Compliance with AAOIFI guidelines in general presentation and disclosure by Libyan Islamic banks

Nassr Saleh Mohamad Ahmad · Abdu Samia Daw Ben Daw

23 citations0/0 files storedWorld Journal of Entrepreneurship Management and Sustainable Development

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Islamic Finance and Banking Studies Auditing, Earnings Management, Governance Accounting and Financial Management

Abstract

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 the level of compliance with AAOIFI guidelines regarding general presentation and disclosure in the financial statements is low. Many reasons were identified as being behind such a low level. The lack of training programmes on AAOIFI standards was at the forefront of these reasons. Research limitations/implications – The sample is limited to the Fashlowm Islamic branch of Gumhouria Bank. This is may not be true for other branches and banks. Further research is needed in this area. Originality/value – The AAOIFI has existed for over 20 years, but little empirical research has been conducted into compliance with the standards developed by this body in the Libyan context. This paper helps to address this gap and provide a foundation for future research and development in this area. Moreover, the findings of this study may be useful to policy makers and legislators.

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References

1984Content Analysis: An Introduction to its Methodology.2012A study of compliance with AAOIFI accounting standards by Islamic banks in Bahrain 2009Roles and impacts of accounting and auditing organization for Islamic financial institutions (AAOIFI) in dealing with the accounting and disclosure of Zakah and Interest (Riba)2013Adoption of AAOIFI accounting standards by Islamic banks of Bahrain 2012The Level of Compliance with AAOIFI Accounting Standards: Evidence from Bahrain 2013Compliance of AAOIFI Guidelines in General Presentation and Disclosure in the Financial Statements of Islamic Banks in Bangladesh 2006The Impact of AAOIFI Standards and Other Bank Characteristics on the Level of Voluntary Disclosure in the Annual Reports of Islamic Banks 2009Libyan Business Firm Attitudes Towards Islamic Methods of Finance

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2019AAOIFI governance standards: Sharia disclosure and financial performance for Islamic banks 2022Audit committee characteristics and compliance by Islamic banks with AAOIFI accounting standards 2025Corporate governance and sharia board: enhancing disclosure compliance in Islamic banks of MENA region 2018The harmonising of auditing standards in emerging economies from the stakeholders’ perspectives

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