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Author: Mohamed Ebrahim
Publisher:
ISBN: 9781708649296
Category :
Languages : en
Pages : 101
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Book Description
The question in most people mind regarding Financial Reporting for Islamic Financial Institutions is which standards, my view is first the Financial reporting should be based on International Financial Reporting Standards (IFRS) or the appropriate national reporting standards if the Country it is incorporated follows National Standards (it is a no special consideration being an Islamic Financial Institutions), then the reporting should comply with the National Companies Act and Banking or Financial Services Act requirements, then only should the reporting being accordance with Accounting and Auditing Organisation for Islamic Financial Institution (AAOIF) http: //aaoifi.com/?lang=en or Islamic Financial Services Board (IFSB) https: //www.ifsb.org/. The reason behind this is the foundation of Islamic finance is the ethical values on which it is based on, which would not allow it to violate national laws. The guiding maxim being "hub ul watan minal imaan" loosely translated as "love of one's country is part of faith".However, there is need to have a common framework for accounting and financial reporting for Islamic Financial Institution's (IFI's) to demonstrate to the common users of general purpose financial statements that the entities they are associated with comply, in form and in substance, with the principles and rules of the Islamic Sharia ("Jurisprudence") in their financial and other transactions
Author: Mohamed Ebrahim
Publisher:
ISBN: 9781708649296
Category :
Languages : en
Pages : 101
Get Book Here
Book Description
The question in most people mind regarding Financial Reporting for Islamic Financial Institutions is which standards, my view is first the Financial reporting should be based on International Financial Reporting Standards (IFRS) or the appropriate national reporting standards if the Country it is incorporated follows National Standards (it is a no special consideration being an Islamic Financial Institutions), then the reporting should comply with the National Companies Act and Banking or Financial Services Act requirements, then only should the reporting being accordance with Accounting and Auditing Organisation for Islamic Financial Institution (AAOIF) http: //aaoifi.com/?lang=en or Islamic Financial Services Board (IFSB) https: //www.ifsb.org/. The reason behind this is the foundation of Islamic finance is the ethical values on which it is based on, which would not allow it to violate national laws. The guiding maxim being "hub ul watan minal imaan" loosely translated as "love of one's country is part of faith".However, there is need to have a common framework for accounting and financial reporting for Islamic Financial Institution's (IFI's) to demonstrate to the common users of general purpose financial statements that the entities they are associated with comply, in form and in substance, with the principles and rules of the Islamic Sharia ("Jurisprudence") in their financial and other transactions
Author: Rafay, Abdul
Publisher: IGI Global
ISBN: 1799802205
Category : Business & Economics
Languages : en
Pages : 888
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Book Description
As an emerging global phenomenon, Islamic economics and the financial system has expanded exponentially in recent decades. Many components of the industry are still unknown, but hopefully, the lack of awareness will soon be stilled. The Handbook of Research on Theory and Practice of Global Islamic Finance provides emerging research on the latest global Islamic economic practices. The content within this publication examines risk management, economic justice, and stock market analysis. It is designed for financiers, banking professionals, economists, policymakers, researchers, academicians, and students interested in ideas centered on the development and practice of Islamic finance.
Author: Mohd Ma'Sum Billah
Publisher: Routledge
ISBN: 1000509044
Category : Business & Economics
Languages : en
Pages : 304
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Book Description
While accounting and audit functions are significantly regulated and standardized in conventional financial industries and activities, through the implementation of International Accounting Standards, and International Financial Reporting Standards, as well as other international, regional, and local regulations, this is not the case for Islamic financial organizations. Rather than having their own set of comprehensive accounting or auditing standards or policies, these are based, in some cases, on the Accounting and Auditing Organization for Islamic Financial Institutions (AAIOFI), the Islamic Financial Services Board (IFSB)’s standards and Shari’ah based local policies. This book is a timely and comprehensive overview of accounting and auditing standards within the doctrine of Shari’ah. It offers a significant contribution to the field and a wealth of technical know-how. It analyzes Islamic accounting and auditing both in theory and practice and from a distinctly international perspective. The chapters are arranged in a systematic and logical way making it easily accessible and engaging. The book evaluates the existing standards and widens the scope of the discourse to include Maqasid al-Shari’ah, Islamic accounting and audit models and standards, as well as, offering practical policy recommendations. The author presents a Shari’ah justified solution to Islamic Accounting and Audit and offers guidance on overcoming the challenges to implementing Islamic Accounting and Auditing Standards. The book is a unique and exhaustive guide and, as such, will be an invaluable resource for academics, researchers, students, policymakers, as well as, practitioners in accounting and auditing firms and financial institutions.
Author: International Accounting Standards Committee
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 46
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Book Description
Author: Imam Wahyudi
Publisher: John Wiley & Sons
ISBN: 1118734459
Category : Business & Economics
Languages : en
Pages : 432
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Book Description
Gain insight into the unique risk management challenges within the Islamic banking system Risk Management for Islamic Banks: Recent Developments from Asia and the Middle East analyzes risk management strategies in Islamic banking, presented from the perspectives of different banking institutions. Using comprehensive global case studies, the book details the risks involving various banking institutions in Indonesia, Malaysia, UAE, Bahrain, Pakistan, and Saudi Arabia, pointing out the different management strategies that arise as a result of Islamic banking practices. Readers gain insight into risk management as a comprehensive system, and a process of interlinked continuous cycles that integrate into every business activity within Islamic banks. The unique processes inherent in Islamic banking bring about complex risks not experienced by traditional banks. From Shariah compliance, to equity participation contracts, to complicated sale contracts, Islamic banks face unique market risks. Risk Management for Islamic Banks covers the creation of an appropriate risk management environment, as well as a stage-based implementation strategy that includes risk identification, measurement, mitigation, monitoring, controlling, and reporting. The book begins with a discussion of the philosophy of risk management, then delves deeper into the issue with topics like: Risk management as an integrated system The history, framework, and process of risk management in Islamic banking Financing, operational, investment, and market risk Shariah compliance and associated risk The book also discusses the future potential and challenges of Islamic banking, and outlines the risk management pathway. As an examination of the wisdom, knowledge, and ideal practice of Islamic banking, Risk Management for Islamic Banks contains valuable insights for those active in the Islamic market.
Author: Mr.Mumtaz Hussain
Publisher: International Monetary Fund
ISBN: 1513565621
Category : Business & Economics
Languages : en
Pages : 35
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Book Description
Islamic finance has started to grow in international finance across the globe, with some concentration in few countries. Nearly 20 percent annual growth of Islamic finance in recent years seems to point to its resilience and broad appeal, partly owing to principles that govern Islamic financial activities, including equity, participation, and ownership. In theory, Islamic finance is resilient to shocks because of its emphasis on risk sharing, limits on excessive risk taking, and strong link to real activities. Empirical evidence on the stability of Islamic banks, however, is so far mixed. While these banks face similar risks as conventional banks do, they are also exposed to idiosyncratic risks, necessitating a tailoring of current risk management practices. The macroeconomic policy implications of the rapid expansion of Islamic finance are far reaching and need careful considerations.
Author: Abdul Rafay
Publisher:
ISBN: 9781799834724
Category : Banking law (Islamic law)
Languages : en
Pages :
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Book Description
"This book discusses the emergence, theories, and practices of Islamic banking around the globe"--
Author: Mr.In Song
Publisher: International Monetary Fund
ISBN: 1498319270
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
The growing presence of Islamic banking needs to be accompanied by the development of effective regulation and supervision. This paper examines the results of the survey conducted by the International Monetary Fund to document international experiences and country practices related to legal and prudential frameworks governing Islamic banking activities. Although a number of countries have made considerable progress in creating legal, regulatory, and supervisory frameworks that accommodate Islamic banking, there are substantial differences. This paper also identifies a number of challenges faced by regulatory and supervisory agencies regarding Islamic banking.
Author: Wafik Grais
Publisher: World Bank Publications
ISBN:
Category : Account Holders
Languages : en
Pages : 46
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Book Description
This paper reviews institutions offering Islamic financial services (IIFS) corporate governance challenges and suggests options to address them. It first points out the importance of corporate governance for IIFS, where it would require a distinct treatment from conventional corporate governance and highlights three cases of distress of IIFS. It then dwells on prevailing corporate governance arrangements addressing IIFS' needs to ensure the consistency of their operations with Islamic finance principles and the protection of the financial interests of a stakeholders' category, namely depositors holding unrestricted investment accounts. It raises the issues of independence, confidentiality, competence, consistency, and disclosure that may bear on pronouncements of consistency with Islamic finance principles. It also discusses the agency problem of depositors holding unrestricted investment accounts. The paper argues for a governance framework that combines internal and external arrangements and relies significantly on transparency and disclosure of market relevant information.
Author: Nabil Baydoun
Publisher: John Wiley & Sons
ISBN: 1119038855
Category : Business & Economics
Languages : en
Pages : 308
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Book Description
Your introduction to Islamic accounting Principles of Islamic Accounting is the first and only text that covers the fundamentals of Islamic accounting in English. A comprehensive guide, this groundbreaking reference offers both insight into Islamic accounting best practices and disclosure for Shariah-compliant instruments. Covering everything from basic transaction analysis to the preparation of financial statements, this reference serves as a broad framework around which undergraduate students can build their understanding of the Islamic business environment by offering context and showcasing how Islamic values can influence the disclosure of financial information. Islamic accounting is becoming an increasingly important aspect of the business field as globalization results in a surge in business partnerships and transactions around the world. Today's students need to understand Islamic accounting principles in order to effectively work with professionals who adhere to these standards—and accessing this information via text in English was not possible until this revolutionary reference. Review the basics through an introduction to Islamic accounting Understand the recording process, and how to complete the accounting cycle and adjust accounts as necessary Explore accounting for assets, liabilities, equity, and sukuk, as well as zakat and takaful accounting Discover details regarding Islamic commercial law, accounting for Islamic financial institutions, and Islamic corporate governance and sustainability, and look at auditing from an Islamic perspective Principles of Islamic Accounting is an essential text for first-year university students who are studying Islamic accounting, as well as professional societies and organizations that support the use of Islamic accounting principles, such as The Islamic Finance Professionals Association.
