Principles of Islamic Accounting

Principles of Islamic Accounting
Author: Nabil Baydoun,Maliah Sulaiman,Shahul Ibrahim,Roger Willett
Publsiher: John Wiley & Sons
Total Pages: 600
Release: 2018-07-10
ISBN: 1119023297
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Principles of Islamic Accounting Book Excerpt:

This book examines the legal and the accounting process from basic transaction analysis through to the preparation of financial statements. A broad framework for financial statements is used, encompassing international standards and Islamic financial accounting standards. It provides a context for understanding what is “Islamic accounting” and allows students to appreciate how Islamic values can influence the disclosure of financial information. The practicalities of preparing financial statements in accordance with the Islamic Shariah are covered, along with specific aspects of Islamic finance and how to account for Shariah compliant instruments. It provides students with skills to understand and prepare accounting information relevant to decision making in an Islamic environment through real life examples and cases. Tentative Table of contents: • Introduction to Islamic Accounting • The Recording Process • Adjusting the Accounts • Completing the Accounting Cycle • Accounting for Assets • Accounting for Liabilities • Accounting for Equity • Accounting for Sukuk • Zakat Accounting • Takaful Accounting • Islamic Commercial Law • Accounting for Islamic Financial Institutions • Islamic Corporate Governance and Sustainability • Auditing: an Islamic Perspective

Financial and Accounting Principles in Islamic Finance

Financial and Accounting Principles in Islamic Finance
Author: Samir Alamad
Publsiher: Springer
Total Pages: 354
Release: 2019-05-10
ISBN: 3030162990
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Financial and Accounting Principles in Islamic Finance Book Excerpt:

This book provides an original account detailing the origins and components of a faith-based accounting system 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. It provides important theoretical and practical contributions by explaining accounting as a value-based science rather than a value-free object or abstract. This book explores the way in which religious rules act as a directive for accounting and auditing practices in IFIs. Through which the concept of money and digital currency within the theory of money and how it is enacted in a faith-based context, amid differences of opinions among its actors, is examined. This is an important foundation to explain Islamic accounting and includes how this outcome would shape the faith-based view regarding the new phenomenon of digital currency (DC). Also featured is the concept of paper money within the theory of money and how it is enacted in a faith-based legal framework by identifying two core concepts of today’s Fiat money as being a single genus or multi-genera money. This book is not merely an academic work, nor is it a pure practitioner guide; rather, it is a robust work that combines both. It marries rigorous academic research and theories with practical industry experiences. The book provides a clear and concise guide to accounting in Islamic economics and finance and how Islamic financial institutions could meet the applicable faith-based rules in their accounting practices.

CONTEMPORARY ISSUES IN FINANCIAL REPORTING OF ISLAMIC FINANCIAL INSTITUTIONS Penerbit UMK

CONTEMPORARY ISSUES IN FINANCIAL REPORTING OF ISLAMIC FINANCIAL INSTITUTIONS  Penerbit UMK
Author: Zulkarnain Bin Muhamad Sori, Sazali Bin Abdul Wahab, Mahmoud Al Homsi
Publsiher: Penerbit UMK
Total Pages: 232
Release: 2020-12-01
ISBN: 1928374650XXX
Category: Law
Language: EN, FR, DE, ES & NL

CONTEMPORARY ISSUES IN FINANCIAL REPORTING OF ISLAMIC FINANCIAL INSTITUTIONS Penerbit UMK Book Excerpt:

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 to be 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 others stakeholders.

Islamic Banking

Islamic Banking
Author: Muhammad Hanif
Publsiher: CreateSpace
Total Pages: 291
Release: 2011
ISBN: 9781461072591
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Islamic Banking Book Excerpt:

Islamic banking is based on principles of Islamic financial laws. Interest is prohibited by Islamic law hence operations of Islamic banking are different from conventional banking although both types of banking fulfill the same needs of customers. In financing customers' needs Islamic banks use either asset based financing or profit and loss sharing modes of financing. Islamic banking was started in last quarter of 20th century to cater the needs of Muslims around the world although it is not limited to Muslims only. It has shown marvelous growth and expansion worldwide. This book is written with a clear focus on learning of Islamic banking by accounting, business and finance students/professionals. Resources available on the subject have so for focused on legal side and very negligible work is available on financial front for a common user. This book is written in financial perspective and author has focused upon financial impacts, generated by application of Islamic financial laws. However a summary of Islamic commercial laws of each chapter has been provided. Author has adopted balance sheet method to inculcate the knowledge; hence, understanding of elementary balance sheet is pre-requisite to get maximum out of this book. A special section in each chapter is developed for concept building through illustrations. To test the concept essay questions, true/false statements, multiple choice questions and sufficient number of exercises in addition to mini cases are included at chapters end. This book is useful for MBA/BBA students as a three credit hour course as well as practitioners of Islamic banking. It is also useful for accounting & finance professionals, trainers in Islamic banking, regulators, investors, corporate managers and general public interested in understanding Islamic finance. For Comments please send message at [email protected]

Islamic Banking An Introduction to Islamic Accounting

Islamic Banking An Introduction to Islamic Accounting
Author: Hanudin Amin,Abdul Rahim Abdul Rahman
Publsiher: Universiti Malaysia Sabah Press
Total Pages: 176
Release: 2016-10-04
ISBN: 9672962665
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Islamic Banking An Introduction to Islamic Accounting Book Excerpt:

Author: Hanudin Amin, Abdul Rahim Abdul Rahman Year Published: 2016 ISBN: 978-967-0521-67-1 Islamic Banking: An Introduction to Islamic Accounting is written with the purpose of sensitizing readers to the need of accounting according to the al-Quran and Sunnah, Islamic accounting concepts, and accounting for Islamic financial transactions. The knowledge and skills gained from the course is able to add value to the students in order to prepare themselves for their career advancement. It is expected that, this topic of Islamic accounting will pave the way of disseminating the complete Islamic finance discipline to those students. Objectively, the book plans to communicate the pivotal contents of Islamic accounting both theoretically and practically. With these skills, the students are hoped to apply them into the real world once they have graduated. The book provides comprehensive coverage of Islamic accounting ranging from introduction, salam accounting to zakat accounting which are interesting to learn. The intended audience of the book are undergraduate and postgraduate students who love to learn Islamic banking not only from its concepts but also towards the applications of the concepts.

Fundamentals of Islamic Finance

Fundamentals of Islamic Finance
Author: Muhammad Hanif
Publsiher: Independently Published
Total Pages: 440
Release: 2020-08-20
ISBN: 1928374650XXX
Category: Electronic Book
Language: EN, FR, DE, ES & NL

Fundamentals of Islamic Finance Book Excerpt:

This book is the result of a decade teaching of Islamic finance course to business graduates (Bachelor and Master classes). This book is written with a clear focus on learning of Islamic banking & finance by accounting, banking, business and finance students/professionals. This book is divided into five parts. Part-1 presents an update on Islamic finance, why and how Islamic banking started; What is current status; Meaning and prohibition of Riba (Interest & Usury) as reported in revealed books (Bible and Qur'an); business models under Islamic financial services industry; principles of Islamic financial system, similarities and differences with conventional finance industry, and challenges being faced by the nascent industry.Part two is about asset-backed financing provided by IFIs. It includes trading (selling) modes of financing including Murabaha (ch.2), Salam, and Istisna'a; it also includes rental-based financing product-Ijarah financing. Chapter 2,3,4,5 include sales and rental-based financing. Part three of the book deals with profit and loss sharing modes of financing including Musharakah, diminishing Musharakah and Mudarabah. A special section is devoted to discussing the causes of lesser application of Musharakah in operations of IFIs, in addition to Shari'ah rulings and financial impact. Chapter seven is about Diminishing Musharakah; a form of gradually declining partnership between an IFI and clients; generally used to finance real estates. Under diminishing Musharakah, the basic Shari'ah rulings, Islamic house financing, comparative study of conventional and Islamic mortgages and installment calculation under different assumptions for house financing are presented. Chapter eight is about Mudarabah. Chapter nine presents various types of deposits collected by IFIs and profit-sharing mechanism. Concepts of daily product and weight-age based profit systems are elaborated.Part four of the book presents special topics in Islamic Finance. In this part areas of liquidity management, Islamic insurance, currency system, substance & form, and challenges to Islamic finance industry are elaborated. Under Islamic capital market (liquidity management) two dedicated chapters have been included; each for equities and sukuk. Chapter 12 elaborates briefly the concept of Islamic insurance covering multiple areas including Shari'ah guidelines, takaful (insurance) models, and role of insurance company, in addition to illustrative financial calculations. Chapter-13 addresses the issue of preference for 'legal form over economic substance' by critically evaluating the selected Islamic finance contracts Last chapter identifies the challenges [potentially hurdles in sustainability, growth and expansion of the industry]. The fifth edition is the outcome of encouraging response by the academic community to earlier editions. In this edition, due attention has been given to present material in a reader-friendly mode in addition to a thorough review of content, exercises and figures. Title of the book changed by adding prefix of 'fundamentals' to reflect the nature of work (as text book). In this edition, the chapter on Islamic finance: an update is revised thoroughly; and by insertion of specific contents including principles and business models of Islamic financial system, in addition to brief presentation of challenges. Besides, Islamic capital market is re-written by including an evaluation of methodologies used in creation of Shari'ah universes of stocks. Also, a new chapter included to present the application of 'form over substance' principle to industry practices. Updated figures on the global volume of assets, application of financial products; regional shares, etc. are also part of this edition. Also, more examples included in the text to make the concept clear. An increased number of multiple-choice questions and mini cases are also forming part ofthe updated edition. I welcome readers' Feedback.

Islamic Finance

Islamic Finance
Author: Rifaat Ahmed Abdel Karim,Simon Archer
Publsiher: John Wiley & Sons
Total Pages: 550
Release: 2013-04-17
ISBN: 1118247086
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Islamic Finance Book Excerpt:

From the world's foremost authorities on the subject, the number-one guide to Islamic finance revised and updated for a post-crisis world Because it is entirely equity-based, rather than credit-based, Islamic finance is immune to the speculative bubbles and runaway volatility typical of Western finance. Especially now, in the wake of the global financial crisis, this has made them increasingly attractive to institutional investors, asset managers and hedge funds in search of more stable alternatives to conventional financial products. With interest in Islamic finance swiftly spreading beyond the Muslim world, the need among finance and investment professionals has never been greater for timely and authoritative information about the rules governing Islamic finance. This thoroughly updated and revised second edition of the premier guide to regulatory issues in Islamic finance satisfies that need. Addresses the need for banks to develop common Islamic-based international accounting and auditing standards Clearly explains the key differences between Shari'ah rulings, standardization of acceptable banking practices, and the development of standardized financial products Explores the role of the Shari'ah Boards in establishing common rules regarding the permissibility of financial instruments and markets Offers guidance for regulators seeking to adapt their regulatory frameworks to the needs of the fast-growing Islamic finance sector

Mapping the Risks and Risk Management Practices in Islamic Banking

Mapping the Risks and Risk Management Practices in Islamic Banking
Author: Wael Kamal Eid,Mehmet Asutay
Publsiher: John Wiley & Sons
Total Pages: 500
Release: 2019-06-27
ISBN: 1119077826
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Mapping the Risks and Risk Management Practices in Islamic Banking Book Excerpt:

Deep, insightful analysis of controversial risk management issues in Islamic banking Mapping the Risks And Risk Management Practices In Islamic Banking is a comprehensive analysis of the current state of risk management practices within the Islamic banking industry, with recommendations for policy makers, bankers, and industry stakeholders. Going beyond the academic, this book presents the opinions and perceptions of industry financiers and bankers, alongside primary information and data collected by Islamic finance professionals to deconstruct and analyze the sector's current risk management practices. You'll get up to date on the latest attitudes and trends, and delve into the current issues surrounding risk management in Islamic banks. With a focus on practical applications, this authoritative guide discusses the unique risks facing Islamic banks, from the perspective of a wide range of practitioners. Risk management is one of the biggest, most controversial issues in Islamic finance, yet it remains under-researched. Many uncertainties exist for which the answers are still unclear, yet will play a large role in shaping the industry's future. This book digs deep into current ideas and practices to discover what's being done, what needs to be done, and what needs to stop happening to keep the future of Islamic finance strong. Explore both Islamic and traditional attitudes toward risk Examine current Islamic risk management practices Understand the latest industry issues and trends Consider the diverse range of risks unique to the Islamic banking sector Effective risk management in Islamic banking deserves priority attention. Unless the industry develops its own genuine risk management architecture, it cannot achieve its full potential and the viability needed for a more resilient financial system than the debunked Wall Street model. Mapping the Risks and Risk Management Practices in Islamic Banking provides a deep, authoritative analysis of where the industry is today and where it needs to develop.

Islamic Finance

Islamic Finance
Author: Simon Archer,Rifaat Ahmed Abdel Karim
Publsiher: John Wiley & Sons
Total Pages: 418
Release: 2007-03-16
ISBN: 1928374650XXX
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Islamic Finance Book Excerpt:

"Islamic Finance: The Regulatory Challenge…is therefore timely and a truly welcome addition to the growing literature on this subject…I congratulate the two professors for their fine contribution to the evolving art and science of the regulation of Islamic finance." —Dr. Zeti Akhtar Aziz, Governor, Bank Negara Malaysia "The World's financial regulators have taken too long to appreciate the importance of adapting their regulatory frameworks to the needs of the fast growing Islamic finance sector. Simon Archer and Rifaat Ahmed, the leaders in the field, have put together a fascinating collection of essays which show just what has to be done. It is a very timely book indeed." —Howard Davies, Director, London School of Economics "The emergence of Islamic finance as a major force in the world financial system has focused attention on regulatory issues. This book, edited by Professor Archer and Professor Rifaat, two of the most respected figures in the field, is an important point of reference for those who have to deal with these issues, whether in regulatory authorities, or in the financial institutions themselves." —Professor William Blair QC, Grays Inn, London "There is now great interest, both in financial and legal circles, in reliable and authoritative texts on Islamic finance. I have no doubt that the availability of Islamic Finance: The Regulatory Challenge will be warmly welcomed by those who provide financial and legal services. The work will be of great assistance to them." —The Rt Hon the Lord Woolf of Barnes, Law Lord and former Lord Chief Justice of England & Wales

Islamic Finance For Dummies

Islamic Finance For Dummies
Author: Faleel Jamaldeen
Publsiher: John Wiley & Sons
Total Pages: 384
Release: 2012-08-03
ISBN: 1118233905
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Islamic Finance For Dummies Book Excerpt:

A detailed look at the fast-growing field of Islamic banking andfinance The global Islamic finance market is now worth about $700billion worldwide. Islamic Finance For Dummies helpsexperienced investors and new entrants into Islamic finance quicklyget up to speed on this growing financial sector. Here, you'll find clear and easy-to-understand information onhow you can incorporate Islamic finance products into yourinvestment portfolio. You'll quickly and easily: become acquaintedwith the theory, practice, and limitations of Islamic banking;understand how to develop products for the Islamic financialindustry; grasp the objectives and sources of Islamic law and thebasic guidelines for business contacts; learn about Islamic fundmanagement and insurance; and much more. Coverage of the role Islamic finance can play in thedevelopment of the financial system and of economies Addresses the risks and rewards in Islamic banking The future prospects and opportunities of the Islamic financeindustry With the help of Islamic Finance For Dummies, you'lldiscover the fast and easy way to tap into the booming Islamicfinance arena.

Accounting Auditing and Governance for Takaful Operations

Accounting  Auditing and Governance for Takaful Operations
Author: Sheila Nu Nu Htay,Mohamed Arif,Younes Soualhi,Hanna Rabittah Zaharin,Ibrahim Shaugee
Publsiher: John Wiley & Sons
Total Pages: 368
Release: 2012-09-24
ISBN: 1118503961
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Accounting Auditing and Governance for Takaful Operations Book Excerpt:

A comprehensive guide to current issues and practices in governance for Takaful and re-Takaful operations As the global demand for Islamic insurance products increases, a thorough understanding of Takaful principles is vital for accountants, auditors, and leaders of companies offering these products. This book covers the basic accounting principles and practices of Takaful operations, including the segregation of assets, liabilities, income, and expenditures between the Takaful operator and participants; the setting aside of cash reserves for meeting outstanding claims and future claims; and the management of revenue and expenditure. Featuring extensive case studies from real-world situations, this book is the perfect primer for accounting students and practitioners unfamiliar with Islamic finance and Takaful operations. Written by experts from the International Islamic University Malaysia, the leading organisation in research in Islamic finance Covers all the major accounting principles and practices Based on real-world experience and packed with illustrative case studies For practicing accountants and business leaders, this book offers a thorough education in Takaful operations while also serving as an excellent guide for undergraduate students and researchers.

Risk Analysis for Islamic Banks

Risk Analysis for Islamic Banks
Author: Hennie van Greuning,Zamir Iqbal
Publsiher: World Bank Publications
Total Pages: 309
Release: 2008
ISBN: 0821371428
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Risk Analysis for Islamic Banks Book Excerpt:

Islamic finance is emerging as a rapidly growing part of the financial sector in the Islamic world and is not restricted to Islamic countries, but is spreading wherever there is a sizable Muslim community. According to some estimates, more than 250 financial institutions in over 45 countries practice some form of Islamic finance, and the industry has been growing at a rate of more than 15 percent annually for the past several years. The market's current annual turnover is estimated to be $70 billion, compared with a mere $5 billion in 1985, and is projected to hit the $100 billion mark by the turn of the century. Since the emergence of Islamic banks in the early 1970s, considerable research has been conducted, mainly focusing on the viability, design and operations of a deposit-accepting financial institution, which operates primarily on the basis of profit and loss partnerships rather than interest. This publication provides a comprehensive overview of topics related to the assessment, analysis, and management of various types of risks in the field of Islamic banking. It is an attempt to provide a high-level framework (aimed at non-specialist executives) attuned to the current realities of changing economies and Islamic financial markets. This approach emphasizes the accountability of key players in the corporate governance process in relation to the management of different dimensions of Islamic financial risk.

An Exploratory Study of Accounting Practices for Murabahah and Bai bithaman Ajil by Islamic Banks in Malaysia

An Exploratory Study of Accounting Practices for Murabahah and Bai bithaman Ajil by Islamic Banks in Malaysia
Author: Nori Yani Abu Talib
Publsiher: Unknown
Total Pages: 354
Release: 2013
ISBN: 1928374650XXX
Category: Banks and banking
Language: EN, FR, DE, ES & NL

An Exploratory Study of Accounting Practices for Murabahah and Bai bithaman Ajil by Islamic Banks in Malaysia Book Excerpt:

The study aims firstly to examine whether the accounting recognition, measurement and disclosure on Murabahah and BBA under FRS 118, BNM GP8i, MASB TRi-3 and MASB TRi-4 are compatible with AAOIFI FAS 2 and FAS 20. Secondly, the study examines the perceptions of accountants and financial accounting executives on existing accounting standard and guidelines on Murabahah and BBA of Islamic banks in Malaysia. Thirdly, perceptions of accountants and financial accounting executives on AAOIFI accounting standards for Murabahah and Bai' Muajjal (deferred payment sales) are examined accordingly. Finally, the study analyses the relationship between training of Islamic banking finance, total working experience and education background with the level of acceptability of AAOIFI FAS 2 and FAS 20 among the Islamic banks' accountants and financial accounting executives of Islamic banks in Malaysia. The study found that there are major differences in terms of revenue recognition, asset and profit measurement and disclosure between those standards and guidelines. The result of the questionnaire survey indicated high degree of acceptability towards MASB FRS 118 and MASB TRi-3 and TRi-4 and thus, indicated the support towards convergence with IFRS. Whereas, the moderate acceptability of AAOIFI FAS 2 and FAS 20 signifies the implementation of the Islamic accounting practices to the Islamic banking industry in Malaysia will be a paramount challenge. Perhaps, the accountants and financial accounting executives of the Islamic banks are not aware of the accounting issues related to Murabahah and BBA due to their moderate acceptability of the statements related to accounting issues in Murabahah and BBA. The result of Pearson Correlation Coefficient test has indicated that there are no significant relationship between attendance in training of IBF, total working experience and education background with the level of acceptability of AAOIFI FAS 2 and FAS 20. However, the result of the correlation are not conclusive due to certain limitations exist in the study. The study implies that the ability to compare the financial performance of different Islamic financial institutions becomes seriously impaired because the difference in accounting practices exists among global Islamic financial institutions. There are paramount challenges on the harmonisation of financial reporting of the Islamic finance as a result of inconsistency of the financial reporting of Islamic financial institutions worldwide. The challenges will involve many parties, the scholars, practitioners and regulator to discuss, research and engage toward developing a just and fair accounting that will benefit not only the business but more importantly to humanity.

Islamic Finance Consumer Protection and Financial Stability

Islamic Finance  Consumer Protection  and Financial Stability
Author: Miss Inutu Lukonga
Publsiher: International Monetary Fund
Total Pages: 39
Release: 2015-05-18
ISBN: 1513577972
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Islamic Finance Consumer Protection and Financial Stability Book Excerpt:

Consumer protection and financial literacy are essential pillars of a well functioning and stable financial system. As the global financial crisis demonstrated, inadequate attention to consumer protection and financial literacy can lead to financial instability. Though Shari’ah principles provide a strong foundation for consumer protection, the principles alone cannot provide adequate protection because not all providers are guided by ethical precepts and the practices have deviated from the principles. To safeguard the stability of the Islamic finance industry, consumer protection frameworks that cater to the specifics of Islamic financial products should be an integral part of regulatory frameworks.

Islamic Finance

Islamic Finance
Author: Hussein Elasrag
Publsiher: PublishDrive
Total Pages: 270
Release: 2018-09-25
ISBN: 1928374650XXX
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Islamic Finance Book Excerpt:

Islamic finance is the only example of a financial system directly based on the ethical precepts of a major religion, providing not only investment guidelines but also a set of unique investment and financing products.” Islamic finance is based on Shari'a, the Islamic law that provides guidelines for multiple aspects of Muslim life, including religion, politics, economics, banking, business and aspects of the legal system What Shari'ah compliant financing (SCF) seeks to do is to shape financial practices and accompanying legal instruments that conform to Islamic law. Major financial principles of Shari'ah include a ban on interest, a ban on uncertainty, adherence to risk-sharing and profit-sharing, promotion of ethical investments that enhance society and do not violate practices banned in the Qur’an and tangible asset-backing.This Book tries to note the main Principal of Islamic finance. In addition to discuss the Improvement can be made in several areas to promote and enhance the providing Islamic financial services.

Islamic Finance Fundamentals With Applications in Malaysia UUM Press

Islamic Finance Fundamentals With Applications in Malaysia  UUM Press
Author: Shahriza Osman,Zahiruddin Ghazali,Syed Mohd Na’im Syed Salim
Publsiher: UUM Press
Total Pages: 110
Release: 2016-01-01
ISBN: 9670876729
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Islamic Finance Fundamentals With Applications in Malaysia UUM Press Book Excerpt:

Islam postulates a unique link of contracts among the creator, man and society on the basis of Syariah law that directly affects the workings of the various social, political, economic, and financial systems. Therefore, to understand the way in which economic affairs and financial institutions are organized in an Islamic system, it is first necessary to comprehend the nature of this relationship. Consequently, one cannot study a particular aspect or part of an Islamic system, economics, for example, in isolation, without having understanding of the basic knowledge of Islamic finance. Islamic finance products are contract-based. This book explains Islamic finance, which refers to the provision of financial services in accordance with Syariah law in chapter one. The Syariah law is the foundation for the establishment of an Islamic banking system. Chapter two illustrates the differences between the principles of Syariah and Tabii’. Chapter three explains the Islamic theory of profit. Chapter four is about risk and uncertainty, which is known as gharar in Islamic finance. Chapter five discusses interest/riba, which is the most significance principle of Islamic banking. Chapter six explains some of the financial issues related to Islamic banking.

Readings in Islamic Economics and Finance UUM Press

Readings in Islamic Economics and Finance  UUM Press
Author: Nur Azura Sanusi,Mukaramah Harun,Shamzaeffa Samsudin
Publsiher: UUM Press
Total Pages: 198
Release: 2007-01-01
ISBN: 9833827209
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Readings in Islamic Economics and Finance UUM Press Book Excerpt:

Part 1; Islamic concept and regulations -- Part 2; Islamic banking -- Part 3; Islamic capital market -- Part 4; Other issues.

Understanding Islamic Finance

Understanding Islamic Finance
Author: Muhammad Ayub
Publsiher: John Wiley & Sons
Total Pages: 542
Release: 2009-08-18
ISBN: 9780470687710
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Understanding Islamic Finance Book Excerpt:

In Understanding Islamic Finance Muhammad Ayub introduces all the essential elements of this growing market by providing an in-depth background to the subject and clear descriptions of all the major products and processes associated with Islamic finance. Key features include: Discussion of the principles of Islamic finance; Introduction to the key products and procedures that International Financial Institutions are using or may adopt to fund a variety of clients ensuring Sharī ́ah compliance; Discussion of the role Islamic finance can play in the development of the financial system and of economies; Practical and operational examples that cover deposit and fund management by banks involving financing of various sectors of the economy, risk management, accounting treatment, and working of Islamic financial markets and instruments. This book is not only an important text for all banks and financial institutions entering this particular market with a commitment to building Islamic financial solutions, but is also essential reading for undergraduate and postgraduate students of Islamic finance.

Murabaha An Islamic Financial Tool and Challenges Vis a vis the International Accounting Standards

Murabaha   An Islamic Financial Tool and Challenges Vis a vis the International Accounting Standards
Author: Cenap Ilter
Publsiher: Unknown
Total Pages: 12
Release: 2015
ISBN: 1928374650XXX
Category: Electronic Book
Language: EN, FR, DE, ES & NL

Murabaha An Islamic Financial Tool and Challenges Vis a vis the International Accounting Standards Book Excerpt:

Interest has been forbidden in Quran-the holy book of Islam whereas Murabaha is a particular kind of sale in Islamic Finance where the seller expressly mentions the cost he has incurred of a commodity to be sold and sells it to another person by adding some profit or mark-up thereon which is known to the buyer. In terms of Generally Accepted Accounting Principles-GAAP and International Financial Reporting Standards-IFRS inventories are valued at the 'lower of cost and net realizable value.' This paper explores the murabaha and its degree of compliance with IFRS rules as far the profit share is concerned.

Understanding Islamic Finance

Understanding Islamic Finance
Author: Hussein Elasrag
Publsiher: Hussein Elasrag
Total Pages: 135
Release: 2022-03-13
ISBN: 545952797X
Category: Business & Economics
Language: EN, FR, DE, ES & NL

Understanding Islamic Finance Book Excerpt:

As the Islamic finance industry develops further, there is a growing need for standardization and professionalism across the industry. Coupled with this is the importance of adopting robust corporate governance systems of internationally recognized standards incorporating transparent, fair and ethical working practices. Islamic financial institutions are well-placed in this context, since at the heart of Islamic law is a vision of social development which requires all individuals and businesses to conduct themselves ethically and in a socially responsible manner. This book focuses on the basic principles of Islamic finance. In addition to discuss the Improvement can be made in several areas to promote and enhance the providing Islamic financial services.