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This paper aims to critically analyse the application of present value (PV) practised in the concept of time value of money (TVM) from the perspective of maqāṣid al-Sharī‘ah (objective of Islamic law) explained by Ibn ‘Ashur. The analysis is important as this concept has been adopted in the practice of Islamic accounting measurement.

This paper uses qualitative research approach. The authors first review literature related to TVM in Islamic perspective to understand the extent to which the scholarly articles have been discussing this topic. Furthermore, the authors conduct face-to-face interviews with the experts to comprehend the means of TVM application in the recent Islamic accounting practices. The tawhid (monotheistic) paradigm is further used with special reference to the concept of maqāṣid al-Sharī‘ah of Ibn ‘Ashur to critically analyse the practice of TVM in Islamic accounting measurement.

This study identifies the opposing views among the experts on the topic of TVM from the Islamic perspective. That is, the experts’ opinion on this issue can be classified into two. Firstly, a view that rejects TVM and proposes the concept of economic value of time. Secondly, an opinion that recognises TVM with the basis of bay’ al-mu’ajjal (deferred sale). This paper further critically analyses these two opposing opinions. The discussion is established based on the theory of maqāṣid al-Sharī‘ah as explained by Ibn ‘Ashur and the excerpts from interviewing the experts. This work draws a conclusion that such PV-based measurement of TVM does not meet the Islamic principles explained in the theory of Ibn ‘Ashur’s maqāṣid al-Sharī‘ah. Thus, the practice of PV measurement in Islamic accounting is debatable.

This study does not establish a positivism discussion. It is thus the generalisation of this work is not applicable to the Islamic perspective in general. Rather, it is limited to Ibn ‘Ashur’s maqāṣid al-Sharī‘ah.

An analysis of PV measurement adoption in Islamic accounting from maqāṣid al-Sharī‘ah perspective is practically important to raise the awareness that such practice is debatable in Islamic principles. That is, such debate opens new arena for academics, industry professionals and other related stakeholders to further discuss an ideal practice of Islamic accounting.

This paper is among the pioneers that analyses the concept of TVM, in particular relation to PV measurement in Islamic accounting practice from the perspective of Ibn ‘Ashur’s maqāṣid al-Sharī‘ah.

This study aims to examine the role of intersubjectivity portrayed in employees’ mundane activities in achieving goal congruence between individual and organizational goals within the performance measurement process.

Semi-structured in-depth interviews were conducted with five employees as key informants of each department. Observations were carried out unstructured to collect information about key performance indicator (KPI) and their achievements. Combining the interpretative phenomenological analysis (IPA) and Schutz’s phenomenology, the data analysis stage includes coding (interpretation, condensation and categorization of themes) and thematic analysis.

The findings show employees’ different feelings and actions in achieving their KPIs. Therefore, the anticipations of obstacles in achieving KPI were based on the intersubjective influence of personal goals, company goals, peers, bosses/departments and customers. Thus, in achieving KPI, employees strive to simultaneously achieve personal goals as well as company goals.

Previous literature on management accounting mainly focuses on organizational perspective and less on individual-centred phenomenological perspective. This study tries to fill this gap by exploring how intersubjectivity plays a role in employees’ mundane experiences.

In designing and applying KPI, the company should consider employees’ happiness as it could reflect job satisfaction, leading to high performance.

This study contributes to the literature on goal congruence, performance measurement and management control by extending prior research by Cugueró-Escofet and Rosanas (2013) and Cugueró-Escofet et al. (2019) in empirically portraying how employees perceive goal congruence in the performance measurement process with IPA.

Zakat (Islamic almsgiving) plays a considerable role in dealing with the socioeconomic issues in times of COVID-19 pandemic, and such roles have been widely discussed in virtual events. This paper aims to discover knowledge of the current global zakat administration from virtual events of zakat (e.g. webinars) on YouTube and Zoom via text mining approach.

The authors purposefully sampled 12 experts from four different virtual zakat events on YouTube and Zoom. The automated text transcription software is used to pull the information from the sampled videos into text documents. A qualitative analysis is operated using text mining approach via machine learning tool (i.e. Orange Data Mining). Four research questions are developed under the Word Cloud visualisation, hierarchal clustering, topic modelling and graph and network theory.

The machine learning identifies the most important words, the relationship between the experts and their top words and discovers hidden themes from the sample. This finding is practically substantial for zakat stakeholders to understand the current issues of global zakat administration and to learn the applicable lessons from the current issues of zakat management worldwide.

This study does not establish a positivist generalisation from the findings because of the nature and objective of the study.

A policy implication is drawn pertaining to the legislation of zakat as an Islamic financial policy instrument for combating poverty in Muslim society.

This work supports the notion of “socioeconomic zakat”, implying that zakat as a religious obligation is important in shaping the social and economic processes of a Muslim community.

This work marks the novelty in making sense of the unstructured data from virtual events on YouTube and Zoom in the Islamic social finance research.