Great 2017 Memories

The year 2017 has brought about a lot of good memories for all ARIANs at Accounting Research Institute.  Among the most significant outcome of 2017 includes the following:

• Four ARI members (Dr Farah Aida, Dr Azmi, Dr Nor Balkish and Dr Norazida) obtained their international professional accreditation for their Enterprise Risk Management examination from ERMA Global
  
• ARI HICoE received the Global Good Governance (3G) Awards 2017 at Dubai.  The event was organized by Cambridge IF Analytica (UK) 
• Associate Prof Dr Zuraidah Mohd Sanusi selected as recipient of the 2017 Erasmus Teaching Mobility Scholar with Burgas Free University, Bulgaria.
• Organisation of six collaborative international conferences: ISEC 2017, IPSA 2017, ICGSM 2017, ICCG 2017, ICG 2017 and APMAA 2017
  
• Global Islamic Finance Awards for four consecutive years 2014-2017 for ARI
• GIFA Special Awards 2017 - Advocacy of Islamic Financial Criminology - for Prof Dr Normah Omar 
• Appointment of Prof Dr Nafsiah Mohammed as President of the International Association of Public Sector Accounting 
• ARI HICoE awarded the ASEAN Enterprise Risk Management Awards 2017 by the Enterprise Risk Management Academy (ERMA Global)
  
• Prof Dr Nafsiah received two global innovation awards:  : Gold Prize at Seoul International Invention Fair (SIIF) 2017 and Special Awards from the Lebanese Innovators Society 2017
• Dr Nor Balkish Zakaria received RM90,000 contract research from Malaysian Institute of Supply Chain (MISI). 
• Prof Dr Normah Omar and her collaborative partners from Australia and Thailand received an international grant of AUD50,000 from the Australian Government - Department of Foreign Affairs and Trade (DFAT) - to conduct an international DAFT-ASEAN Virtual Business Plan Competition 
• Dr Intan Salwani Mohammed received the i-Proclaim Annual Research Award 2017. under the category Outstanding Scientist Award (Google Scholar Citations).
  
• Management appointments of three ARI research fellows: Prof Dato' Dr Mustaffa Mohd Zain as Assistant Vice Chancellor Strategic Planning; Prof Dr Faizah Darus as Dean, Faculty of Accountancy and Associate Professor Dr Azmi Abdul Hamid as Director, Risk Management Unit, UiTM

Visit to American University of Sarjah

While in Dubai, our team took the opportunity to visit an international private  university, American University of Sarjah (AUS).  Founded in 1997 by His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, Member of the Supreme Council of the United Arab Emirates and Ruler of Sharjah, the  university was envisaged by His Highness as a leading educational institution in the Gulf region. The university offers 26 majors and 45 minors at the undergraduate level, and 13 master's degrees programs through four academic divisions, namely (1) College of Architecture, Art and Design, (2) College of Arts and Sciences, (3) College of Engineering and (4) School of Business Administration.  Consciously based upon American institutions of higher education, AUS is thoroughly grounded in Arab culture and is part of a larger process of the revitalization of intellectual life in the Middle East. 

We met up with scholars and researchers from the school of business administration, including a fellow Malaysian, Associate Professor Dr Norita Ahmad who is now a full time faculty member of the university.  We see a lot of potentials for the Accounting Research Institute to collaborate with scholars from the university - in terms of staff & student exchanges, research collaboration and  and joint publications. 

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 Research with Impact - Part 2: Corporate Integrity & Risk Management

To create a sustainable business environment, there must be  a deliberate effort to conduct research that strengthen the governance aspect of the industry.  At the Accounting Research Institute, there are three main research projects within this second cluster.

They are namely research in corporate governance, corporate integrity & ethics and enterprise risk management.  For each of the project, ARI collaborates with specific partner from within the industry and government agencies, either at national and/or international levels.  Research projects for this cluster are not confined to the Islamic Finance industry, it also includes other sectors - public, private and non-profit organisations.

Among ARI's  collaborative partners include Companies Commission of Malaysia (CCM), Registry of Society (ROS), Malaysian Institute of Integrity (IIM), Accountants General Office, Auditor General Office, Centre for Risk Management Studies (CRMS-Indonesia), Malaysian Institute of Corporate Governance (MICG), Amanah Ikhtiar Malaysia and Agensi Inovasi Malaysia.  Many of our research output are used by the partners and stakeholders.

ARI Research with Impact - Part 1: Governance & Shariah Compliance

One is often reminded to embark on research that produces "good impact".  But what exactly is meant by "Research with Impact"?.  According to the Economic and Social Research Council (ESRC) which is based in UK, Economic and societal impact is the demonstrable contribution that excellent social and economic research makes to society and the economy, and its benefits to individuals, organisations and/or nations.  Bearing this in mind, the Accounting Research Institute (ARI) is deliberate in making a difference in its research contributions.  In addition to the basic needs to produce good quality academic papers, postgraduate scholars and innovation in the niche research Islamic Financial Criminology, ARI collaborate with its respective stakeholders to create both social and economic impacts. For its 2015-2017 grants cycle, the first research cluster relates to Governance & Shariah Compliance.   There are four main projects under this cluster: (i) Corporate Waqaf, (ii) Islamic Microfinance and Social Enterprise, (iii) Shariah Audit, and (iv) Islamic Economics.

Basically, researchers examine existing products and explore innovative ideas that can sustain and propel the Islamic Finance sector to greater height. One of the research projects that have shown positive impacts to the community is our Islamic Microfinance & Social Enterprise.  We explored existing business model and saw a gap that could retard the sustainability of this business. Traditionally, the business model will involve only two main players: the entrepreneurs themselves and the micro-credit financiers (financial institutions, microfinance agencies, non-profit organisations).  The responsibility to ensure business progress and sustainability lies with the entrepreneurs.  More often than not, they lack exposure, business skills and linkage to the full supply chain, hence resulting in business failure.

 As a result of that, micro-credit entrepreneurs have problems with loan repayment and other multiplier effects.  The Accounting Research Institute (ARI) introduces a more sustainable microfinance model by introducing three additional important elements.  First is the need to get a supplier(s) that can supply raw materials in bulk at relatively low price.  Second, ARI researchers provide training programs - financial management, ethics, integrity, business plan, governance and marketing.  Third, is to find a buyer or group of buyers who can buy the finished products.  By having this complete supply chain mechanisms for the microfinance business model, the entrepreneurs only need to focus on producing high quality products.  Since this is a business arrangement, there will be contractual agreements that must be observed by all parties in the supply chain framework. 

ARI HICoE's Research Niche in Islamic Financial Criminology

When the Accounting Research Institute was accorded the higher institutions' centre of excellence (HICoE) status in 2010 by the Ministry of Higher Education Ministry Malaysia, it was entrusted to drive a niche research area in Islamic Financial Criminology (IFC).  Fundamentally, IFC comprises three basic research areas: (i) research related to developing new or innovating existing Islamic Finance Products; (ii) research to strengthen the governance and integrity of the Islamic finance sector and (iii) research to mitigate financial leakages in organisations, including the Islamic Finance sector. The main aim of the IFC research agenda is to establish a sustainable Islamic Finance sector for Malaysia and possibly globally. In driving the new knowledge corpus in Islamic Financial Criminology, ARI divides its research program into four main clusters: (1) Governance & Shariah Compliance; (2) Corporate Integrity System & Ethics; (3) Anti-Money Laundering & Mitigation; and (4) Methodologies in Financial Fraud Detection & Investigation.  In 2017, we will include another research project - Decision Support System- to integrate all these clusters. 

Congratulations Dr Farah and Dr Nizam

The Accounting Research Institute (ARI) congratulates two of its associates who recently achieved significant milestones in their career. Firstly, congratulations to Dr Farah Aida Ahmad Nazri who completed her PhD in Islamic Finance from the Faculty of Accountancy, Universiti Teknologi MARA.  Dr Farah untertook her PhD program under the university's Young Researcher Scheme (YRS) and will be attached with ARI as a researcher and lecturer.

Recently Dr Farah Aida also sat and successfully completed her professional examination in Enterprise Risk Management with the global body, Enterprise Risk Management Academy and received the ERMCP professional designation.  

Secondly, congratulations to Dr Md Nizam Ali, Senior Director and Chief Coordinator of Centre for Knowledge and Consultancy on Integrity at the Malaysian Institute of Integrity (IIM), who successfully completed his PhD program at Universiti Teknologi Malaysia.  

Dr Nizam is instrumental in the establishment of the Corporate Integrity System for IIM.  Through him, ARI was involved in the development of the Corporate Integrity Questionnaire - an instrument used to measure corporate integrity at workplaces.  This collaborative project between the industry and academia was very engaging.  We had at least two laboratory-style meetings at the

Securities Commission office to discuss the fundamentals of corporate integrity; several round-table discussions at IIM, presentation of the preliminary instrument to the Federation of Public Listed Companies and meetings with corporate CEOs at Bursa Malaysia, pilot testing the instrument and actual evaluation of corporate integrity at various organisations such as Celcom, TNB, KPJ, MARA, UDA and many others.  Today, the instrument has been used widely by corporations in Malaysia.

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.

2016 in Memory

The year 2016 has been a great year for the Accounting Research Institute (ARI).  In tandem with ARI's aspiration to become global Higher Institutions' Centre of Excellence (HICoE) by 2018, a lot of efforts have been put into place by all ARIANs.  Thanks to all members - Research Fellows, Research Associates and Research Partners. Associate Prof Dr Jamaliah as ARI deputy director for research and networking was busy promoting ARI globally through networking collaborations with various agencies - Centre of Risk Management Academy (Indonesia); Institute of Public Enterprise (India); University of Bolton (UK); The Islamic Research and Training Institute &  King Abdul Aziz University (Saudi Arabia) and Universitas Indonesia.  She also makes sure that all research projects are progressing as scheduled and are producing the promised research output and outcomes.  

PM Dr Roshayani Arshad and PM Dr Zuraidah are both responsible in promoting ARI's postgraduate programs.  Today, ARI is offering four post-graduate programs by research - Master in Islamic Finance & Muamalat ; Master in Financial Criminology; PhD in Islamic Finance & Muamalat and PhD in Financial Criminology. Postgraduate program modules have been developed so as to ensure that students will graduate on time.  International students from Indonesia. Philippines, Saudi Arabia and Bangladesh have indicated interests to embark on ARI postgraduate programs in 2017. Professor Dr Nafsiah is ARI's "ambassador" to Indonesia.  She has initiated a lot of training programs and collaborative efforts for research & development internationally.  STAR-BPKP research & training; University of Gadjahmada, Trisakti University and many others.  Prof Faizah obtained an ERASMUS grant in 2016 for three scholars with Burgas Free University.  Three more slots have been offered for 2017.  Dr Intan Salwani and Dr Shuhaida are ARI's IT experts.  They have put into placed the Online Journal System (OJS) for two ARI journals - Malaysian Accounting Review and Asia-Pacific Management Accounting Journal. Both journals are indexed and we hope to submit both journals for SCOPUS and Thomson Reuters indexing by the end of 2017. Associate Professor

Dr Nawal and Associate Professor Dr Abdul Halim are research leaders for ARI's research in Islamic Finance. They have embarked international research collaborations with Islamic Finance Scholars in the Philippines, Indonesia, Morocco, Iran, Saudi Arabia and Tunisia.  Formal collaborations will be forged through Memorandum of Understanding and Memorandum of Agreement. Dr Balkish, Dr Azmi and Dr Farah Aida will soon be our experts in Enterprise Risk Management as they are undertaking professional certifications with the global's Enterprise Risk Management Academy (ERMA).

Dr Norazida is now on a 15-month sabbatical attachment with the Inland Revenue Board Malaysia (IRBM).  She will further strengthen our professional collaboration with that agency.  Dr Yang Chik, our law expert has been involved with many law-related initiatives including getting involved with the exposure drafts of the upcoming Companies Act amendments and other corporate governance-related proposals.  ARI welcomes our newly appointed research fellows - Associate Professor Dr Ayub Md Som (Chemical engineering), Professor Dato'Mustaffa Md Zain and Associate Professor Dr Erlane who will be tasked with spearheading the transdiciplinary aspects of ARI research projects.  Whilst Dr Ayub's specialisation is in Decision Support System, Prof Mustafa is a leading researcher in Corporate Social Responsibility.  Dr Erlane is an expert in the "Internet of Things".

 Our post-doctoral scholars Dr Shamimul Hassan and Dr Soheil Kaziman have been ARI's great assets in 2016 and beyond.  They have published in many indexed journals with ARI fellows as co-authors.  They have also initiated potential research and publication collaborations in Bangladesh and Iran respectively.

As a result of these hardworks and smart collaborations, ARI has received many research recognitions and accolades in 2016: Six gold awards from ITEX 2016; Global Islamic Finance Awards for "Best Research & Development in Islamic Finance 2016"; ACQ's "Islamic Financial Criminology Research Body of the Year for Second Consecutive Year 2016"; Gamechanger Online Magazine UK award for "Gamechanger Award 2016" and "ASEAN Risk Awards 2016" from the Enterprise Risk Management Academy (ERMA).  Almost all ARIANS have achieved the stipulated KPIs for 2016.  Congratulations and great job everyone.

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,