting Research Institute (ARI) in 2010 when it was accorded the Higher Institutions’ Centre of Excellence (HICoE) status by the Ministry of Education Malaysia.  IFC then became the niche research agenda that ARI, as a HICoE needs to drive.  The chosen niche research in IFC is in tandem with Malaysia’s vision to become a Global Islamic Finance Hub by 2020.   IFC as a concept encompasses two main domains namely Islamic Finance and Financial Criminology.  ARI believes that to develop a sustainable Islamic Finance Hub, Malaysia must continue introducing new Islamic finance products as well as be mindful of the potential risks of financial crimes that could retard the growth of the Islamic Finance sector.  When developing a sustainable Global Islamic Finance Hub, there are various strategic aspects that must be considered: continuous development of new Islamic Finance products; the establishment of good ethics, integrity and governance measures and the development of financial fraud mitigation mechanisms.