Finance Division, International Islamic University Malaysia (IIUM)

The Finance Division of IIUM plays a critical role in managing and safeguarding the university's financial resources, ensuring transparency, accountability, and optimal utilization of funds to support its academic, research, and administrative operations. As a key administrative arm, the division is responsible for overseeing the financial health and sustainability of the university, aligning its financial strategies with IIUM's mission and strategic objectives.

Core Functions and Responsibilities

The division’s responsibilities encompass a wide range of financial activities, including:

• Budgeting and Financial Planning: Developing and managing the university's annual budget, forecasting future financial needs, and providing strategic financial advice to senior management. This includes resource allocation across various faculties, centers, and administrative units.
• Accounting and Reporting: Maintaining accurate and up-to-date financial records, preparing financial statements in compliance with relevant accounting standards (Malaysian Financial Reporting Standards - MFRS) and regulatory requirements, and ensuring timely and accurate financial reporting to stakeholders, including the Ministry of Higher Education.
• Treasury Management: Managing the university's cash flow, investments, and banking relationships to maximize returns and minimize financial risks. This involves short-term and long-term investment strategies, debt management, and foreign exchange risk management.
• Procurement and Payment: Overseeing the procurement of goods and services, ensuring compliance with procurement policies and procedures, and processing payments to vendors, suppliers, and employees. This includes implementing and maintaining efficient payment systems and processes.
• Financial Control and Compliance: Establishing and maintaining robust internal controls to safeguard assets, prevent fraud, and ensure compliance with relevant laws, regulations, and university policies. This includes conducting internal audits and implementing corrective actions.
• Grant and Research Funding Management: Administering research grants and other external funding, ensuring proper allocation and utilization of funds, and complying with grant reporting requirements.
• Revenue Management: Managing the university's revenue streams, including tuition fees, research grants, and other sources of income. This includes developing strategies to enhance revenue generation.

Organizational Structure

The Finance Division is typically organized into several units or sections, each responsible for specific functions. These may include:

• Budgeting Unit
• Accounting Unit
• Treasury Unit
• Procurement Unit
• Payment Unit
• Financial Reporting Unit

Importance to IIUM

The Finance Division's effective management of financial resources is crucial for IIUM's continued success. By ensuring financial stability, promoting efficient resource allocation, and maintaining strong financial controls, the division enables the university to achieve its academic, research, and community engagement goals. It supports the provision of high-quality education, the conduct of impactful research, and the effective delivery of essential services to students, faculty, and staff. The division plays a vital role in maintaining IIUM's reputation as a leading Islamic university in the global academic landscape.