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Journal articles on the topic 'Accounting and Auditing Organisation for Islamic Financial Institutions'

Author: Grafiati

Published: 4 June 2021

Last updated: 3 February 2022

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1

Marsidi, Asri, Hairul Azlan Annuar, and Abdul Rahim Abdul Rahman. "The formulation of financial, governance and social index of Malaysian Islamic banks: An integrative approach." Risk Governance and Control: Financial Markets and Institutions 6, no. 1 (2016): 64–70. http://dx.doi.org/10.22495/rgcv6i1art7.

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The study proposes and discusses the development of an index of Islamic Financial and Social Reporting (IFSR) for Islamic banks. The index of IFSR is carefully developed based on the relevant and applicable standards, guidelines and literature from an Islamic perspective such as the Malaysian Accounting Standards Board (MASB), Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), Islamic Financial Services Board (IFSB), Bank Negara Malaysia (BNM) and Islamic social reporting literature. The index is developed in three parts, namely, financial, social, and auditing a

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Che Azmi, Anna, and Mohamed Hisham Hanifa. "The Sharia-compliance of financial reporting practices: a case study on waqf." Journal of Islamic Accounting and Business Research 6, no. 1 (2015): 55–72. http://dx.doi.org/10.1108/jiabr-10-2012-0069.

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Purpose – This study aims to examine whether the financial reporting practices of organisations managing waqf (Islamic endowed trust funds) are Sharia-compliant. Design/methodology/approach – This paper reports on a case study of two Islamic-based organisations that manage waqf. The financial statements of these organisations are analysed using content analysis to assess their compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) Sharia Standard No. 33 (SS 33) on waqf. Findings – The authors found that both Islamic-based organisations use differen

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Yusoff, Amir Fazlim, Azlin Alisa Ahmad та Nik Abdul Rahim Nik Abdul Ghani. "Classical Tawarruq: A Potential Alternative to Baiʿ al-ʿĪnah in the Malaysian Banking and Finance Industries". Arab Law Quarterly 33, № 4 (2019): 400–419. http://dx.doi.org/10.1163/15730255-12330401.

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Abstract International Islamic religious authorities have commented negatively on the application of baiʿ al-ʿīnah (same-item sale-repurchase) in the Malaysian banking industry. These authorities include the Islamic Fiqh Academy of the Organisation of Islamic Cooperation (OIC) and Accounting and the Auditing Organisation for Islamic Financial Institutions (AAOIFI). They conclude that the application represents a prohibited ruse to legitimise usury through a sale transaction. This article examines the possible use of classical tawarruq as an alternative to baiʿ al-ʿīnah in the Malaysian banking

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Mansour, Israa Jawdat, and Yousef Sa'adeh. "Evaluating Murabaha in Islamic Banks." International Journal for Innovation Education and Research 4, no. 7 (2016): 184–90. http://dx.doi.org/10.31686/ijier.vol4.iss7.573.

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After the collapse of the Islamic Caliphate in Istanbul and the loss of the First World War, Shari'a and Arabic as the law and language of the Muslim world were replaced with common laws and numerous European languages were introduced into the new Arab states. These events led to calls for reestablishing the shari’a for all aspects of life. Arab countries responded by constituting Islamic parties and institutions including Islamic banks. Islamic banks flourished quickly all over the world. Some consider this evidence of success. Most of the operations of Islamic banks (40%-80%) were in the are

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Al-Sulaiti, Jabir, A. A. Ousama, and Helmi Hamammi. "The compliance of disclosure with AAOIFI financial accounting standards." Journal of Islamic Accounting and Business Research 9, no. 4 (2018): 549–66. http://dx.doi.org/10.1108/jiabr-10-2017-0144.

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Purpose This paper aims to examine the compliance of disclosure with the financial accounting standards of the Accounting and Auditing Organisation for Islamic Financial Institutions’ (AAOIFI) related to Islamic financing products by Islamic banks in Bahrain and Qatar. Design/methodology/approach The study measures compliance using disclosure indexes. The disclosure indexes include the three financial accounting standards of Murabaha, Mudaraba and Musharaka. The data are collected from the annual reports of 24 Islamic banks in Bahrain and Qatar over a period of 2012-2015. Findings The paper fo

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Ahmed, Habib, Faruq Arif Tajul Ariffin, Yusuf Karbhari, and Zurina Shafii. "Diverse accounting standards on disclosures of Islamic financial transactions." Accounting, Auditing & Accountability Journal 32, no. 3 (2019): 866–96. http://dx.doi.org/10.1108/aaaj-10-2015-2266.

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Purpose Since International Financial Reporting Standards (IFRS) are not primarily meant for the accounting needs of Islamic banks, the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) was established to develop specific accounting standards for Shari’ah compliance. The purpose of this paper is to assess the de jure harmonisation between the disclosure requirements of the IFRS-based Malaysian Accounting Standards (MAS) and those of the AAOIFI. Design/methodology/approach Using Malaysia as a case study, the paper examines the extent of the de jure congruence betw

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Mnif, Yosra, and Marwa Tahari. "Corporate governance and compliance with AAOIFI governance standards by Islamic banks." International Journal of Islamic and Middle Eastern Finance and Management 13, no. 5 (2020): 891–918. http://dx.doi.org/10.1108/imefm-03-2019-0123.

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Purpose This study aims to examine the effect of the main corporate governance characteristics on compliance with accounting and auditing organisation for Islamic financial institutions’ (AAOIFI) governance standards’ (GSs) disclosure requirements by Islamic banks (IB) that adopt AAOIFIs’ standards in Bahrain, Qatar, Jordan, Oman, Syria, Sudan, Palestine and Yemen. Design/methodology/approach The sample consists of 486 bank-year observations from 2009 to 2017. Findings The findings reveal that compliance with AAOIFIs’ GSs’ disclosure requirements is positively influenced by the audit committee

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Brendan Mulcahy, Mark. "Purifying Islamic equities: the interest tax shield." International Journal of Islamic and Middle Eastern Finance and Management 7, no. 4 (2014): 473–84. http://dx.doi.org/10.1108/imefm-11-2013-0120.

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Purpose – This paper aims to add to the debate regarding the appropriate methodology to purify tainted components from shari’ah-compliant equities. Design/methodology/approach – Based on the Qur’anical prohibition against riba and an analysis of the purification methodology recommended by Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) shari’ah Standard 21, this paper highlights the shortcomings in Standard 21 and references the corporate finance literature to argue for the need to also purify the interest tax shield from debt. Findings – Purification is a pivo

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Ahmad, Nassr Saleh Mohamad, and Abdu Samia Daw Ben Daw. "Compliance with AAOIFI guidelines in general presentation and disclosure by Libyan Islamic banks." World Journal of Entrepreneurship, Management and Sustainable Development 11, no. 2 (2015): 90–99. http://dx.doi.org/10.1108/wjemsd-06-2014-0015.

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Purpose – The purpose of this paper is to reveal the level of compliance with Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) guidelines in general presentation and disclosure in the financial statements of Fashlowm Islamic branch of the Gumhouria Bank as the biggest bank in Libya. Design/methodology/approach – The study used two-dimensional analysis, which combines a questionnaire with content analysis. It allowed a better understanding of the picture than would have been provided by the questionnaire alone. Findings – The results of this study indicate that t

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Othman, Radiah, and Rashid Ameer. "Conceptualizing the duties and roles of auditors in Islamic financial institutions." Humanomics 31, no. 2 (2015): 201–13. http://dx.doi.org/10.1108/h-04-2013-0027.

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Purpose – The purpose of this paper is to describe the role and responsibilities of Shari’ah auditors in Islamic financial institutions (IFIs) in the auditing process in the IFIs, to highlight capacity building challenges in the Shari’ah auditing industry. Design/methodology/approach – The authors used a legitimacy theory to understand linkages between demand for Shari’ah audit and the role of Shari’ah auditors in IFIs complemented with the review the Accounting and Auditing Organization of Islamic Financial Institutions and Auditing Standard for Islamic Financial Institutions to understand th

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Omar, Mariawati. "ISSUES AND CHALLENGES OF SHARIAH COMPLIANCE AUDITING IN ISLAMIC FINANCIAL INSTITUTION." Advanced International Journal of Banking, Accounting and Finance 1, no. 1 (2019): 13–24. http://dx.doi.org/10.35631/aijbaf.11002.

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The study examines the stakeholders’ perspectives who are involved directly and/or indirectly with Shariah compliance auditing of Islamic financial institutions on the issues of Shariah auditing standards, auditors’ qualifications, and independence. Auditing Islamic financial institutions cover a broader scope than the financial statement auditing. The auditors are not only conducting financial audits but also conduct tests on the Shariah compliance according to Shariah resolution and guidelines set by the centralized Shariah Board and/ or the industry Shariah Body. The Shariah audit review is

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Kamla, Rania, and Faizul Haque. "Islamic accounting, neo-imperialism and identity staging: The Accounting and Auditing Organization for Islamic Financial Institutions." Critical Perspectives on Accounting 63 (September 2019): 102000. http://dx.doi.org/10.1016/j.cpa.2017.06.001.

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Arwani, Agus. "ISSUES AND CHALLENGES OF SHARIAH AUDITING IN ISLAMIC FINANCIAL INSTITUTION AND CORPORATE GOVERNANCE COMPLIANCE." Media Riset Akuntansi, Auditing & Informasi 18, no. 2 (2018): 169. http://dx.doi.org/10.25105/mraai.v18i2.3008.

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The study examines the perspective of practitioners who are involved directly and/or indirectly with the process of shariah compliance/auditing from Islamic financial institutions (IFIs) on the issues of standards for shariah auditing, auditors qualifications, and independence. Auditing Islamic financial institutions (IFIs) covers a wider scope than legal financial statement auditing. External auditors of IFIs not only conduct financial audits but also conduct tests on the shariah compliance of IFIs, according to fatawa (religious opinions) and guidelines set by the Shariah Supervisory Board (

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Wasim, Mustanir Hussain, and Hassnian Ali. "Comparison and Analysis on Shariah Standards of AAOIFI & BNM For Mudarbah Product." COMSATS Journal of Islamic Finance 5, no. 2 (2020): 48–60. http://dx.doi.org/10.26652/cjif.5202023.

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Comparison and Analysis on Shariah Standards of AAOIFI & BNM For Mudarbah Product There are two main international standard setting bodies which provide shariah, accounting and auditing standards for global Islamic financial industry. These two institutions are the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Bank Negara Malaysia (BNM). The objective of the current study is to provide an analysis of Mudarbah financing by comparing the standards of the AAOIFI and BNM. Qualitative method of research is used to analyze the content from archival sources.

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Ahyani, Hisam. "COMPARISON OF SHARIA AUDITING AND SHARIA ACCOUNTING IN THE ERA OF INDUSTRIAL REVOLUTION 4.0." OIKONOMIKA : Jurnal Kajian Ekonomi dan Keuangan Syariah 2, no. 1 (2021): 24–38. http://dx.doi.org/10.53491/oikonomika.v2i1.3.

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This research is based on the neglect and lack of socialization of sharia auditing and sharia accounting in an era that is all digital like today. The purpose of this research is to determine the extent of the urgency of sharia auditing and accounting if it is applied in Indonesia, especially in the era of disruption like today, where the current era of disruption has created a separate challenge from the existence of sharia audits and operations which continue to experience developments in the scope of the sharia economy. especially in Indonesia. The research method used in scientific researc

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Mohammed, Nor Farizal, Fadzlina Mohd Fahmi, and Asyaari Elmiza Ahmad. "The need for Islamic accounting standards: the Malaysian Islamic financial institutions experience." Journal of Islamic Accounting and Business Research 10, no. 1 (2019): 115–33. http://dx.doi.org/10.1108/jiabr-12-2015-0059.

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Purpose The purpose of this paper is to examine views of financial statements preparers with regard to the practices in reporting Islamic Financial Institutions (IFIs), thereby contributing to answer whether there is indeed a need for a separate set of Islamic accounting standards for IFIs. Design/methodology/approach Drawing upon seven in-depth semi-structured interviews conducted with IFIs’ leading officers who are highly involved in preparing financial statements in Malaysia, the paper offers evidence on the current stance of reporting the operation of IFIs, the influence of AAOIFI accounti

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Haryono, Slamet. "ISLAMIC VALUES DALAM PENGAMBILAN KEPUTUSAN AKUNTANSI." INFERENSI 10, no. 1 (2016): 69. http://dx.doi.org/10.18326/infsl3.v10i1.69-92.

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This research examines the influence of Islamic Values on the accounting judgement. Studies of religiosity are dominated by intrinsic and extrinsic religiosity approach. This study arranges religiosity instrument of Accounting and Auditing Standard for Islamic Financial Institutions. The of Islamic values in this study are derived trustworthiness, religious legitimacy, objectivity, professional competence and diligence, faith driven conduct, professional conduct and technical standards. The respondents were the employees of the Islamic financial institutions who has held accounting duties with

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Mohammed Sarea, Adel, and Mustafa Mohd Hanefah. "The need of accounting standards for Islamic financial institutions: evidence from AAOIFI." Journal of Islamic Accounting and Business Research 4, no. 1 (2013): 64–76. http://dx.doi.org/10.1108/17590811311314294.

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PurposeThe purpose of this paper is to determine the need of Islamic Accounting Standards – a review of the literature – for Islamic financial institutions (IFIs).Design/methodology/approachThe basis of the paper was stakeholder theory to analyse the need of accounting standards and to design the conceptual framework as evidenced from Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The evidence reviewed suggests the need for Islamic accounting standards to fill the gap in accounting practice among Islamic financial institutions.FindingsThe AAOIFI accounting st

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Pomeranz, Felix. "The Accounting and Auditing Organization for Islamic Financial Institutions: An important regulatory debut." Journal of International Accounting, Auditing and Taxation 6, no. 1 (1997): 123–30. http://dx.doi.org/10.1016/s1061-9518(97)90016-1.

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20

Abozaid, Abdulazeem. "Towards New Sharia Governance for Islamic Financial Institutions." Justicia Islamica 18, no. 1 (2021): 39–58. http://dx.doi.org/10.21154/justicia.v18i1.2341.

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Since its inception a few decades ago, the industry of Islamic banking and finance has been regulating itself in terms of Sharia governance. Although some regulatory authorities from within the industry, such as Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Islamic Financial Services Board (IFSB), the Islamic banking and finance industry remains to a great extent self-regulated. This is because none of the resolutions or the regulatory authorities' standards are binding on the Islamic financial institution except when the institution itself willingly choo

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Andari, Dian. "Harmonization of Accounting Standards for Islamic Financial Institutions: Evidence of the Adoption of FAS No. 17 in Indonesia." Jurnal Dinamika Akuntansi dan Bisnis 6, no. 1 (2019): 51–70. http://dx.doi.org/10.24815/jdab.v6i1.10861.

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ABSTRACTIndonesia as a country with dual-banking system applies local accounting standards for conventional and Islamic financial institutions named SAK (Standar Akuntansi Keuangan or Generally Accepted Accounting Standard) which may raise the question of accounting harmonization with Financial Accounting Standards (FAS) issued by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). This study aims to analyze the harmony level of Islamic accounting in Indonesia to FAS issued by the AAOIFI. The analysis covers de jure (formal or regulatory) harmonization and de fact

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Qizam, Ibnu. "Identifying a Convergence between Non-Financial Information and Islamic Accounting for Islamic Decision Usefulness: A Review and Synthesis." Global Review of Islamic Economics and Business 8, no. 2 (2020): 059. http://dx.doi.org/10.14421/grieb.2020.082-01.

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This study aims to explore a framework of developing the Islamic decision usefulness (IDU) concept through a review of non-financial information and Islamic accounting under the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) literature for convergence and the extent to which this convergence will inspire future empirical-research opportunities for the increased Islamic decision usefulness (IIDU). Exploring and delineating historically non-financial information literature to be linked with Islamic accounting trends through content analysis, this study suggests

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Gharbi, Leila. "A critical analysis of the use of fair value by Islamic Financial Institutions." Journal of Islamic Accounting and Business Research 7, no. 2 (2016): 170–83. http://dx.doi.org/10.1108/jiabr-10-2013-0037.

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Purpose This paper aims to address a specific question over the compatibility of International Financial Reporting Standards with Islamic finance regarding the use of interest rate as discounting rate in impairment testing and valuation techniques. Design/methodology/approach Inductive methodology and qualitative-narrative methods are used to explore the available texts and literature. Findings There are two main findings: first, the use of reference rate obtained in non-Islamic financial system is inappropriate from the Islamic perspective. Interest-based valuation techniques have not been ad

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Mulyany, Ratna. "SOME NOTES ON IFRS CONVERGENCE AND THE ISLAMIC FINANCIAL INDUSTRY." Jurnal Akuntansi Indonesia 7, no. 1 (2018): 1. http://dx.doi.org/10.30659/jai.7.1.1-14.

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IFRS Convergence has been a worldwide phenomenon with most of countries in the world are adoptingIFRS instead of their national accounting standards. At the same time, the Islamic finance is gaining its popularity in the present world with the increasing acceptance by international community. In relation to these two phenomena, there have been concerns that the establishment of Islamic financial institutions together with its own unique characteristics will impede the achievement of the global accounting convergence. Furthermore, the promulgation of accounting standards by Accounting and Audit

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., Fitriani. "The Differences Of Ijarah Financing and Conventional Lease On Islamic Law and Accounting Perspectives." IQTISHADUNA 8, no. 2 (2018): 139–48. http://dx.doi.org/10.20414/iqtishaduna.v8i2.689.

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The main objective of this study is to explore the nature of accounting for Ijarahfinancing and its differences with conventional lease financing from the Islamic law and accounting perspectives.The study makes a comparison between the International Accounting Standard on leasing (IAS 17); the accounting standard for Ijarah (FAS 8) as developed by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI); and Statement of Financial Accounting Standards (Pernyataan Standar Akuntansi Keuangan/PSAK 107). The study found that there are major differences as to the nature

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Suandi, Aprilia Beta. "Classification of profit-sharing investment accounts." International Journal of Islamic and Middle Eastern Finance and Management 10, no. 3 (2017): 351–70. http://dx.doi.org/10.1108/imefm-05-2015-0067.

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Purpose The purpose of this paper is to examine the classification of profit-sharing investment accounts (PSIAs) under various accounting standards, and determine whether Islamic banks maintain uniform practices when the same accounting standards are applied. It also aims to determine whether Islamic banks consider investment account holders (IAHs) important financial statement users by disclosing necessary information pertaining to PSIAs. Design/methodology/approach A sample composed of financial statements from 63 Islamic banks from 15 countries is compared with respect to the information re

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Fendi, Usama Adnan. "Toward Islamic deposit insurance model." Journal of Islamic Accounting and Business Research 11, no. 1 (2020): 130–51. http://dx.doi.org/10.1108/jiabr-06-2017-0077.

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Purpose This paper aims to provide an essential framework for establishing Shariah-compliant deposit insurance scheme, by reviewing the Shariah provisions concerning the available approaches for deposit guarantee, types of deposits in Islamic financial institutions and the permissible party to incur the cost of this guarantee. Design/methodology/approach This paper reviews the Fiqh rules and principles approved by the well-known Islamic Fiqh references, as well as the resolutions of International Islamic Fiqh Academy (IIFA) and Shariah standards issued by Accounting and Auditing Organization f

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Fakhfakh, Mondher. "The harmonization of audit reports of Islamic banks." Journal of Islamic Accounting and Business Research 8, no. 2 (2017): 203–28. http://dx.doi.org/10.1108/jiabr-05-2014-0016.

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Purpose The purpose of this paper is to examine the level of harmonization of auditors’ reports issued by independent auditors of Islamic banks. Design/methodology/approach The homogenization of the auditors’ reports of Islamic banks has been statistically measured. Supranational auditing standards on auditors’ reports (ISA 700 and AAOIFI standard) are used as the control. Findings The results show lack of harmonization in several elements related to the form of the auditor’s report and in all elements related to the content of the auditor’s report among the Islamic banks. Originality/value Th

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Salihin, Abang, A. H. Fatima, and Abdulrahman Anam Ousama. "An Islamic perspective on the true and fair view override principle." Journal of Islamic Accounting and Business Research 5, no. 2 (2014): 142–57. http://dx.doi.org/10.1108/jiabr-12-2011-0005.

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Purpose – This paper aims to determine whether the “true and fair view override” (TFVO) principle is relevant and applicable in Islamic accounting. In addition, the paper examines the roles that TFVO could play in Islamic accounting and auditing. Design/methodology/approach – A qualitative research method was used based on documentary and textual analysis of the Shari’ah fundamentals (Islamic legal sources) and relevant accounting standards and regulations. Findings – The paper found that the TFVO is relevant and applicable in Islamic accounting and auditing and not contradictory to the rules

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Fakhfakh, Mondher. "The Islamic harmonization of consolidated auditors’ reports." Journal of Islamic Accounting and Business Research 11, no. 3 (2020): 647–73. http://dx.doi.org/10.1108/jiabr-08-2017-0114.

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Purpose The purpose of this paper is to examine the level of harmonization of consolidated auditors’ reports issued by the independent auditors of Islamic banks. Design/methodology/approach A statistical measurement of the homogenization of the consolidated auditors’ reports of Islamic banks. International and Islamic auditing standards on consolidated auditors’ reports are used as the control (ISA 700 and AAOIFI standard-IAS2). Findings The results show a lack of harmonization among the Islamic bank’s groups in several elements related to the form of the consolidated auditor’s report and in a

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Atmeh, Muhannad Ahmed, and Bassam Maali. "An accounting perspective on the use of combined contracts and donations in Islamic financial transactions." Journal of Islamic Accounting and Business Research 8, no. 1 (2017): 54–69. http://dx.doi.org/10.1108/jiabr-07-2014-0024.

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Purpose The purpose of this paper is to investigate the techniques used by Islamic financial institutions (IFIs) to shift conventional instruments to Shariah-compliant instruments. The paper additionally aims to explore the effect of these techniques on financial reporting. Design/methodology/approach The study recognized two techniques used by the IFI: the combination of contracts which compartmentalizes the economic transaction into a series of linked sub-transactions, and the inclusion of donation (Tabarru) in commercial contracts. The paper also reviews the accounting treatment according t

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Bechihi, Oumayma, Salem Lotfi Boumediene, and Olfa Nafti. "Compliance and Determinants of the AAOIFI Financial Standards: Evidence from the MENA Region." Asia-Pacific Management Accounting Journal 16, no. 1 (2021): 207–48. http://dx.doi.org/10.24191/apmaj.v16i1-09.

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This paper analyses the level of compliance of financial disclosure with accounting standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and its determinants in Middle Eastern and North African (MENA) Islamic banks. Based on 40 Islamic banks in seven MENA countries over the period 2010-2016, the authors used a disclosure index to measure the compliance level and the effect of governance characteristics and the Sharia Board on the extent of compliance with the AAOIFI accounting standards. Results show a high level of compliance (67%). Using the Feasi

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Khalid Ahmed, Azam Abdelhakeem, and Adel M. Sarea. "Factors Influencing Internal Shariah Audit Effectiveness: Evidence From Bahrain." International Journal of Financial Research 10, no. 6 (2019): 196. http://dx.doi.org/10.5430/ijfr.v10n6p196.

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It is this research’s objective to analyze factors that cause an effective internal Shariah audit among the Islamic Financial Institutions (IFIs) in Bahrain. The questionnaire method has been employed to examine the said topic. The questionnaire’s primary source of information was the Accounting and Auditing Organizations for Islamic Financial Institutions (AAOIFI) Governance Standards. Meanwhile, the respondents are consisted of 52 IFIs’ head of internal Shariah audit department. These IFIs are registered with the Central Bank of Bahrain. To analyze those relationships the structural equation

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Shafii, Zurina, and Abdul Rahim Abdul Rahman. "Issues on the application of IFRS9 and fair value measurement for Islamic financial instruments." Journal of Islamic Accounting and Business Research 7, no. 3 (2016): 202–14. http://dx.doi.org/10.1108/jiabr-03-2016-0031.

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Purpose This paper aims to examine some issues in IFRS9 with regards to classification and measurement of Islamic financial assets. In addition, the paper discusses the Shariah concerns on the use of fair value to measure financial assets. Design/methodology/approach This paper adopts qualitative method via the study of documents and textual analysis of Shariah opinions of scholars and relevant accounting standards. Findings The paper found that the classification and measurement of equity-based Islamic financial assets do not fit into the “default” classification category of amortised cost, a

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Ahmed, Mezbah Uddin, Ruslan Sabirzyanov, and Romzie Rosman. "A critique on accounting for murabaha contract." Journal of Islamic Accounting and Business Research 7, no. 3 (2016): 190–201. http://dx.doi.org/10.1108/jiabr-04-2016-0041.

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Purpose The purpose of this paper is to examine the accounting treatment and reporting of a murabaha contract and its implication to the financial statements of Islamic banks. In addition, the paper also explains the implication of time value of money on the measurement of a murabaha contract and the concept of substance over form in recognising financial transactions. Design/methodology/approach This study reviews the accounting treatment and reporting for a murabaha contract as stated in the Financial Accounting Standards (FAS) of the Accounting and Auditing Organization for Islamic Financia

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Nizamov, Ramil', Guzaliya Klychova, and Albert Iskhakov. "ISLAMIC FINANCE." Vestnik of Kazan State Agrarian University 14, no. 4 (2020): 122–27. http://dx.doi.org/10.12737/2073-0462-2020-14-4-122-127.

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Currently, an alternative to traditional finance is actively forming in the world - the Islamic financial system with its inherent financial products. In the Russian Federation, the topic of Islamic finance is being developed by the scientific and business environment at the regional level, precisely, with the involvement of working groups of international experts. In the course of the study, a analysis was made of the main provisions and characteristics of Islamic finance. Islamic finance includes financial products such as Musharaka, Mudaraba, Murabaha, Ijara, Salaam, Istisna ’and others. Ac

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Mnif Sellami, Yosra, and Marwa Tahari. "Factors influencing compliance level with AAOIFI financial accounting standards by Islamic banks." Journal of Applied Accounting Research 18, no. 1 (2017): 137–59. http://dx.doi.org/10.1108/jaar-01-2015-0005.

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Purpose The purpose of this paper is to investigate the compliance level of Islamic banks with disclosure accounting standards in some Middle East and North African countries, and most importantly to analyse the factors associated with compliance. Design/methodology/approach This study uses a self-constructed checklist of 203 items to measure the compliance of 38 Islamic banks with disclosure accounting standards during the 2011-2013 period. A multivariate regression analysis is used to determine significant factors influencing the extent of this compliance. Findings The results show a wide va

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Jusri, Aulia Putri Oktaviani, and Erina Maulidha. "Peran Dan Kompetensi Auditor Syariah Dalam Menunjang Kinerja Perbankan Syariah." JAS (Jurnal Akuntansi Syariah) 4, no. 2 (2020): 222–41. http://dx.doi.org/10.46367/jas.v4i2.255.

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The increase in the growth of Islamic banking needs to be supported by the performance of sharia auditors. This study aims to discuss the role and competence of Islamic auditors in supporting the performance of Islamic banking. This type of research uses qualitative methods with a descriptive approach using literature study data. The results of this study indicate that the competencies that must be possessed by sharia auditors include knowledge of Islamic law, fiqh muamalah, skills in accounting and auditing, and special characteristics as sharia auditors. This competence is the key to maximiz

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Abozaid, Abdulazeem. "Shortcomings and proposed reforms in the existing shariah governance of islamic banking." Indonesian Journal of Islamic Economics Research 2, no. 1 (2020): 15–34. http://dx.doi.org/10.18326/ijier.v2i1.3638.

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Since its inception a few decades ago, the Islamic banking and finance industry has been self-regulated with regards to Shariah governance. Despite the existence of certain regulatory authorities from within the industry, such as Accounting and Auditing for Islamic Financial Institutions (AAOIFI) and Islamic Financial Services Board (IFSB), none of their resolutions or standards are effectively binding. Few countries have enforced some rules related to Shariah-governance. Still, in most cases, these rules did not go beyond the requirement of formulating Shariah controlling bodies, which is pra

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Ali, Hiwa Abubakr. "Takaful Insurance Regulations in Iraq in the light of the Standards of Accounting and Auditing Organization for Islamic Financial Institutions." Journal of University of Human Development 7, no. 3 (2021): 32–40. http://dx.doi.org/10.21928/juhd.v7n3y2021.pp32-40.

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The last quarter of the twentieth century witnessed the launch of the functioning of Islamic banks, the expansion of the scope of its work, and its prevalent spread to various countries of the world, including Iraq. Thus, its need for insurance appeared in many of its operations, and takaful insurance emerged as a Sharia alternative to commercial insurance. Takaful insurance provides the same services as commercial insurance, while avoiding Sharia prohibitions. Interests in creating takaful insurance in Iraq has increased, as an important component of the Islamic financial system. In this cont

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Ginena, Karim. "Sharī‘ah risk and corporate governance of Islamic banks." Corporate Governance 14, no. 1 (2014): 86–103. http://dx.doi.org/10.1108/cg-03-2013-0038.

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Purpose – The purpose of this paper is to help directors, senior management, and stakeholders of Islamic banks understand sharī‘ah risk, a crucial consideration in the corporate governance of Islamic banks, and its impact on these banks. Design/methodology/approach – This conceptual paper links dispersed insights drawn from the emerging body of sharī‘ah governance literature, and the guidance issued by the Basel Committee on Banking Supervision (BCBS), the Islamic Financial Services Board (IFSB), and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) with new

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Putri, Nadia, and Sepky Mardian. "The Islamic Social Reporting Index and Investment Account Holder in Islamic Banks." Muqtasid: Jurnal Ekonomi dan Perbankan Syariah 11, no. 1 (2020): 43–54. http://dx.doi.org/10.18326/muqtasid.v11i1.43-54.

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This research aims to discover the influence of Corporate Social Responsibility (CSR) disclosure based on the Islamic Social Reporting (ISR) index towards Investment Account Holder (IAH) in 11 Islamic banks in Indonesia from 2013-2018. The dependent and independent variables comprise the growth of temporary Syirkah funds representing IAH and prior studies. This is an associative research with secondary data obtained from the annual report. Panel data regression was used as the analysis technique with Fixed Effect Model (FEM) chosen as the best estimation model. The result showed that the ISR i

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Mohd Ali, Nor Aishah, Zurina Shafii, and Shahida Shahimi. "Competency model for Shari’ah auditors in Islamic banks." Journal of Islamic Accounting and Business Research 11, no. 2 (2020): 377–99. http://dx.doi.org/10.1108/jiabr-09-2016-0106.

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Purpose The purpose of this study is to identify the competencies required of Shari’ah auditor (SAR) in the Islamic banking environment. Design/methodology/approach A qualitative approach using a multiple-case study through the semi-structured interview was used. Data was gathered from a representative of Central Bank of Malaysia, and 30 other respondents consist of the Head of Shari’ah audit (HSA) and SAR from four types of banking institutions. A focus group discussion was later conducted to validate the model of competency proposed. Findings Results show a mixed practice on the recruitment

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Albarrak, Hesham, and Sherif El-Halaby. "AAOIFI governance standards: Sharia disclosure and financial performance for Islamic banks." Journal of Governance and Regulation 8, no. 1 (2019): 19–37. http://dx.doi.org/10.22495/jgr_v8_i1_p2.

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The uniqueness of Islamic banks (IBs) is shown through compliance with Islamic law (Sharia) which is approved through Sharia Supervisory Board (SSB) and presented for stakeholders by Sharia Supervisory Board Report (SSBR). This study seeks to achieve three main objectives as follows: (1) it identifies the degree of IBs’ transparency in compliance with Sharia and their commitment with the governance standards that issued by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI); (2) it aims to measure the impact of adoption AAOIFI on the degree of Sharia disclosure; an

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Suryana, Aep Tata. "PENGELOLAAN KEUANGAN PESANTREN." Al - Mujaddid: Jurnal Ilmu-ilmu Agama 2, no. 2 (2020): 1–8. http://dx.doi.org/10.51482/almujaddid.v2i2.42.

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The purpose of this research is to find out the description of pesantren financial management. By the title of the research, the research uses the literature method. The results of the study explained that financial management is an act of financial administration/administration which includes recording, planning, implementation, accountability, and reporting. Thus, school financial management can be interpreted as a series of activities regulating school finance from planning, accounting, spending, supervision, and accountability of school finances. Financial management of boarding schools is

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Gupta, Namrata. "Differences in accounting treatment of Ijarah: a case study of UAE Islamic banks." International Journal of Islamic and Middle Eastern Finance and Management 8, no. 3 (2015): 369–79. http://dx.doi.org/10.1108/imefm-01-2015-0009.

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Purpose – This paper aims to discuss the accounting treatment of one of the most popular instruments of financing in Islamic banks, which is Islamic leasing or Ijarah. This research undertakes an empirical investigation of the accounting practices of Ijarah followed by UAE’s Islamic banks. The main objective of this paper is to compare the accounting practices followed by UAE Islamic banks and accounting practices recommended by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) for the accounting treatment of Ijarah. Design/methodology/approach – This study also

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Saleem, Shujaat, and Fadillah Mansor. "Exploring Compliance of AAOIFI Shariah Standard on Ijarah Financing: Analysis on the Practices of Islamic Banks in Malaysia." Journal of Risk and Financial Management 13, no. 2 (2020): 29. http://dx.doi.org/10.3390/jrfm13020029.

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This paper aims to explore whether the practices of Ijarah financing by Islamic banks in Malaysia are in line with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah Standard No: (9) on Ijarah financing. Semi- structured interviews based on open-ended questionnaires were conducted, recorded verbatim, and transcribed for content analysis. Our study revealed flaws in the contemporary practice of Ijarah financing and indicated that it was slightly out of line with the AAOIFI Shariah standard. The study will not only help the Islamic banking industry of Ma

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Ahmed, Essia Ries, Md Aminul Islam, Tariq Tawfeeq Yousif Alabdullah, and Azlan Bin Amran. "A qualitative analysis on the determinants of legitimacy of sukuk." Journal of Islamic Accounting and Business Research 10, no. 3 (2019): 342–68. http://dx.doi.org/10.1108/jiabr-01-2016-0005.

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Purpose This paper aims to investigate the influence of the determinants (pricing, type of structure, Shariah auditing, Shariah risk and Shariah documentation) and the sukuk legitimacy among Islamic financial institutions using a qualitative approach. The paper further explained the significance of the determinants on legitimacy, evaluated the relationship between sukuk characteristics and sukuk legitimacy and examined the moderating effect of Shariah Supervisory Board (SSB) on the relationship. Design/methodology/approach The study used a purposive sampling technique to select the target resp

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Alam, Md Kausar, Md Mizanur Rahman, Fakir Tajul Islam, Babatunji Samuel Adedeji, Md Abdul Mannan, and Mohammad Sahabuddin. "The practices of Shariah governance systems of Islamic banks in Bangladesh." Pacific Accounting Review 33, no. 4 (2021): 505–24. http://dx.doi.org/10.1108/par-10-2020-0195.

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Purpose The purpose of this study is to explore the practices of Shariah governance (SG) systems in terms of their guidelines, current operational procedures, internbal policies and structures and regulatory framework of Islamic banks in Bangladesh from the viewpoints of Shariah, Tawhidic approach/ontological approach and Shuratic process of Islamic corporate governance and institutional theory. Design/methodology/approach A semi-structured interview tactic has been applied to attain the objective. Overall, data has been collected from the regulators, Shariah supervisory board members, Shariah

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AJbarzinji, Zaid. "Fifth Harvard University Forum Islamic Finance." American Journal of Islam and Society 19, no. 3 (2002): 156–62. http://dx.doi.org/10.35632/ajis.v19i3.1937.

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Each year, the Harvard Islamic Finance Information Program (HIFIP) of the Center for Middle Eastern Studies organizes this forum. This year's forum had an international flavor, thanks to participants from Malaysia, South Africa, the Middle East, and Europe. Participants were mainly finance industry representatives from the Islamic Development Bank, the Kuwait Finance House, HSBC Amanah Finance, the Dow Jones Islamic Index, Bank Indonesia, Freddie Mac, and others. In addition, several experts in Islamic economics and finance, such as Monzer Kahf, M. Nejatullah Siddiqi, Nizam Yaquby, and Frank E

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