Displaying 1-19 of 19 results
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Implementation of AAOIFI standard no.35 by Saudi Islamic banks: Opportunities and challenges
- 01 Aug 2023
- Kefah Abdelkader Al-Souri, Abdallah Izzat Mahmoud Barakat, Hussein Mohammad Samhan
The authors present their research, which analyses the reality of reserves in Islamic banks in light of Financial Accounting Standard No. 35 issued by AAOIFI in 2018. They also studied the extent to which Saudi Islamic banks adhere to this standard and identify the advantages and challenges facing these banks in this field.
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The substance and form of Islamic finance instruments: an accounting perspective
- 04 Aug 2021
- Tarek Abdelfattah, Ahmed Ebrahim
- Journal of Islamic Accounting and Business Research
Article analysing the fundamentals of major Islamic finance accounting instruments and contracts, in reference to the concept of substance over form in the accounting conceptual framework. The authors focus on the accounting standards issued by the Financial Accounting Standards Board (FASB) in the USA, and the most common Islamic finance contracts and instruments in the areas of home financing and short-term financing.
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Compliance and determinants of the AAOIFI financial standards: Evidence from the MENA region
- 01 Apr 2021
- Oumayma Bechihi, Salem Lotfi Boumediene, Olfa Nafti
Research analysing the level of compliance of financial disclosure with accounting standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in Middle Eastern and North African (MENA) Islamic banks. Based on 40 Islamic banks in seven MENA countries over the period 2010-2016, the authors used a disclosure index to measure the compliance level.
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The need for Islamic accounting standards: the Malaysian Islamic financial institutions experience
- 01 Jan 2019
- Nor Farizal Mohammed
- Journal of Islamic Accounting and Business Research
Research into the financial reporting practices of Malaysian Islamic Financial Institutions (IFIs). Interviewees at seven IFIs discuss their views on the relevance of Accounting and Auditing for Islamic Financial Institutions (AAOIFI) accounting standards and the application of International Financial Reporting Standards (IFRS) in Islamic financial reporting.
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Islamic banking looks to stable growth
- 01 Dec 2018
- John Bambridge
- MEED Business Review
Sharia-compliant asset growth slowed in 2018 to conventional banking rates, according to S&P Global's 2019 Islamic Finance Outlook. The article considers how adopting IFRS 9 has impacted Islamic banks and provides a table ranking the GCC's largest Islamic banks by assets.
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Understanding and evaluation of risk in Sukuk structures
- 12 Oct 2017
- Mohammed Waleed Alswaidan, Arief Daynes, Paraskevas Pasgas
- Journal of Islamic Accounting and Business Research
The paper presents a Sukuk Islamic bond risk classification matrix, based on an evaluation of Sukuk structure risks. The risks of sukuk bonds and appropriate risk classification schemes for sukuk are discussed. Published in the Journal of Islamic Accounting and Business Research, Volume 8 Issue 4 (2017)
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Sukuk and conventional bonds: shareholder wealth perspective
- 12 Oct 2017
- Mohamed Sherif
- Journal of Islamic Accounting and Business Research
This study aims to comprehensively examine the stock market effects of announcements made by firms to issue conventional bonds versus Sukuk Islamic bonds between 2000-2015. The authors consider whether Sukuk simply mirror conventional bonds or are a promising alternative source of financing. Published in the Journal of Islamic Accounting and Business Research, Volume 8 Issue 4 (2017)
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AAOIFI issues FAS 28 Murabaha standard, plus exposure draft standards on financial reporting for sukuk and risk reserves
- 03 Oct 2017
- Zawya
The Accounting Board of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has met in Bahrain during September 2017 to approve the issuance of FAS 28 ‘Murabaha and Other Deferred Payment Sales’, as well as exposure drafts of FAS standards on ‘Financial Reporting for Sukuk-Holders’ and 'Risk Reserves'. AAOIFI will be conducting public hearings for the issued exposure drafts during the last quarter of 2017.
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Unveiling IASB standardization projects and its influence on the position of Takaful industry in Indonesia
- 08 Sep 2017
- Murniati Mukhlisin
- Journal of Islamic Accounting and Business Research
A look at the takaful insurance industry's attempts to adopt International Financial Reporting Standards (IFRS). The authors identify the advantages and disadvantages of financial reporting standardization. Published in the Journal of Islamic Accounting and Business Research, Volume 8 Issue 2 (2017)
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An accounting perspective on the use of combined contracts and donations in Islamic financial transactions
- 01 Jan 2017
- Muhannad Ahmed Atmeh, Bassam Maali
- Journal of Islamic Accounting and Business Research
The purpose of this paper is to investigate the techniques used by Islamic financial institutions (IFIs) to shift conventional instruments to Shariah-compliant instruments. The paper additionally aims to explore the effect of these techniques on financial reporting. Published in the Journal of Islamic Accounting and Business Research, Volume 8 Issue 1 (2017)
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Accountability and narrative disclosure by Muslim charity organisations in the UK
- 01 Jan 2017
- Sofia Yasmin, Roszaini Haniffa
- Journal of Islamic Accounting and Business Research
This study assesses the disclosures made by Muslim charity organisations (MCOs) in trustee annual reports against the framework of the Charities SORP. Published in the Journal of Islamic Accounting and Business Research, Volume 8 Issue 1 (2017).
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Issues on the application of IFRS9 and fair value measurement for Islamic financial instruments
- 01 Jul 2016
- Zurina Shafii, Abdul Rahim Abdul Rahman
- Journal of Islamic Accounting and Business Research
This paper aims to examine some issues in IFRS9 with regards to classification and measurement of Islamic financial assets. In addition, the paper discusses the Shariah concerns on the use of fair value to measure financial assets. Published in the Journal of Islamic Accounting and Business Research, Volume 7 Issue 3 (2016)
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Sharia disclosures: An exploratory study from the perspective of Sharia-compliant companies and professional users
- 01 Jul 2016
- Anna Che Azmi, Norazlin Ab Aziz, Normawati Non, Rusnah Muhamad
- Journal of Islamic Accounting and Business Research
A study into the reasons behind low Sharia disclosures in the annual reports of Sharia-compliant companies. Published in the Journal of Islamic Accounting and Business Research, Volume 7 Issue 3 (2016)
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A critique on accounting for murabaha contract: A comparative analysis of IFRS and AAOIFI accounting standards
- 01 Jul 2016
- Mezbah Uddin Ahmed, Ruslan Sabirzyanov, Romzie Rosman
- Journal of Islamic Accounting and Business Research
This paper explains the legal structures of a murabaha contract and considers the divergence of accounting treatment between IFRS and AAOIFI. Published in the Journal of Islamic Accounting and Business Research, Volume 7 Issue 3 (2016)
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A critical analysis of the use of fair value by Islamic Financial Institutions
- 01 Apr 2016
- Leila Gharbi
- Journal of Islamic Accounting and Business Research
The authors consider the compatibility of IFRS with Islamic finance regarding the use of interest rate as a discounting rate in impairment testing and valuation techniques. Published in the Journal of Islamic Accounting and Business Research, Volume 7 Issue 2 (2016).
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Islamic Finance 2014 accounting and tax developments
- 13 Mar 2015
- Mohammed Amin
Mohammed Amin (former PwC Head of Islamic Finance in the UK) takes a look at International Financial Reporting Standards (IFRS) accounting standards developments that affect Islamic finance, along with a brief summary of tax trends enabling Islamic finance transactions. Originally published in the Islamic Finance News 2015 annual guide.
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An Islamic perspective on the true and fair view override principle
- 01 Apr 2014
- Abang Salihin, A.H. Fatima, Abdulrahman Anam Ousama
- Journal of Islamic Accounting and Business Research
This paper aims to determine whether the “true and fair view override” (TFVO) principle is relevant and applicable in Islamic accounting. In addition, the paper examines the roles that TFVO could play in Islamic accounting and auditing. Published in the Journal of Islamic Accounting and Business Research, Volume 5 Issue 2 (2014)
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Islamic financial institutions and the implications of accounting under IFRS
- 14 Sep 2012
- Mohammed Amin
Article by Mohammed Amin (former PwC Head of Islamic Finance in the UK), which looks at whether Islamic Financial Institutions have a choice between IFRS and AAOIFI accounting standards and where the differences lie. Originally published in the July-September 2012 issue of the Institute of Islamic Banking and Insurance magazine 'New Horizon'.
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Accounting for sukuk under IFRS and AAOIFI accounting standards
- 26 May 2011
- Mohammed Amin
Article by Mohammed Amin (former PwC Head of Islamic Finance in the UK), who looks at the difference in treatment of sukuk under IFRS and under AAOIFI standards. The article includes a worked example which shows how a sukuk transaction can be accounted for under both.
Displaying 1-19 of 19 results
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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.