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Accounting for Islamic finance

Research guide

Published: 16 Jun 2014 Updated: 16 Mar 2022 Update History

The accounting practices adopted by firms in the Islamic finance sector vary across the world, being largely dependent on the regulatory environment of each jurisdiction. On this page we highlight some of the articles, research papers and reports from the ongoing discussion on the application and development of accounting standards for Islamic finance.

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Online articles

The ICAEW Library & Information Service provides access to a range of content on Islamic accounting from various online sources, including a selection of articles from premium databases. Access to full text articles is provided for ICAEW members, ACA students and other entitled users subject to the conditions listed in the terms of use statement.

Journal of Islamic Accounting and Business Research
ICAEW members and ACA students can obtain articles from the Journal of Islamic Accounting and Business Research free-of-charge by contacting the ICAEW Library (abstracts are still accessible through the links below). The journal publishes a wide range of articles to advance accounting and business knowledge based on Shari’ah, with topics including current practice in Islamic accounting, auditing and corporate governance.

Useful links

News updates

Islamic accounting
A dedicated section of the IAS Plus (Deloitte) website focused on recent developments in Islamic accounting requirements and practices.


Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
AAOIFI develops, prepares and issues Financial Accounting Standards (FASs) and Shari'a Standards (SSs). A full list of the standards developed by the AAOIFI can be found through the publications section of their website.

Asian Oceanian Standard Setters Group (AOSSG)
The Asian-Oceanian Standard-Setters Group is a grouping of the accounting standard-setters in the Asian-Oceanian region. The AOSSG has established a working group on Financial Reporting Issues relating to Islamic Finance

International Accounting Standards Board (IASB)
The IASB established a working group with a focus on Shariah-Compliant Instruments and Transactions in 2013, now called the Islamic Finance Consultative Group. Papers from the group are available on the IASB website. 

Malaysian Accounting Standards Board (MASB)
The MASB is an independent authority which issues accounting and financial reporting standards in Malaysia.

Reports and papers

Adoption of international financial reporting standards and international accounting standards in islamic financial institutions from the practitioners' viewpoint
A 2013 article published in the Middle East Journal of Scientific Research; the authors examine whether Islamic finance practitioners encounter Shariah issues when adopting IFRS and International Accounting Standards (IAS) to report Islamic financial transactions.

Reporting Islamic financial transactions under IFRS: 2018 update
An update to AOSSG's 2010 Financial Reporting Issues relating to Islamic Finance report. Topics covered include: recognising a financing effect, profit-sharing contracts, Ijarah, Sukuk, Takaful, embedded derivatives, additional Shariah related disclosures and departures and exemptions from IFRS requirements. Published in January 2018.


Accounting and Islamic finance in the Middle East and North Africa
International survey conducted by the AOSSG from July to October 2013. Topics include: practitioners' views on the reporting environment and accounting for Islamic financial transactions.

Financial reporting by Islamic financial institutions: 2017 update
An update to AOSSG's 2014 international study of financial statements of 132 Islamic financial institutions from 31 jurisdictions. The surveys identify the financial reporting standards that the institutions are legally required to comply with and the extent of compliance, with a particular focus on lessor accounting for ijarah, classification of customer investment accounts and recognition and measurement of finance income.

Further reading

The library provides access to a range of online articles from leading business and finance journals on accounting for Islamic finance, supplemented by a collection of articles and books that can be obtained through the library's enquiry service.

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