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Accounting for Islamic finance

Research guide

Published: 16 Jun 2014 Updated: 19 Nov 2025 Update History

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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.

The Business & Industry Guides series is produced by the Library & Information Service for ICAEW members and ACA students.

We can compile tailored key players reports, mailing lists, market reports, benchmarking reports and industry news. Our enquiry team can also research other industry-specific information, such as taxation, for you. Call us on +44 (0)20 7920 8620 or email library@icaew.com.

eBooks

Our eBooks are available to logged-in ICAEW members, ACA students and other entitled users.

See the A–Z of eBooks for a complete list of titles available across all subjects.

Exclusive Financial and accounting principles in Islamic finance
  • eBook
  • 2019
  • Samir Alamad
  • Springer
This book provides an original account detailing the origins and components of a faith-based accounting system (Islamic finance) that was founded around 629 CE. By examining the historical development that the accounting systems underwent within the context of faith-based rules and values, the book explains what is meant by the term "faith-based accounting", together with a discussion of its characteristics in relation to various product structures and the underlying Islamic finance principles.

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.

Useful links

News updates
Islamic accounting
  • Website
  • Deloitte
A dedicated section of the IAS Plus (Deloitte) website focused on recent developments in Islamic accounting requirements and practices.
ZAWYA Islamic Finance news
  • Website
  • ZAWYA.com
Islamic finance gateway from ZAWYA.com, which includes latest news stories, featured research reports and economic indicators. A free Zawya Daily email newsletter alert is available.
Organisations
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
  • Website
  • AAOIFI
AAOIFI is a not-for-profit organisation which develops, prepares and issues Financial Accounting Standards (FASs) and Shari'a Standards (SSs) for the global Islamic finance industry.
Asian-Oceanian Standard-Setters Group (AOSSG)
  • Website
  • AOSSG
The Asian-Oceanian Standard-Setters Group is a grouping of the accounting standard-setters in the Asian-Oceanian region. The group has been formed to discuss issues and share experiences on the adoption of International Financial Reporting Standards (IFRS) and to contribute to the development of a high-quality set of global accounting standards.
Islamic Finance Consultative Group
  • Website
  • IFCG
The International Accounting Standards Board (IASB) established the Islamic Finance Consultative Group (IFCG) to provide an advisory forum where members support the IFRS Foundation in its objectives, and contribute towards the development and consistent and rigorous application of IFRS Accounting Standards. The group's agenda and meeting papers are available on the IASB website.
Malaysian Accounting Standards Board (MASB)
  • Website
  • MASB
The MASB is an independent authority which issues accounting and financial reporting standards in Malaysia.
Reports and surveys
Reporting Islamic financial transactions under IFRS: 2018 update
  • Website
  • 2018
  • AOSSG
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.
Updated review of Islamic financial institutions’ financial statements (As of July 2022)
  • Website
  • 2023
  • AOSSG
A second update to the Asian-Oceanian Standard-Setters Group (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.

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.

Accounting and auditing standards for Islamic financial institutions
  • Library book
  • 2022
  • M.B. Mohd
  • Routledge
This book provides an overview of accounting and auditing standards within the doctrine of Sharia. The author evaluates the existing standards and offers practical policy recommendations.
Accounting, auditing and governance standards: full text of accounting, auditing and governance standards for Islamic financial institutions as at Safar 1437 A.H.
  • Library book
  • 2015
  • AAOIFI
  • AAOIFI
Contains sections on financial accounting standards, auditing, governance and ethics for Islamic banks and financial institutions.
Islamic finance in a nutshell: a guide for non-specialists
  • Library book
  • 2010
  • B.Kettell
  • Wiley
A pocket sized guide for non-specialists which includes a chapter on financial statement analysis for banks with five example Islamic financial statements (detailed balance sheets) to show how different these are to the statements that would be prepared for their conventional counterparts.
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