Global Good Governance (3G) Awards 2017

The Accounting Research Institute (ARI) was nominated by the organiser, Cambridge IF Analytica, a UK-based Data Warehouse to participate in a global competition, to receive the 3G Awards 2017 along with three other international universities within the OIC countries.  A "voting system" was set up by the organiser and participating nominees are allowed to "invite" their members and friends to take part in the voting process.  At the final count, ARI won the competition and was invited to receive the award at an event held at the Fairmont The Palm Hotel, in Dubai, UAE on 24th April 2017.  Basically, the award "3G Excellence in Higher Education 2017" was in recognition of ARI's research and training works in corporate governance, corporate integrity and risk management.  As a Higher Institution Centre of Excellence (HICoE), ARI is driving research and innovation in these areas. The event in Dubai was attended by award recipients, business organisations, law enforcement agencies and business owners.  ARI was represented by its Director, Professor Dr Normah Omar, Deputy Director Associate Professor Dr Jamaliah Said, Research fellows Professor Ruhaya Atan and Dr Norazida Mohamed.  Congratulations ARIANs for job well done.

ARI Globalisation Agenda 2017

Time waits for no one.  As we are finishing the year 2016, we are also celebrating the coming of 2017.  For ARIANS,  2017's main agenda is "Globalising ARI HICoE and Advocating Research & Development in Islamic Finance and Financial Criminology". Strategic actions outlined for 2017 globalisation agenda includes: (i) Sourcing for international research grants through smart partnerships and research collaborations with agencies in OIC countries and European Erasmus program; (ii) Professional certification of ARI fellows in the strategic areas of Enterprise Risk Management from ERMA, Islamic Finance from IBFIM & IRTI, Financial Criminology from ACFE and Anti Money-Laundering specialisation from ACAMS.  Professional certifications will enable ARIANS to become specialists in Islamic Finance and Financial Criminology.  

International research collaborations and specialised trainings will certainly enhance ARI's presence globally and strengthen its financial standings in the long run; (iii) Academic publications of ARI's niche  research in Islamic Financial Criminology in Q1 & Q2

journals through international co-authorship program with reputable authors; (iv) Indexing of ARI two journals - Malaysian Accounting Review and Asia-Pacific Management Accounting Journal with SCOPUS, Thomson Reuters &  Islamic World Science Citation Database (ISC); (v) ASEAN research, training and conference organisations with universities in Indonesia, Philippines, Singapore, Brunei, Thailand, Myanmar, Vietnam, Laos and Cambodia, in tandem with the spirit of the ASEAN Economic Community; (vi)

Internationalisation of ARI's four postgraduate programs - Master in Islamic Finance & Muamalat, Master in Financial Criminology, PhD in Islamic Finance & Muamalat and PhD in Finanacial Criminology to potential students of OIC countries. (vii)  Offering of Master-Class Professional certification program with global professional partners.  Inshaallah, God willing, ARIANS will bring ARI HICoE

and UiTM to greater heights.  The ASEAN Economic Community (AEC) will come into full force in 2017.  The Accounting Research Institute will take advantage of this governmental initiative to promote Islamic Financial Criminology as a new knowledge corpus to be reckoned with.

ASEAN Risk Awards 2016 for ARI

Congratulations Accounting Research Institute (ARI) for being accorded the ASEAN Risk  Awards 2016 under the category "Risk Educator" during a recent event held at the Sofitel Hotel in Bali Indonesia, in conjunction with the BALIERM 2016 international conference.

The ASEAN Risk Awards 2016 is held to appreciate ASEAN’s achievements, innovation, and leadership in Risk Management through the risk leaders. With this event, Risk Management success stories from those risk leaders will be spread throughout ASEAN to regional audiences. There is no boundary on how big the company size is, what kind of industry they are in, and from which country they are from.  Companies and universities from ten ASEAN countries - Indonesia, Malaysia, Singapore, Philippines, Thailand, Brunei, Laos, Cambodia, Vietnam and Myanmar are eligible to participate.   Entry Eligibility for the ASEAN Risk Awards are as follows:

• The ASEAN Risk Awards is open to all organizations with a formal and legal presence in South East Asia.
• There is no limit to the number of nomination entries or the number of categories you may submit and enter.
• The organizer assumes that all entries are original and have been granted an official permission from the nominated organization. In the event that a nomination is entered without such rights, the entrant will not be eligible for the awards evaluation.
• The ASEAN Risk Awards is not liable for any copyright infringement on the part of the entrant.
• The work and credentials that are submitted to the Awards must have been in place for at least part of the 2016 calendar year.
• The nomination form and the supporting information will be the sole basis for the nomination.
• Nomination entries are only accepted through the available online nomination form. All nominations received through any other form will not be considered.

Risk leaders from various countries in ASEAN have been working hard to improve Risk Management field through their works. All this time, their achievements are proofs that ASEAN risk leaders are always pursuing to a higher level for the sake of their companies as well as for the region. The main organiser for this event is the Enterprise Risk Management Academy (ERMA).  ERMA is a global learning center for professionals and practitioners in the field of Enterprise Risk Management (ERM), and was established to facilitate collaboration efforts of ERM professionals and practitioners around the world, promoting and practicing ERM at their workplace.  ARI has been recognised for its research and training in the area of financial risks due to financial leakages, fraud, corruption in money laundering,

ARI@UiTM-STAR International Collaboration

The Accounting Research Institute (ARI HICoE) of Universiti Teknologi MARA has been selected by the Badan Pengawasan Keuangan dan Pembangunan (BPKP) of Indonesia to organize and conduct a one-week public sector training and research program for its State Accountability Revitalization Project (STAR) program. Twenty six selected participants were chosen for the program at ARI. They were from among the best recent graduates who undertook Masters Programs at universities in Indonesia.  STAR is an activity initiated by the Government of Indonesia in support of reform in the field of financial management and audit within the public sector.  The training program is funded by the Asian Development Bank (ADB) through a special loan. Whilst in Malaysia, the participants were exposed to several training programs involving various government agencies and public sector departments. Working visits to the Malaysian Institute of Integrity (IIM), Malaysian Anti-Corruption Commission (SPRM), Auditor General Office were arranged.  Participants received first-hand information from officers of these agencies about government initiatives to transform the Malaysian public sector.  As a Higher Institutions' Centre of Excellence (HICoE), 

ARI also shared with participants its niche research agenda in Islamic Financial Criminology.  They participated in a laboratory-style usage of ARI's polygraph machines.  ARI also invited speakers to talk on financial criminology and anti-money laundering as possible research topics that participants can embark for their PhD program.  As part of ARI-BPKP research collaboration, participants shared their research projects with ARI members and post-graduate students for possible comparative study analysis.  ARI thanks Professor Dr Nafsiah Mohammed for initiating the networking collaboration with BPKP during her visits to Indonesia last year. 

UiTM Celebrates its 60th Anniversary and Going Stronger

2016 marks the 60^th anniversary of Universiti Teknologi MARA or more fondly known as UiTM as a reputable institution of higher learning. The university started in 1956 with the founding of Dewan Latehan RIDA.  In June 1965, Dewan Latehan RIDA was changed to Maktab MARA. Then, on 14 October 1967, another name change took place when Maktab MARA was officially changed to Institut Teknologi MARA (ITM) after the foundation stone was placed by Tun Abdul Razak.  ITM’s name was once again changed on 26 August 1999. The then Prime Minister, Tun Dr Mahathir Mohamad announced the name change to Universiti Teknologi MARA (UiTM).

Today, UiTM celebrates the pinnacle of its 60^th anniversary celebration with Datuk Seri Najib Razak, Malaysia Prime Minister officiating the 60th Anniversary Celebration Ceremony at the Dewan Agung Tuanku Canselor. Through his opening speech, the Prime Minister expressed his pride in UiTM’s commitment and its significant contribution towards the economic development of the Malays/Bumiputera and the socio-economic landscape of the country. Also present at the opening was Education Minister Datuk Seri Idris Jusoh, Ministry of Higher Education Secretary General Tan Sri Dr. Noorul Ainur, UiTM Vice Chancellor Dato’ Seri Dr Hassan Said, as well as board members, staff, students and alumni of the university.  It was indeed a joyous moment for all of us at UiTM.  UiTM remains focus to its original aim of providing professional training, nurturing talents and producing quality Bumiputera graduates. 

ARI@UiTM Wins Big at GIFA 2016

It was indeed a jubilant evening for all of us at the Fairmont Hotel in Jakarta, Indonesia, the venue for the Gala Dinner and awards ceremony for the Global Islamic Finance Awards (GIFA) 2016.  This year, the Accounting Research Institute receives one of the major awards "BEST RESEARCH AND DEVELOPMENT IN ISLAMIC FINANCE".  Receiving the GIFA award for three consecutive years (2014, 2015 & 2016) is by itself a record worth mentioning. It's a gift to UiTM in conjunction with the university's 60th anniversary. In 2014, ARI received the "Best Education Provider in Islamic Finance".  In 2015, ARI receives a special award "Pioneering Research in Islamic Financial Criminology".

Researchers at ARI are extremely happy with this award as it signifies an international recognition towards ARI's pursuit in driving its HICoE research agenda in Islamic Financial Criminology.  We at ARI are a strong believer of the fact that to build a strong and sustainable Islamic Finance Industry, there is a need to look at three specific aspects of the industry needs: firstly, one must continuously explore to introduce or to innovate new Islamic Finance product; secondly, there is a need to enhance the governance mechanism of the Islamic Finance sector and thirdly, it is important to mitigate possible financial leakages of the industry.

The GIFA Awards Committee considers the following four important dimensions when assessing possible nominations for its awards: (i) Innovation - those products and servic through innovative applications of Shariah principles; (ii) Quantity and Quality - the breadth and depth of product/service offerings and where applicable, performance data are taken into account when assessing the performance of the nominated institutions and individual during the award period; (iii) Cross Border - Provision of products/services that take on an international dimension outside of the established home market is also a major criterion for selection of nominations; and (iv) Promotion of the Growth of the Industry - Products/services that have established standards of best practice for the national markets and global Islamic financial service industry are also treated over and above other products.  Congratulations all ARIANs, well done.....

Launching of the Mindanao Halal Holding Corporation

The Accounting Research Institute (ARI) reaches another milestone when it was invited by Mr Amanoding Ismail, the President of the Philippines Association of Islamic Accountants (PAIA) to participate in the establishment of a new investment holding company in the Philippines.  The soft launch of the Mindanao Halal Holding Corporation (MHHC) was recently invited to become one of MHHC's International Board of Directors.  The creation of the MHHC is the outgrowth of a deep study of the potential growth in the Southern Philippines whose development had long been overdue and marked by neglect.  MHHC positions itself as a primer investing channel for overseas and local capital, by identifying areas of rapid growth, and nurturing basic livelihood and transforming little markets into community-sized ones according to Islamic tenets and international ethical standards. 

Beside involved in business activities, MHHC will be promoting Islamic Finance, Zakat, Waqaf, social business and Islamic microfinance in the Philippines.  As a partner, ARI will have a great role to play in the Philippines, both in terms of providing trainings in Islamic Financial Criminology as well as participating in international research programmes.  The launching of the event was graced by the Chairman, Board of Accountancy, Professional Regulation Commission Philippines, Hon. Joel Tan-Torres.  During the event, Professor Dr Normah Omar from the Accounting Research Institute ARI was a guest speaker and presented a paper titled ""Potential Implications of the ASEAN economic community on islamic Finance Industry". 

ARI Receives Two International Recognitions

Following a successful 2015 in terms of global recognitions, members of the Accounting Research Institute (ARI HICoE) is equally excited for hopefully another interesting year in 2016.  As of early June 2016, ARI has received confirmation for two international awards from the Acquisition Finance Online Magazine which is based in the United Kingdom: (i)  Islamic Financial Criminology Research Body of the Year for a Consecutive Year,  ACCOUNTING RESEARCH INSTITUTE - Universiti Teknologi MARA (UITM) and (ii) GAMECHANGER of the Year, Prof Dr Normah Haji Omar,  ACCOUNTING RESEARCH INSTITUTE - Universiti Teknologi MARA (UiTM).  This is indeed a significant awards for ARI as "Islamic Financial Criminology" is niche research agenda for the HICoE initiative.  When we first started in 2010, Islamic Financial Criminology was just Buzzwords.  Today, it is a new corpus of knowledge for the Islamic Finance Industry.  The focus of Islamic Financial Criminology is three-prongs: (1)  Identification of new products for the Islamic Finance Industry; (2) Developing enterprise governance mechanism for the Islamic Finance Industry and (3) to propose effective anti-fraud programs for the industry.  Listed below is the actual confirmation from ACQ.

We are pleased to confirm the category win(s) as

MALAYSIA - ISLAMIC FINANCIAL CRIMINOLOGY RESEARCH BODY OF THE YEAR FOR A CONSECUTIVE YEAR, ACCOUNTING RESEARCH INSTITUTE - UITM

receiving the highest number of nominations in the indicated category.

Congratulations Dr Norazida

The Accounting Research Institute (ARI) of Universiti Teknologi MARA Malaysia (UiTM) congratulates its research associate fellow, Dr Norazida Mohammed for her recent appointment as an external examiner for an international baccalaureate program, B Tech (Hons)degree in Forensic Accounting and Auditing at Harare Institute of Technology Zimbabwe.

Dr Norazida obtained her PhD from Teesside Business School (UK) in 2013 with a thesis titled Financial Statements Fraud Control: Exploring Internal Control Strategies in Two Malaysian Public Interest Entities'.  The appointment is a great opportunity for Dr Norazidah and other ARI fellows to forge potential research and academic collaborations with countries in the African continent.  Congratulations....
 

Cambridge Islamic Finance Leadership Program (IFLP)

The Accounting Research Institute (ARI) of Universiti Teknologi MARA has been invited by Edbiz Consulting, a renowned UK-Based global organisation to co-organise a five day Cambridge Islamic Finance Leadership Program on 20-25 August 2016 at the University of Cambridge, United Kingdom.  Edbiz Consulting is a truly unique, international Shari’a / Shariah advisory firm, committed to engendering the value proposition that Islamic finance serves to offer in the global financial markets. Edbiz Consulting provides multiple services that balance the dual purpose of developing thought leadership in this niche industry and strengthening the Islamic finance capacity for businesses and banks. Its client base is diverse and includes financial institutions, governments, education providers, established businesses and entrepreneurs.  Edbiz Consulting is also the global organisation that initiated the globally famous Global Islamic Finance Awards (GIFA).  In fact, the Accounting Research Institute had won two awards respectively in 2014 (Best Education Provider in Islamic Finance) and 2015 (Best Pioneering Research in Islamic Financial Criminology).  It is through our involvement with GIFA that ARI has been invited to co-organise this prestigious training programme. In line with ARI's research agenda in Islamic Financial Criminology, this is a great opportunity for ARI to showcase its research findings and expertise with other leaders within the Islamic Finance Industry.

ARI to Host ERASMUS Staff Mobility Program

In 2014, the Accounting Research Institute (ARI) signed a Memorandum of Understanding with Burgas Free University in Bulgaria.  In 2015, Burgas Free University in collaboration with ARI and Universiti Teknologi MARA (UiTM) submitted an application for the Erasmus+ Staff Mobility for Teaching Mobility programme.  Erasmus+ is the European Union (EU) programme for education, training, youth and sport. Many of the initiatives are based on opportunities for students and recent graduates, but funding is also available to help teachers, lecturers and non-academic staff develop their skills in schools, universities, colleges and adult education environments around Europe – through job shadowing, teaching and training activities.  At the end of 2015, we were informed that the application was successful and three scholars from Burgas Free university will be visiting Universiti Teknologi MARA during May and June 2016.  Professor Milen Baltov, Vice Rector of Research and International Cooperation, Burgas Free University will be visiting UiTM on 2nd to 7th May 2016 and his teaching assignment will be at the Arshad Ayub Graduate Business School. The Vice-Dean of the Faculty of Business Studies Prof. Lina Anastassova will be in UiTM on 29th May to 4th June and will conduct her teaching assignment at the Faculty of Hotel and Tourism Management.  The third scholar, is  Assoc.

Prof. Tatyana Kotzeva from the Faculty of Humanities, who will visit UiTM and will be teaching at the Faculty of Communications and Media Studies on 13th to 19th June 2016.  ARI will be hosting the three scholars and will be organising related programs for them. Likewise, Universiti Teknologi MARA will also be sending three scholars (two of whom will be from ARI) to Burgas Free University during the periods of May and September 2016.  This is a great international collaboration for ARI and Burgas Free university.

ARI Bagged GIFA Award 2015

The Global Islamic Finance Awards or GIFA being the most respectable international market-led awards in Islamic banking and finance has announced the Accounting Research Institute (ARI HICoE) from Malaysia as the special winner of “Pioneering Research in Islamic Financial Criminology”.

The prestigous event  was held in Manama City, Kingdom of Bahrain on  28 September, 2015 at The Gulf Hotel.  Islamic Financial Criminology (IFC) is a pioneering research area introduced by ARI in 2010 when it was accorded the Higher Institutions’ Centre of Excellence (HICoE) status by the Ministry of Higher Education Malaysia. IFC encompasses  two main domains namely Islamic Finance and Financial Criminology.  ARI believes that a sustainable Islamic Finance industry must focus on continuously developing new Islamic Finance products as well as be mindful of the potential risks of financial crimes that could retard the development of the Islamic Finance sector.

GIFA is the most prestigious awards in the Islamic finance services industry where recognition is given to individuals and organisations selected for their successes and best practices in the Islamic finance sector.  GIFA has been initiated and organised by Edbiz Consulting, a leading London-based Islamic financial consultancy since 2011.  Last year, ARI-HICoE was awarded the “Best Islamic Finance Education Provider 2014” at GIFA 2014 which was held in Dubai, United Arab Emirates (UAE). It was such as honour for ARI HICoE of Universiti Teknologi MARA for winning the award for the second consecutive years.  Presence to receive GIFA 2015 award for ARI HICoE were its Director, Prof Dr Normah Omar and Research Fellow Dr Norazida Mohamed. Reflecting the name that it carries, ARI has shown outstanding performance since it was accorded the HICoE status in 2010 by Ministry of Higher Education. Within less than five years ARI has become a global leader in Islamic Financial Criminology research area. Research in Islamic Finance has seen the development of new products such as Islamic microfinance, Islamic-based Social Enterprises, E-Biz Waqaf and Islamic Philanthropy. 

 Researches in Financial Criminology include anti-money laundering and anti-terrorism financing, financial fraud/corruption prevention mechanisms and the development of corporate integrity system.  ARI’s collaborative partners have included among others, the Association of Certified Fraud Examiners (ACFE), Association of Certified Anti-Money Laundering Specialists (ACAMS), Institute of Public Enterprise India, Association of Forensic Accountants Pakistan, Oxford Institute of Islamic Studies, IBFIM, Asian Institute of Finance, Compliance Officer Networking Group, Bolton University Institute of Islamic Finance, University of Teesside Centre for Fraud and Financial Crime, Association of Islamic Finance Tunisia, Association of Muslim Accountants, Philippines and the International Centre of Political Violence and Terrorism Research, Singapore.

ISFIRE June 2015 Issue

The International Magazine - Islamic Finance Review or ISFIRE - a publication by EDBIZ Consulting (United Kingdom) in its latest issue will be featuring research programs at the Accounting Research Institute (ARI).  As a winner of Global Islamic Finance Award - GIFA 2014, ISFIRE showcases ARI's research projects in Islamic Financial Criminology which is indeed a pioneering research area in the Islamic Finance sector.  Another good news is that ARI has again been nominated as possible GIFA 2015 award recipient.  GIFA 2015 will be held in October 2015 in Khazakstan.

More News on GIFA 2014

It was such as honour for the Accounting Research Institute (ARI) of UniversitiTeknologi MARA for winning the Global Islamic Finance Awards 2014.  A full list of winners has been prepared by Edbiz Consulting the organiser as follows:

Best Paper at APMAA 2014

The Accounting Research Institute and Faculty of Accountancy, Universiti Teknologi MARA congratulate our PhD student Mr Hussein Hussein Sharaf-Addin for winning the Goodman School (of Brock University, Canada) Best Paper Award for his paper entitled "The Relationship Between Organizational Capabilities and Target Costing Implementation Decision: An Empirical Study of Malaysian Automotive Industry".  Mr Hussein presented his paper at the APMAA Conference 2014 in Bangkok.  The Best Paper Award came with an Award certificate and Prize money of USD300 and a 10,000 Baht PhD Colloquium scholarship from Chullalongkorn Business School of University of Chullalongkorn.  Congratulations Hussein.

Prestigious GIFA 2014 Award for ARI

The Accounting Research Institute (ARI), Universiti Teknologi MARA (UiTM) was awarded the Best Islamic Finance Education Provider 2014 at the Global Islamic Finance Award (GIFA) 2014 on 27 October 2014 at the award ceremony held at the prestigious H Hotel, Dubai, United Arab Emirates. The award was accepted by the Vice Chancellor of UiTM, Tan Sri Dato’ Sri Prof Ir. Dr Sahol Hamid Abu Bakar. Also present at the award ceremony were the Deputy Directors of ARI, Associate Prof Dr Zuraidah Mohd Sanusi and Associate Prof Dr Jamaliah Said, Head of one ARI’s research centers, the UiTM-ACCA Asia-Pacific Centre for Sustainability (APCeS), Associate Prof Dr Faizah Darus and one of ARI fellows Dr Norazida Mohamed. As a HiCOE, ARI aspires to be an international research center focusing on research in its niche area of Islamic Financial Criminology (IFC). Among the research areas in Islamic finance that ARI has been actively involved in research is in the area of Islamic microfinance, Islamic Corporate Social Responsibility (i-CSR) and Shariah audit.  Global Islamic Finance Awards (also known as "GIFA") are one of the most prestigious awards in the Islamic banking and finance sector.  The objective of the GIFA is to highlight the best practices in Islamic banking and finance and celebrate the success of institutions and individuals, with the ultimate objective of promoting social responsibility, Shari’a authenticity and commitment to Islamic banking and finance. This award recognizes and celebrates the achievements and contributions of individuals and institutions in the Islamic financial services industry.  Congratulations all