Malaysia, (26-27 Sep 2018) BAZNAS Center of Strategic Studies presented paper at the 13th Malaysia Economic Conference, 2018 (PERKEM 2018) at Bangi-Putrajaya Hotel, Selangor. The conference discussed the development of Malaysia's economy by YB Senator Dr. Mohd. Radzi Jidin (Expert Staff, Minister of Economy of Malaysia) and UKM Vice-Chancellor Prof. Tan Sri Dato 'Seri Dr. Noor Azlan Ghazali.

In his presentation, Muhammad Hasbi Zaenal from PUSKAS BAZNAS present the paper titled "Constitutional Frameworks of Government Finance and Specific Aspects of Islamic Revenues". This described an evidence based on the consolidated Islamic revenue account such as zakat fund in Malaysia, Indonesia, Brunei and Singapore. The results will try to prove that there are several advantages to compiling consolidated account and Islamic religious fund, being able to centralize the planning, and reporting of the revenue. In addition, it may help in formulating the public policy.

However, the current practice shows that: these revenues are not consolidated as state national account; in relation to how could the public policy be created and implemented. This study may have an impact on the distribution made by Islamic religious revenues as well zakat in one state should be recognized and endorsed by the relevant authorities or operational regulations.

There are several preliminary findings of this provision: first, the dualism of the Consolidated Fund and the Islamic Religious Fund. At least there are two "thoughts" streams that are Keynes and Ubayd. Second, there is no such Islamic Revenue Fund that has been treated as Consolidated Fund in terms of planning, reporting and auditing. The current practice shows the budget speech only cover the consolidated funds only. It shows that there is a policy on taxation. But, there is no public policy on Islamic Revenue Fund. This implies that Islamic religious revenues are not considered as national agenda because of the absence of such a policy, more important than the lack of coordination of the two policies. The second finding implies that zakat and waqf only generates income, actually is wider than that of generating benefits.