Conclusion
No organization will be immune from fraud regardless of whether or not it is an Islamic entity. Fraud will
constantly happen no matter how hard we try to deter and curb it. Despite the best attempts by the top management
to eliminate fraud, there is no substantial solution for fraud other than creating awareness among their employees on
the activities that can and may be considered as fraud and the solutions engaged to avoid and detect them. Hence, all
the components of deterrence, prevention, detection, mitigation, analysis, policy, investigation and prosecution must
be simultaneously implemented as delineated under the Fraud Management Lifecycle Theory in order to effectively
prevent and detect fraud within banks.
As an effort to protect Islamic banks, all those effective methods discussed in this research are highly suggested
to be implemented in the banks. Thus, the bank should not solely depend on one technique to conquer the fraud
problem; instead there must be a check and balance in place for identifying any weakness in internal control system
of the bank and also to upgrade any obsolete technique to a more modern and sophisticated one. The study would
mostly recommend the use of highly effective protection software like password protection, firewall and filtering
software to be installed in the computer system based on the findings discussed previously. This is absolutely true
for preventing cyber crimes like phishing and other internet scams. However, for different types of fraud like asset
misappropriation, the techniques used also might be different. This kind of fraud will probably request notice from
strategy like inventory observations and other security measure.
Future research may consider exploring the role of preventing, detecting and investigating fraud, particularly
whether these roles should be segregated in the organization, based on both qualitative and quantitative approaches.
The use of survey method accompanied by the use of a qualitative approach such as a personal face-to-face
interview might support the findings from the survey and enhance the ability to comprehend the scopes covered.