Islamic Accounting; History, Development and Prospects

Amela Trokić

30 citations0/0 files storedEuropean journal of Islamic finance

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Islamic Finance and Banking Studies Accounting Theory and Financial Reporting Accounting and Financial Management

Abstract

The main objective of this paper is to discuss the history of Islamic accounting from its emersion to its subsequent development and expected growth in the future. In doing so, the paper will analyze the historic influence of Islamic accounting over its conventional counterpart which dominates the industry today. Moreover, it will provide an analysis of the similarities and differences between Islamic and conventional accounting today from both a theoretical and practical perspective. Based on this comparison the need for an Islamic accounting system, in light of the developing Islamic economic system and the specific needs of its financial institutions which are governed by the Shari’ah, is discussed. Finally, it will look at the prospects of such an accounting system as well as the challenges it faces moving forward.

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References

2001An Introduction to Islamic Finance 2003Quality of financial reporting: evidence from the listed Saudi nonfinancial companies 2009Defining Islamic accounting: current issues, past roots 2004ACCOUNTING SYSTEMS AND RECORDING PROCEDURES IN THE EARLY ISLAMIC STATE 1993The Scope of Accounting History: A Note 2012A study of compliance with AAOIFI accounting standards by Islamic banks in Bahrain 2013Adoption of AAOIFI accounting standards by Islamic banks of Bahrain 2014Islamic economics: what it is and how it developed

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2019Business succession from an Islamic accounting perspective 2017Model Pengelolaan Zakat Perusahaan 2021Islamic (Partner) Accounting and its Comparison with International Financial Accounting Standards (IFRS)

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