Browsing by Topic Islamic accounting

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Showing results 4 to 13 of 23
  • chapter 7_accounting_musharakah_mutanaqisah_home_financing_Mahmoud et al.jpg.jpg
  • Chapter in Book


  • Authors: Al Homsi, Mahmoud; Muhamad Sori, Zulkarnain; Asadov, Alam (2019)

  • This chapter provides the discussion on accounting issues for Musharakah Mutanaqisah (MM) home financing in the case of Malaysia. Though the MM mode of financing has addressed the 'ambiguities and risk issues in conventional mortgage financing and the controversy that surrounds other financing packages like al Bai Bithaman Ajiland Bay al Inah (Mydin-Meera & Abdul-Razak, 2009), there are some practical issues in operating this mode of financing, as Islamic banks operate this type of contract more closely to conventional practice, thereby lacking the spirit of the contract itself ...

  • accounting_for_the_property acquisition_zulkarnain.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain (2018)

  • This case was developed based on a real-life experience related to an lslamic equity home financing contract (ie. Musharakah Mutanaqisah) between a Malaysian Islamic Bank and their customer. The Musharakah Mutanaqisah (MM) Financing mode has gained popularity in house financing in Malaysia, where the bank and customer enter into a contract of joint property ownership and the customer's ownership of the asset gradually increases throughout the financing period and fully owns the asset after the last financial settlement. This case aims to: illustrate the process of property acquisition using the MM financing mode; account the various transactions involved in MM financing; account capit...

  • chapter 3_analysis_accounting_Islamic_perspectives_Zulkarnain_Nurazleena.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ismail, Nurazleena (2019)

  • This chapter provides a discussion of a study that examines accounting in Islamic perspectives. The discussion includes an overview of the development of Islamic finance, accounting in Islamic perspectives, decision usefulness, stewardship, accountability, financial measurement, disclosure and presentation and four key accounting assumptions, namely 'substance over form', 'time value of money', 'fair value' measurement and 'recognition based on probability', which serve as important guides to preparers of financial information ...

  • chapter 8_application_Shariah_governance_framework_Islamic_financial_institutions_Zulkarnain et al.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • This chapter provides discussion on a study that investigates the perceptions on shariah governance practices among Malaysian Islamic financial institutions. The chapter explores the effectiveness of implementation of Shariah Governance Framework among Malaysian IFIs with the focus on their level of commitment, the challenges and suggestions to further improve the effectiveness of implementation of this framework. The system of corporate control, effective and efficient governance that is consistent with shariah guidance has been an important agenda for Islamic Financial Institutions (IFIs) since the existence ofIslamic Finance in Malaysia. This is especially important in light of rap...

  • auditor_independence_corporate_governance_zulkarnain_shamser_2015.pdf.jpg
  • Industry Article


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad (2015-09-29)

  • Failures of major financial institutions globally that have supposedly audited has led to major criticism of the auditing profession. The collapse of many large companies and the demise of one of the major auditing firm, Arthur Andersen, have damaged the credibility of financial statements and undermined the reputation of audit profession. Among the many explanations for these failures (like investors’ irrational exuberance, infectious greed, and foolishness; the bursting of the bubble; the impoverished morality of CEOs), the tendency of management to cook the books; the failure of the gatekeepers; and the ambiguities in application of financial reporting standards, which have encour...

  • A_closer_look_at_accounting_for_Islamic_financial_institutions_Zulkarnain.pdf.jpg
  • Academic Proceeding


  • Authors: Ismail, Nurazleen; Muhamad Sori, Zulkarnain (2017)

  • This paper provides a discussion of a study that examines accounting in Islamic perspectives. The discussion includes an overview of the development of Islamic finance, accounting in Islamic perspectives, and four key accounting assumptions, namely "substance over form", "time value of money", "fair value" measurement and "recognition based on probability", which serve as important guides to preparers of financial information.

  • comparison_of_MASB_AAOIFI_accounting_conceptual_frameworks_zulkarnain_shamsher.pdf.jpg
  • Journal Article


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad (2017)

  • This paper aims to present comparison of conceptual framework published by the Malaysian Accounting Standards Board (MASB) (fully converged with the standards issued by the International Accounting Standards Board (IASB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). As the Islamic finance industry evolved, some scholars proposed that the Islamic Financial Institutions (IFIs) should have different accounting standards to serve their need to report the unique financial information needs. The research is motivated by the introduction of accounting standards by the AAOIFI to fulfill the financial reporting needs of Islamic finance industry that ...

  • chapter 11_conclusion_Zulkarnain.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain (2019)

  • Islamic finance industry has grown rapidly over the last few years, where the 2018 Islamic Finance Development Report by Thomson Reuters reported that the year on year growth by of 11% to US$2.4 trillion in assets in 2017 and predicted that it would grow to $3.8tn of assets by 2023 (Thomson Reuters, 2018). Realising the importance of the industry, this book examines various issues on Accounting and Governance of Islamic financial institutions. In fact, the unique feature of Islamic financ that is based on the shariah principle warrants critical examination on various issues relating to accounting of Islamic financial transactions. Basically, business dealings are prohibited to contain...

  • contemporary issues in financial reporting_zulkarnain et al.jpg.jpg
  • Book


  • Authors: Muhamad Sori, Zulkarnain; Abdul Wahab, Sazali; Al Homsi, Mahmoud (2019)

  • This book presents contemporary issues in financial reporting of Islamic financial institutions. Two key areas are covered namely, accounting for Islamic financial transactions and shariah governance. The main motivation to publish this book is to share our understanding on the unique nature of Islamic finance industry and the approach taken in accounting and reporting of Islamic financial transactions. Also, the book illustrate the importance of shariah governance in ensuring end-to-end shariah compliance. This book is to provide a practical guidance to researchers, industry practitioners and the other stakeholders.

  • IE1002_reporting of islamic financial transactions.pdf.jpg
  • Book


  • Authors: Mohamed Ibrahim, Shahul Hameed (2012)

  • This study guide is to develop an understanding of the accounting issues in Islamic finance in the framework of Islamic accounting concepts. This guide covers the view od practices and issues in shariah review, and auditing in Islamic financial institutions and performance of analysis of Islamic banks.

Browsing by Topic Islamic accounting

Jump to: 0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
or enter first few letters:  
Showing results 4 to 13 of 23
  • chapter 7_accounting_musharakah_mutanaqisah_home_financing_Mahmoud et al.jpg.jpg
  • Chapter in Book


  • Authors: Al Homsi, Mahmoud; Muhamad Sori, Zulkarnain; Asadov, Alam (2019)

  • This chapter provides the discussion on accounting issues for Musharakah Mutanaqisah (MM) home financing in the case of Malaysia. Though the MM mode of financing has addressed the 'ambiguities and risk issues in conventional mortgage financing and the controversy that surrounds other financing packages like al Bai Bithaman Ajiland Bay al Inah (Mydin-Meera & Abdul-Razak, 2009), there are some practical issues in operating this mode of financing, as Islamic banks operate this type of contract more closely to conventional practice, thereby lacking the spirit of the contract itself ...

  • accounting_for_the_property acquisition_zulkarnain.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain (2018)

  • This case was developed based on a real-life experience related to an lslamic equity home financing contract (ie. Musharakah Mutanaqisah) between a Malaysian Islamic Bank and their customer. The Musharakah Mutanaqisah (MM) Financing mode has gained popularity in house financing in Malaysia, where the bank and customer enter into a contract of joint property ownership and the customer's ownership of the asset gradually increases throughout the financing period and fully owns the asset after the last financial settlement. This case aims to: illustrate the process of property acquisition using the MM financing mode; account the various transactions involved in MM financing; account capit...

  • chapter 3_analysis_accounting_Islamic_perspectives_Zulkarnain_Nurazleena.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ismail, Nurazleena (2019)

  • This chapter provides a discussion of a study that examines accounting in Islamic perspectives. The discussion includes an overview of the development of Islamic finance, accounting in Islamic perspectives, decision usefulness, stewardship, accountability, financial measurement, disclosure and presentation and four key accounting assumptions, namely 'substance over form', 'time value of money', 'fair value' measurement and 'recognition based on probability', which serve as important guides to preparers of financial information ...

  • chapter 8_application_Shariah_governance_framework_Islamic_financial_institutions_Zulkarnain et al.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad; Mohd Rasid, Mohamed Eskandar Shah (2019)

  • This chapter provides discussion on a study that investigates the perceptions on shariah governance practices among Malaysian Islamic financial institutions. The chapter explores the effectiveness of implementation of Shariah Governance Framework among Malaysian IFIs with the focus on their level of commitment, the challenges and suggestions to further improve the effectiveness of implementation of this framework. The system of corporate control, effective and efficient governance that is consistent with shariah guidance has been an important agenda for Islamic Financial Institutions (IFIs) since the existence ofIslamic Finance in Malaysia. This is especially important in light of rap...

  • auditor_independence_corporate_governance_zulkarnain_shamser_2015.pdf.jpg
  • Industry Article


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad (2015-09-29)

  • Failures of major financial institutions globally that have supposedly audited has led to major criticism of the auditing profession. The collapse of many large companies and the demise of one of the major auditing firm, Arthur Andersen, have damaged the credibility of financial statements and undermined the reputation of audit profession. Among the many explanations for these failures (like investors’ irrational exuberance, infectious greed, and foolishness; the bursting of the bubble; the impoverished morality of CEOs), the tendency of management to cook the books; the failure of the gatekeepers; and the ambiguities in application of financial reporting standards, which have encour...

  • A_closer_look_at_accounting_for_Islamic_financial_institutions_Zulkarnain.pdf.jpg
  • Academic Proceeding


  • Authors: Ismail, Nurazleen; Muhamad Sori, Zulkarnain (2017)

  • This paper provides a discussion of a study that examines accounting in Islamic perspectives. The discussion includes an overview of the development of Islamic finance, accounting in Islamic perspectives, and four key accounting assumptions, namely "substance over form", "time value of money", "fair value" measurement and "recognition based on probability", which serve as important guides to preparers of financial information.

  • comparison_of_MASB_AAOIFI_accounting_conceptual_frameworks_zulkarnain_shamsher.pdf.jpg
  • Journal Article


  • Authors: Muhamad Sori, Zulkarnain; Ramadili Mohd, Shamsher Mohamad (2017)

  • This paper aims to present comparison of conceptual framework published by the Malaysian Accounting Standards Board (MASB) (fully converged with the standards issued by the International Accounting Standards Board (IASB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). As the Islamic finance industry evolved, some scholars proposed that the Islamic Financial Institutions (IFIs) should have different accounting standards to serve their need to report the unique financial information needs. The research is motivated by the introduction of accounting standards by the AAOIFI to fulfill the financial reporting needs of Islamic finance industry that ...

  • chapter 11_conclusion_Zulkarnain.jpg.jpg
  • Chapter in Book


  • Authors: Muhamad Sori, Zulkarnain (2019)

  • Islamic finance industry has grown rapidly over the last few years, where the 2018 Islamic Finance Development Report by Thomson Reuters reported that the year on year growth by of 11% to US$2.4 trillion in assets in 2017 and predicted that it would grow to $3.8tn of assets by 2023 (Thomson Reuters, 2018). Realising the importance of the industry, this book examines various issues on Accounting and Governance of Islamic financial institutions. In fact, the unique feature of Islamic financ that is based on the shariah principle warrants critical examination on various issues relating to accounting of Islamic financial transactions. Basically, business dealings are prohibited to contain...

  • contemporary issues in financial reporting_zulkarnain et al.jpg.jpg
  • Book


  • Authors: Muhamad Sori, Zulkarnain; Abdul Wahab, Sazali; Al Homsi, Mahmoud (2019)

  • This book presents contemporary issues in financial reporting of Islamic financial institutions. Two key areas are covered namely, accounting for Islamic financial transactions and shariah governance. The main motivation to publish this book is to share our understanding on the unique nature of Islamic finance industry and the approach taken in accounting and reporting of Islamic financial transactions. Also, the book illustrate the importance of shariah governance in ensuring end-to-end shariah compliance. This book is to provide a practical guidance to researchers, industry practitioners and the other stakeholders.

  • IE1002_reporting of islamic financial transactions.pdf.jpg
  • Book


  • Authors: Mohamed Ibrahim, Shahul Hameed (2012)

  • This study guide is to develop an understanding of the accounting issues in Islamic finance in the framework of Islamic accounting concepts. This guide covers the view od practices and issues in shariah review, and auditing in Islamic financial institutions and performance of analysis of Islamic banks.