Accounting for Islamic Financial Institutions

This paper aims to find the extent of Disclosure of Corporate Governance Compliance of State Owned Commercial Banks (SOCBs) in recent years in Bangladesh. Dichotomous and Partial compliance method are used to find out the compliance of corporate governance notification provided by Bangladesh Securities and Exchange Commission (BSEC) and Bangladesh Bank (BB) by SOCBs). Annual reports of 2013 for four State Owned Commercial Banks one of which is listed in Dhaka Stock Exchange (DSE) have been used to conduct this study. Firstly, 95 disclosure variables from Bangladesh Securities and Exchange Commission (BSEC) notifications and 73 disclosure variables from Bangladesh Bank (BB) Corporate Governance Guidelines have been identified as disclosure variables. Secondly, 95 variables from BSEC have been converted into 7 main variables and 73 variables from BB have been converted in to 3 main variables. Then to find compliance status of notifications of SOCBs provided by BSEC and BB cross tabula...

This paper aims to find the extent of Disclosure of Corporate Governance Compliance of State Owned Commercial Banks (SOCBs) in recent years in Bangladesh. Dichotomous and Partial compliance method are used to find out the compliance of corporate governance notification provided by Bangladesh Securities and Exchange Commission (BSEC) and Bangladesh Bank (BB) by SOCBs). Annual reports of 2013 for four State Owned Commercial Banks one of which is listed in Dhaka Stock Exchange (DSE) have been used to conduct this study. Firstly, 95 disclosure variables from Bangladesh Securities and Exchange Commission (BSEC) notifications and 73 disclosure variables from Bangladesh Bank (BB) Corporate Governance Guidelines have been identified as disclosure variables. Secondly, 95 variables from BSEC have been converted into 7 main variables and 73 variables from BB have been converted in to 3 main variables. Then to find compliance status of notifications of SOCBs provided by BSEC and BB cross tabula...

This study investigates the application of regression analysis in auditing to identify financial
trends, correlations, and potential irregularities, addressing gaps in traditional auditing methods.
Employing a descriptive research design, data was collected from peer-reviewed journals, industry reports,
and case studies between 2020 and 2024. The regression analysis revealed a strong correlation between
revenue and expense growth (r=0.92, p<0.01), with predictive models effectively identifying anomalies in
financial reporting. Logistic regression models demonstrated increasing fraud detection rates from 10.0%
in 2020 to 12.9% in 2024, while the chi-square test for financial misstatements indicated significant
deviations (χ²=25.67, p<0.01). The findings confirm that regression analysis enhances audit effectiveness
by improving fraud detection and financial oversight. The study recommends increased training for
auditors in statistical methods, the integration of multiple analytical tools, improved data quality,
consideration of macroeconomic factors, and the adoption of robust cyber security measures. These steps
will ensure the effective use of regression analysis in modern auditing practices.

The scientification of economics has resulted in a separation of economics from ethics. Economic theory is now a positive science which analyzes and explains mechanisms of economic process. Ethical valuation should not form part of the economist research program. However, the evolution of Business Government Society nexus have forced businesses to take ethics seriously especially because of their evolving customers ethics creating a stakeholder model centered around social responsible business. Islam arguable more than any other religion is concern about economic activities. This is not only because the Quran came down in economic driven milieu but because the Quran connects the belief in God firmly with socio economic justice. In order to achieve an egalitarian society, Islamic economic institutions advocated by Islam is not static but dynamic because it is not fixed to form but driven base on achieving ethical results. Islamic economic activities aims to and should be evaluated to what extend it helped alleviate poverty, encourage healthy equitable development and ultimately promote economic justice in society, a vision of a "humane economy" which benefits and is concern for all and not just the few.

This paper aims to highlight the significance of various characteristics of the board with respect to the financial distress level of the firm, augmented with the interaction of market competition in the compliance context. To achieve the objective, data for non-financial listed firms from Pakistan Stock Market for the period of 2010-2020 was collected on which stepwise panel regression analysis was applied. The findings of the study reveal mixed and partially consistent results with past outcomes and code compliance: board independence and board diligence mostly favor the firms and decrease the financial distress but females on board decrease the financial distress only if the firm has token participation of females on board. Market competition encourages the stability of the firm but its interaction with the board's gender, independence and diligence do not support the financial distress. This work is limited to board characteristics, moderating effect of market competition, and non-financial firms. However, it can be further expanded by incorporating other segments of governance to measure the role of competition. This study encourages the firms to follow the guidelines provided by the regulator in its code of corporate governance because compliance with the law brings the chance of distress down and away. Board members and policymakers of firms can expand their control on this mechanism to control the shuts coming of market competitiveness.

The word Maisir in Arabic literally means to obtain something very easily without hard work or to gain profit without working. It is anything that involves gambling, betting or risky games. Another term used in the Quran is the word `azlam' which means the practice of gambling. Economic activity plays a vital role in creating a prosperous, just and prosperous society. Islam teaches in the economic system of its ummah, based on the values of justice that must be upheld, and become the main principle for conducting economic activities. Every economic activity must contain elements of benefit and not mistreatment of himself and others, so that economic activity can create community welfare equally. Conducting economic activities is not allowed to be done if it contains elements of gharar, maysir and usury or taking the rights of others by false means. In the Qur'an letter al-Baqarah: 219 and surat al-Ma'idah: 90 and 91, it is known that gambling is an abominable act that is forbidden by Islam. The scholars also said that gambling (maisir) is a game where the winner gets a certain amount of money or goods without reasonable effort and can make people fall into the valley of poverty because it contains three elements, namely games/competitions, there is a bet, luck. Today's modern conventional (non-sharia) businesses generally contain three elements that are prohibited in Islamic economic ideology, namely gharar, maisir and riba. This happens not separated from the reality of conventional business development trends and not widespread awareness and coverage of economic services based on Islamic economics. Bank Muamalat Indonesia (BMI) is the first purely Islamic bank in Indonesia which in principle all of its main products both in the service of Financing Strategy products (deposits funds) and financing products (financing) based on the Islamic system (profit sharing). BMI seeks to implement aspects of Islamic economic ideology that consistently avoids gharar, maisir and usury. Keywords gambling practices (maisir), activities, modern economy.

Shariah committees (SCs) of Islamic banks have the crucial governance role of providing Shariah compliance assurance. In order to maintain the integrity of the bank in conforming with religious faith SBs should have the talent and skills for an effective monitoring which among others include contributing to Shariah audit task. To gain an in-depth understanding on the Shariah compliance audit role of SB, our present study has performed semi-structured intrerviews with 14 key players at two fully-fledge Islamic banks. Our study shows that the diverse Shariah and non-Shariah backgrounds of SB members could result in a more holistic view of Shariah issues, being more vocal in giving opinion and critism on the Shariah audit practices undertaken by Islamic banks. However, our findings reveal the existence of imbalance competency among SB members and the absence of proper Shariah audit framework in the two banks governance framework. As a result, most of the SB members delegate their Shariah audit role to be mainly performed by their Shariah audit division whose outcome will be submitted to them for approval. We argue that this passive role of SB members triggers concern on their independence and, consequently, compromised the Shariah compliance assurance provided to stakeholders.

Shariah audit in Islamic banking. Hence, this paper investigates the relationship between the values of Islamic Shariah auditors and Shariah audit quality. It also investigates the relationship between Shariah auditors' characteristics and Shariah audit quality in the Islamic banks in Malaysia. Based on the questionnaire distributed to 200 Shariah auditors, findings indicate that Shariah auditors with expertise in technical skills and values of Islamic contribute positively to the quality of Shariah audit. The professional education background and competency and abilities in shariah knowledge shown insignificant results.

İslâm hukûku, hayâtın tüm yönlerini kapsayan zengin bir hukûk sistemi olarak tüm beşerî ilişkilerde rehberlik edici bir rol üstlenmiştir. Bu bağlamda kurulan ortaklıkların düzenlenmesinde şirket türlerinin tasnîfi, İslâm hukûkunun özellikle iktisâdî boyutunda dikkate değer bir konumda bulunmaktadır. Şer‘î kitaplarda detaylı bir şekilde tetkîk edilen bu konular, iktisâdî hayâtı anlamak açısından da önemi hâizdir. Esâs alınan fıkhî kaynakların hâricinde İslâm literatürünün önemli derleme kitaplarından bir türü teşkil eden fetvâ mecmûalarında da Kitâbu’ş-şirket başlıklı bölümlerde bu konu ile ilgili yer alan çok sayıda fetvâ örneği mevcuttur. Fetvâların dışında bu husûsta bilgi içeren mesnevî nazım şekliyle yazılmış 41 beyitlik bir manzûme tesbît edilmiştir. Bu çalışmada öncelikle fıkhî şirket türlerinin İslâmiyetteki yeriyle alâkalı kısaca bilgi aktarılarak türleri îzâh edilmiş; ardından mecmûalardaki fetvâlardan şirket türlerine dâir örnekler verilmiştir. Son olarak şimdilik bu muhtevâya sâhip bulunabilen tek mesnevî metni hakkında değerlendirmeler yapılmış; ardından manzûmenin transkripsiyonlu metni ortaya konmuştur. Fıkhî şirket türleri üzerine kaleme alınmış bir metin ile fıkıh literatüründeki mecmûalardan elde edilen fetvâlardan hareketle Töreli Türk Edebiyâtı’nda şer‘î bir husûsun nasıl ele alınabileceğine dâir bilgi vermek amacıyla hazırlanan bu çalışma, özellikle edebiyât ve ilâhiyât alanlarında araştırmalar yapan akademisyenlerin istifâdesine sunulmuştur. Ayrıca iki farklı disiplinin ortak bir çalışma konusunu ele alması yönüyle de önemli bir katkı sağlayacağı düşünülmektedir.

Purpose: This research paper aims to investigate the dynamics of consumer perception and adoption of eco-friendly products within the context of green marketing strategies. It delves into the factors influencing consumer choices and evaluates the effectiveness of various eco-marketing approaches in promoting sustainable consumption. Theoretical Framework: The study employs a comprehensive theoretical framework, integrating concepts from environmental psychology, consumer behavior, and marketing. It builds on the theory of planned behavior and the value-belief-norm theory to understand how consumers' attitudes, subjective norms, and perceived behavioral control impact their adoption of eco-friendly products. Findings: The paper presents intriguing findings. It reveals that while consumers generally exhibit positive attitudes towards eco-friendly products, actual adoption rates remain lower than expected. Furthermore, the study identifies key drivers of adoption, such as eco-labeling, product information, and price sensitivity. It also highlights the significance of social norms in shaping green purchase behavior. Research, Practical & Social Implications: The research holds several implications. Firstly, it offers valuable insights for marketers, emphasizing the importance of clear and credible eco-labeling, transparent product information, and pricing strategies in promoting sustainable consumption. Secondly, it underscores the role of social norms in influencing green purchase decisions, suggesting potential avenues for social marketing campaigns. Lastly, it contributes to the broader discourse on sustainability by shedding light on the challenges consumers face when attempting to align their values with their purchasing behavior. Originality/Value: This research makes a significant contribution to the field of green marketing by combining established theories with current consumer behavior trends. Its mixed-methods approach provides a

Zakat information in annual reports is one of the main attributes that differs Islamic banks from conventional banks. Thus, this study focuses on the zakat information that can be found in Islamic banks financial statements in comparison to the available standards. Reporting standards and guidelines from BNM, AAOIFI, JAWHAR and MASB were used by these banks as guidelines in calculating, distributing and reporting zakat. Due to the absence of standardized accounting standard, certain zakat information was not found in the financial statements. Compared to previous literatures, Islamic banks are moving towards increasing their zakat information disclosure. Based on the analysis of selected Islamic banks’ annual reports, this study concludes by suggesting establishment of standardized zakat distribution framework for Islamic banks. Keywords: Zakat, Reporting Standards, Disclosure, Financial Statement, Islamic Banks. Abstrak Maklumat tentang zakat dalam laporan tahunan adalah salah satu...

Katılım Bankacılığı sistemi, kamu kurum ve kuruluşların yasaları, düzenle-meleri, kararları, eylemleri, söylemleri, sorumlu üst kuruşları, faaliyet göste-ren bankaları, müşterileri ile artık Türkiye’de kök salmış, faiz dışında banka-cılık modeli olarak kabul görmüştür. Bu kitapta, Katılım Bankacığının Dünya’da ve Türkiye’de ortaya çıkış serüveni ile ulaştığı konum okuyucunun istifadesine sunulmuştur. Bu çalışmada okuduğum kitaplar, hocalarımın yön-lendirmeleri kadar yıllarca çalıştığım katılım bankasından elde ettiğim tecrü-belerinde katkısı çoktur.
Kamu politikası analizi, kamu kurum ve kuruluşların oluşturdukları politika-ların nedenleri ve sonuçlarına nasıl ve neden yapıldığını, uygulaması sonra-sında ne çeşit neticelerin elde edildiğine dair sorular sorarak, ilgili politikayı anlamaya ve açıklamaya yönelik araştırma yoludur. Kamu politikası ile ilgili akademik yazında, süreç analizi modeli, en yaygın olarak kullanılan, kamu politika analizi yöntemidir. Kamu politika analiz türlerinden süreç analizi yaklaşımı çerçevesinde ilgili politika, gündeme gelme, formülasyon, yasa-laşma, uygulanma ve değerlendirme aşamalarına ayrılır, aktörler ve faktörler ile detaylandırarak incelenir ve analiz edilir. Süreç analiz modeli ortaya çık-tığı günden itibaren çeşitli değişimler geçirmiş, doğrusal, kesin çizgiler ile ay-rılmış aşamalar yerine, geri beslemeler ile her aşamada gündeme gelme aşa-masına dönüş yapabilen politika döngüsü yaklaşımı kullanılmaya başlanmış-tır.
2008 yılında yaşanan küresel ekonomik kriz gerek kamu yöneticilerini ge-rekse de yatırımcıları alternatif finans araçlarının arayışına sokmuştur. Bu alternatif finans arayışları arasında, karşımıza çıkan alternatif finansal araç-lardan biri de İslam Bankacılığı/Katılım Bankacılığı’dır. 2008 yılından bu-yana Katılım Bankacılığının bankacılık sistemindeki payı her geçen yıl art-maktadır. Bu nedenle, kamu politikaları bakımından finansal sistemin bir bi-leşeni olarak Katılım Bankacılığına ilişkin kamu politikasının incelenmesi önem arz etmektedir. Bu kitapta, Türkiye’de Katılım Bankacılığına ilişkin kamu politikası süreç analizi yöntemi ile incelenmeye çalışılmıştır. Bu ça-lışma, süreç modelini destekleyici nitelikte temel politika belgeleri ve faaliyet raporları üzerinden bir doküman incelemesi de yapılmıştır.

Tujuan penelitian ini adalah untuk mengetahui mekanisme penyaluran pembiayaan dengan akad murabahah pada lembaga keuangan mikro syariah atau koperasi jasa keuangan syariah dan lazim disebut dengan BMT. Adapun metode yang digunakan adalah kualitatif deskriptif yaitu melakukan observasi dan wawancara dengan manajemen BMT Syarif Hidayatullah. Hasil penelitian diketahui bahwa mekanisme penyaluran pembiayaan akad murabahah telah sesuai dengan fatwa DSN-MUI Nomor 04/DSN-MUI/IV/2000. Namun demikian perlu adanya pembentukan cadangan kerugian piutang pembiayaan murabahah untuk memitigasi risiko yang akan datang apabila terjadi pembiayaan macet sehingga kerugian dari BMT dapat diminimalisir. Implikasi dari penelitian ini adalah memberikan informasi dan referensi bagi praktisi dan peneliti di bidang lembaga keuangan syariah.

This article outlines a methodology for the gradual prohibition of alcohol and gambling within corporate structures, drawing inspiration from the stages of prohibition presented in the Quran. Additionally, it explores a new perspective on Surah Al-Baqarah 2:219, highlighting its direct link to business practices by guiding large businesses and corporations on aligning their practices with Islamic ethical standards if a society chooses to adopt Quranic principles in their laws and constitution.

The main objective of this study is to examine the significant factors that determine the shariah audit quality of IFIs in Malaysia. In this study a survey questionnaires has been employed for source of information in order to analyze the relationship between shariah audit quality and factors that determine the shariah audit quality. The shariah audit quality is the dependent variable and this is measured through recommendation given by shariah auditors and the services provided by shariah auditors. ndependent variables consist of items such as competence of shariah auditor, shariah compliance process, standard and guidelines used and scope of shariah audit. The results indicate that there are no significant relationships between independent variables and the dependent variable as all the hypotheses show no significant relationships. The findings indicate the fact that the term shariah audit is not taken so seriously by responsible quarters due to lacking in regulatory framework as ...

In Malaysia, waqf is regulated and managed by the State Islamic Religious Council (SIRC) in each of the states. This requirement is also applied to the higher education institutions. However, not all the SIRCs are willing to grant the mutawalli status to the higher education institutions due to certain reasons. This paper investigates the willingness of selected SIRCs in granting the mutawalli status to the higher education institutions. In this study, respondents from six SIRCs which have involvement with higher education institutions were interviewed. The six SIRCs are from the states of Johor, Negeri Sembilan, Selangor, Perak, Penang and the Federal Territories of Kuala Lumpur. The findings were analysed using the interpretative analysis. It was found that one SIRC is not willing to grant the mutawalli status viz. Federal Territories of Kuala Lumpur Islamic Religious Council. In the states in which waqf is not enacted, it is suggested that the SIRCs could consider putting a provision to grant the mutawalli status to those who are competent.

Vadeli işlem sözleşmesi, özellikle Bretton Woods anlaşmasının çökmesinden sonra ülke paraları ve emtia fiyatlarındaki aşırı dalgalanmadan korunabilmek amacıyla ortaya çıkmış bir sözleşmedir. Bu sözleşmede yükümlülükler gelecekte belirlenen bir tarihte gerçekleştirilmektedir. Bu sözleşmeler, organize borsalarda gerçekleştirildiğinden dört taraflı bir yapı arz eder. Bunlar, asıl satıcı ve müşteri, aracılar ve takas merkezidir. Bu taraflar, kendi içinde farklı tasniflere sahiptir. Bu taraflardan asıl satıcı ve müşterinin hukuki konumu hakkında ihtilaf yokken, aracılar ile takas merkezinin hukuki konumu hakkında ihtilaf bulunmaktadır. Vadeli işlem sözleşmesi, bu tarafların birbiriyle kurduğu bağ neticesinde ortaya çıkmaktadır. Bu makalenin konusu organize piyasalarda gerçekleştirilen emtia vadeli işlem sözleşmelerinin taraflarını ve birbiriyle kurdukları hukuki ilişkiyi İslam hukuku açısından analiz etmektir. Yapılan analiz neticesinde aracıların asıl taraflara vekil olarak takas merkeziyle emtia vadeli işlem sözleşmesi gerçekleştirdiği sonucuna ulaşılmıştır. Takas merkezi ise her bir sözleşmede karşı taraf olarak piyasada bir nevi garantör vazifesini yerine getirmektedir. Bu sonuç, emtia vadeli işlem piyasalarında tarafların İslam hukukuna göre hukuki açıdan konumlandırılması ve anlaşmazlık durumunda çözüme ulaşılması açısından önemli bir niteliğe sahiptir.

Bu çalışmanın amacı İslam iktisadı ve finansı literatüründe murabaha ile ilgili yayınlanan çalışmaların bibliometrik analiz yöntemiyle incelenmesidir. Bu bağlamda Scopus veritabanı kullanılarak elde edilen literatür verisi, Bibliometrix R paketi aracılığıyla analiz edilmiştir. Çalışmanın bulgularına göre, murabaha ile ilgili literatür 1990 yılına değin uzanmakla birlikte yayınların çoğunluğu 2013 yılından sonradır. Alanda en çok yayının yapıldığı dergiler Journal of Islamic Accounting Business Research ve International Journal of Islamic and Middle Eastern Finance and Management iken en etkili yazar Suzuki, M.'dir. Anahtar kelime analizine göre "murabaha" anahtar kelimesi en çok İslami bankacılık ve diğer fıkhi sözleşme türleri ile birlikte kullanılmıştır. Murabaha ile ilgili en fazla yayın yapan ülkeler ise Endonezya ve Malezya'dır.

This study aims to do a bibliometric analysis of the papers published on murabaha in the field of Islamic economics and finance literature. The literary data collected from the Scopus database was evaluated in this context using the Bibliometrix R program. The study's findings indicate that while the literature on murabaha originated in 1990, the majority of articles on the topic were produced after 2013. The Journal of Islamic Accounting Business Research and the International Journal of Islamic and Middle Eastern Finance and Management have the highest number of articles in the subject. The most prominent author is Suzuki, M. Based on the keyword analysis, the term "murabaha" is primarily associated with Islamic banking and other forms of fiqh contracts. Indonesia and Malaysia have the biggest number of publications about murabaha.

To control the opportunistic behavior of a human being is a very difficult task. In agency theory, the principal delegates decision making to the agent. Delegating decision-making authority can lead to loss of efficiency and, consequently, increased costs. These costs are called agency costs. Sound corporate governance is essential to coordinate interests among all parties&#39; relationship for sustainable development and growth of a company. The study is aimed at comparing corporate governance scenario in Bangladesh and three other countries and to identify the areas that need further improvement in order to ensure better governance, reliability, transparency, and accountability. This study is basically exploratory in nature. Strength areas of our corporate governance code are the specification of board size, restriction of no. of independent directorship, the shareholding of independent directors, and the quorum of the audit committee. But the major weakness areas are the non-spec...

COMMODITY FUTURES CONTRACTS
FROM THE PERSPECTIVE OF ISLAMIC LAW



Although its first application dates back to the Middle Ages, the commodity futures contract truly developed in America after the 19th century. This contract, conducted on organized exchanges, involves both payments being deferred. Despite its numerous benefits, this contract primarily emerged as a means of hedging against the risk of adverse price changes in commodities. Due to its execution on organized exchanges, the commodity futures contract possesses a complex structure. The main objective of this study is to analyze the commodity futures contract according to Islamic law. To achieve this, the subject, parties, purpose, and technical operation of the contract were analyzed in accordance with Islamic law. In this context, the study primarily investigated the compliance of "contracts where both payments are deferred," which form the essential nature of the contract, with Islamic law. Subsequently, the topic was examined in terms of nature, non-existence, lack of ownership, and seizure. Furthermore, the legal relationship between the parties to the contract, including the clearinghouse and intermediaries involved, was evaluated according to Islamic law. Additionally, the purposes for executing the commodity futures contract and the methods for its termination were analyzed from the perspective of Islamic law. Ultimately, it was concluded that commodity futures contracts conducted in organized markets are not permissible according to Islamic law. Therefore, alternative methods were provided at the end of the thesis.

Key Words: Islamic Economics and Finance, Commodity Futures Contract,  Contracts Where Both Payments Are Deferred

Purpose: This research paper aims to investigate the dynamics of consumer perception and adoption of eco-friendly products within the context of green marketing strategies. It delves into the factors influencing consumer choices and evaluates the effectiveness of various eco-marketing approaches in promoting sustainable consumption. Theoretical Framework: The study employs a comprehensive theoretical framework, integrating concepts from environmental psychology, consumer behavior, and marketing. It builds on the theory of planned behavior and the value-belief-norm theory to understand how consumers' attitudes, subjective norms, and perceived behavioral control impact their adoption of eco-friendly products. Findings: The paper presents intriguing findings. It reveals that while consumers generally exhibit positive attitudes towards eco-friendly products, actual adoption rates remain lower than expected. Furthermore, the study identifies key drivers of adoption, such as eco-labeling, product information, and price sensitivity. It also highlights the significance of social norms in shaping green purchase behavior. Research, Practical & Social Implications: The research holds several implications. Firstly, it offers valuable insights for marketers, emphasizing the importance of clear and credible eco-labeling, transparent product information, and pricing strategies in promoting sustainable consumption. Secondly, it underscores the role of social norms in influencing green purchase decisions, suggesting potential avenues for social marketing campaigns. Lastly, it contributes to the broader discourse on sustainability by shedding light on the challenges consumers face when attempting to align their values with their purchasing behavior. Originality/Value: This research makes a significant contribution to the field of green marketing by combining established theories with current consumer behavior trends. Its mixed-methods approach provides a

Shariah governance for Islamic Financial Institutions (IFIs) in Malaysia is governed by the Shariah Governance Framework for the Islamic Financial Institutions 2010 (SGF 2010) that was developed and introduced by Central Bank of Malaysia (CBM) [1]. SGF 2010 provides that Shariah Committee as an internal Shariah advisory body formed in each respective Islamic financial institution (IFI) is important to ensure the overall Islamic financial practices of such institution operate in accordance with the Shariah principles. Similarly, SGF 2010 provides a comprehensive guidance to the Shariah Committee in discharging its duties and responsibilities in matters relating to Shariah. To ensure that all of its duties and responsibilities are carried out accordingly, Shariah Committee must be independent. Its independency shall be observed at all times while exercising its duties and responsibilities. To ensure Shariah Committee independency, the Board of Directors (Board) needs to be notified on the minutes of Shariah Committee meetings. The Shariah Committee shall also have access to accurate, timely and complete information from the management. Its independency requires the findings of Shariah audit and Shariah review to be tabled before the Shariah Committee members for their comments and endorsements. In a situation where the Shariah Committee has reasons to believe that the IFI has been carrying on Shariah noncompliant activities, the Shariah Committee shall inform the Board and recommend suitable measures to rectify the situation. Independency of Shariah Committee leads to the efficiency of Shariah Committee decisions made during the Shariah Committee meetings. In order to facilitate the Shariah Committee members' decisions, they shall be given the necessary access to files, records, draft materials and conversations, including those categorised as confidential, so long as the information is related to the work undertaken by the Committee. This means that Shariah Committee needs to be given sufficient information, and full disclosure and transparency on all issues during meetings. Not only that, to facilitate and reach good decisions, Shariah research needs to be carried out by the Shariah research officers of the IFI to facilitate Shariah decisions and research conducted by the Shariah research officers would assist the Shariah Committee to reach good decisions.

The Ottoman Empire is a multi-cultural and multi-lingual empire that influenced not only the Muslim
Nations but even non-Muslims, particularly in Europe. This might have been achieved because of the
direct and indirect connection between the Ottomans and the nations. In this regard, Malaysia is not an
exception. Although various authors and academics contributed to analysing issues relating to the
connection between the Malay Archipelago and the Ottomans, particularly on diplomatic relations, the
details of the impacts of Ottoman civilizations in contemporary Malaysia have been largely overlooked.
This idea generated interest in the topic. This research, therefore, intends to evaluate the impact of
Ottoman civilizations on religion, education, science, and technology in contemporary Malaysia. The
research uses qualitative methods in the form of historical research. The usage of documentary method
is used for data collection and evaluation. The findings reveal that Ottoman civilization had a lasting
impact on contemporary Malaysia, especially in education and religion in which a special prayer is
recited for the well-being of Sultan at the end of the Khutbah of every Jumu’ah Prayer. In addition, the
findings show that the impact of Ottoman civilization on contemporary Malaysia is exemplified in
science and technology, as well as the architectural building of the Mosque in which Masjid Wilayah,
Kuala Lumpur Mosque is called a Turkish Mosque because of its design which has huge resemblance
to the Masjid Hagia Sophia in Istanbul and International Islamic University, Malaysia (IIUM) represents
the Ottoman symbols. On the other hand, Johor, a state in the south of Malaysia represents the Ottoman
civilization more than any ex-provinces of the Ottoman territories. Finally, the findings indicate that
the provision of conveniences (toilets) in public places, in Malaysian Mosques, Markets, and
Supermarkets whether owned by Muslims or non-Muslims, are all influenced by the Ottoman
civilizations. This research, therefore, recommends that researchers should further look at other aspects
within the city and its outskirt to identify the impact of the Ottoman civilization on contemporary
Malaysia.

Zakat is one of the pillars in Islam, a mandatory obligation to the Muslims. The payment of zakat is an expression of thankfulness to the Almighty God (Allah) and recognition of His rewards. Zakat is no longer perceived by many that is merely limited to the domain of religious or syariah studies and discourses, but has been widened to include the issue of social economics. Therefore, a proper treatment of zakat is needed. In Malaysia, an accounting treatment relating to the payment of zakat on business, TR-i1 had been issued by Malaysia Accounting Standard Board (MASB) to facilitate the computation of zakat on business. However, since zakat management is under the jurisdiction of State Islamic Religious Council (SIRC), the Technical Release 1 (TR-i1) issued just becomes a guideline which does not have the same weight as a standard. The objective of the paper is to investigate the level of compliance to the guidelines as being practiced by the listed Government Link Companies (GLCs). The study will focus on the methodology used for zakat computation and the disclosure being made in the annual report. All the 33 listed GLC companies were used for the study. From the result, it was found that the guidelines were not being followed. A practiced by GLC's was totally different from what has been mentioned in the TR-i1.

Konvansiyonel faktöring işlemleri günümüz dünyasında yaygın olarak kullanılmakta ve uluslararası ticarete katkı sağlamaktadır. Bu işlem türü ihracatçıların ihracat sonrası finansmana (post finansman) ulaşmalarındaki etkili yollardan biri olmakla birlikte, borç satışına dayandığından, Malezya haricindeki İslami bankacılık sektöründe kullanım şansı bulamamıştır. Borç satışına dayalı finansman ürünlerinin Türkiye’de kullanımı fıkhen uygun bulunmadığı için, son yıllarda Uluslararası Faktör Zinciri (Factor Chain International-FCI) adlı kuruluşun bir ürünü olan İslami Uluslararası Faktöring ürününün kullanımı bazı katılım bankaları tarafından tercih edilmektedir. Bu kuruluş uzun yıllardır dünyada konvansiyonel faktöring hizmeti vermektedir. 2019 yılında İslam Kalkınma Bankası’na bağlı bir kurum olan, Uluslararası İslami Ticaret Finansman Kurumu (ITFC) ile yaptığı iş birliği anlaşması ile bu kuruluş, İslami faktöring hizmeti de vermeye başlamıştır. Türkiye’deki katılım bankalarından bazılarında bu ürün “uluslararası tedarik zinciri finansmanı” adı altında aktif bir şekilde kullanılmakta ve bu ürün ile ihracatçılara temlik, garanti ve finansman hizmetleri verilmektedir. Bu hizmetler için sırasıyla; vekâlet, kefalet ve murâbaha sözleşmelerinden yararlanılmaktadır. Makalenin yazılma amacı, katılım bankacılığında kullanım alanı bulan bu ürünün süreçlerinin incelenerek, uygulamada ve fıkhi anlamda dikkat edilecek hususları belirlemektir. Makalede mevcut ürün İslami Finans Kuruluşları Muhasebe ve Denetim Kuruluşu (AAOIFI) standartlarına göre analiz edilmiştir. Ulaşılan sonuca göre; kullanımda olan FCI İslami Uluslararası Faktöring ürünü borcun satışı hükmünde olup, bazı fıkhi sorunları içermektedir. Bu sorunların çözümü için makalede “Murâbaha Faktöring Modeli” tasarlanmış olup, mevcut üründeki sorunların neler olduğu ve bu sorunları gidermek için sürecin nasıl düzenlenmesi gerektiği ise sonuç bölümünde maddeler halinde sıralanmıştır.

The financial instruments vary depending on the developments in capital markets. The increase in variety of financial instruments requires establishing principles for presenting financial instruments as liabilities or equity. From the perspective of issuer, compound financial instruments include liability and equity components and the issuer shall evaluate the terms of the financial instrument to determine whether it contains both a liability and an equity component. This study will clarify the implementation of compound financial instruments in the light of International Accounting Standards. The initial recognition, measurement, reporting and converting of compound financial instrument will be illustrated in examples.

To control the opportunistic behavior of a human being is a very difficult task. In agency theory, the principal delegates decision making to the agent. Delegating decision-making authority can lead to loss of efficiency and, consequently, increased costs. These costs are called agency costs. Sound corporate governance is essential to coordinate interests among all parties&#39; relationship for sustainable development and growth of a company. The study is aimed at comparing corporate governance scenario in Bangladesh and three other countries and to identify the areas that need further improvement in order to ensure better governance, reliability, transparency, and accountability. This study is basically exploratory in nature. Strength areas of our corporate governance code are the specification of board size, restriction of no. of independent directorship, the shareholding of independent directors, and the quorum of the audit committee. But the major weakness areas are the non-spec...

Buying and selling or trading in the term fiqh are called al-Ba&#39;i which, according to etymology, means selling or replacing. The word al-Ba&#39;i in Arabic is sometimes used for the understanding of his opponent, namely the word al-Syira (buy). Thus, the word al-Ba&#39;i means selling, but also means buying. In terminology, buying and selling is an agreement to exchange objects or goods that have a good value between the two parties, one receives objects and the other receives them in accordance with an agreement or provision that has been justified and agreed upon. In the Qur&#39;an, there are many statements that describe the life of the Arabs, including trade problems. Islam is very concerned about the problem of trade in this Arab nation by setting for them what they need. Many of the Prophet&#39;s hadith mention the legal issues of buying and selling, monopoly, accounts payable, profits, etc. Jahiliyah Arabs have a market as a center of trade. Usury is one type of economic ...

Makalenin konusu, akreditifli ödeme şeklinde katılım bankacılığına (İslami bankacılık) özgü sorunlardan biri olan UCP 600 kurallarının katılım bankacılığına uyumu ile ilgilidir. Katılım bankaları uluslararası ticaret işlemlerinde konvansiyonel bankalara benzer şekilde ithalatçılar adına ve ihracatçılar lehine akreditif açmakta veya bir akreditif içerisinde ihbar bankası ya da teyit bankası olarak görev almaktadırlar. Uluslararası Ticaret Odası (International Chamber Of Commerce- ICC) tarafından hazırlanan Akreditiflere İlişkin Bir Örnek Usuller ve Uygulama Kuralları adlı kitapçık UCP 600 adıyla 2007 yılında yayımlanmıştır. UCP 600 konvansiyonel bankacılık ve katılım bankacılığı arasında bir farklılık gözetilmeksizin oluşturulmuş kurallar dizinidir. Bu kurallar, dünya genelindeki tüm bankalar tarafından genel kabul gördüğünden, günümüzde hem konvansiyonel bankalar hem de katılım bankaları tarafından sıkı bir şekilde uygulanmaktadır. Oysaki bu kurallar dizininin bazı maddeleri İslami finans standartlarına uygun kurallar değildir. Araştırmacılar, UCP 600’ün katılım bankaları tarafından fıkhî açıdan uygun bir şekilde uygulanabilmesi için bazı maddelerinin değerlendirilerek İslami bankacılığa özgü farklı bir UCP dokümanı hazırlanmasını önermektedirler. Bazı araştırmacılar da global ölçekte akreditif ile ilgili uygulanan bu kuralların İslami bankalar için uygun olmadıklarını ifade etmişlerdir. Araştırmacılar, bu konuya özel İslami bir kuruluşun kurulmasını ve bu kuruluşun İslami bankalar için ayrı bir standart yayınlamasını, İslami bankacılık ağının genişletilmesini, İslami akreditiflerin pratikte farklı uygulanmasını ve bunun için de UCP 600 uygulanırken eş zamanlı olarak fıkhî kuralların da gözetilmesini, ICC’nin hem konvansiyonel hem de İslami bankalar için ortak olarak kullanılabilecek bir standart yayınlamasını önermişlerdir. Makalenin yazılma amacı, bir fıkhî uyumlu UCP 600 kurallar dizinine katılım bankalarının ihtiyaçları olup olmadığını analiz etmek ve katılım bankalarının akreditif uygulamalarında fıkhî açıdan dikkat etmeleri gereken hususları bularak detaylandırmaktır. Bunun için makalede literatür taraması, karşılaştırma, değerlendirme ve analize dayalı nitel araştırma yöntemi kullanılmıştır. Öncelikle literatür taraması gerçekleştirilerek konu hakkında yapılan araştırmaların bulguları özetlenmiştir. Sonrasında UCP 600 kurallar dizininin İslami Finans Kurumları için Muhasebe ve Denetim Organizasyonu (Accounting and Auditing Organization for Islamic Financial Institutions- AAOIFI) tarafından 2003 yılında yayımlanan AAOIFI Akreditif Standardı’na uyumunu saptayabilmek amacı ile her iki dokümanın bazı maddeleri karşılaştırılmalı olarak değerlendirmeye tâbi tutulmuştur. Akabinde değerlendirme sonuçları analiz edilerek bulgulara ulaşılmıştır. Makalede elde edilen bulgular katılım bankacılığına akreditifli ödeme şekilleri ile uygulama yaparlarken UCP 600’ün hangi maddelerini uygulama dışı bırakmaları gerektiği hususunda yol göstermek olup, çalışma bu açıdan önem arz etmektedir. Makalede yapılan analiz çalışmasına benzer bir çalışmaya literatür taramasında rastlanmamıştır. Analiz aşamasında AAOIFI Akreditif Standardının kullanılma nedeni, AAOIFI standartlarının dünya genelinde İslami bankalar tarafından genel kabul görmüş olması ve AAOIFI tarafından hazırlanan standardın akreditifler ile ilgili olarak İslami bankacılık alanında yayınlanan en kapsamlı standart olmasıdır. Makalede UCP 600 ve AAOIFI Akreditif Standardının birbirleri ile çelişkili olduğu düşünülen maddeleri karşılıklı olarak analiz edilmiştir. Analiz sonucunda UCP 600’ün maddeleri içerisindeki; “taraflar arasındaki sözleşmelerin akreditifle ilişkisi”, “mal ve hizmetlerin akreditifle ilişkisi”, “faiz ödemeleri” ile “poliçe ve vesaik iştirası” standartlarının katılım bankaları için uyumsuz oldukları saptanmıştır. Bu uyumsuzlukları giderecek fıkhî açıdan uyumlu bir UCP kurallar dizini hazırlanmasının ise sorunları tam olarak çözemeyeceği sonucuna varılmıştır. Ulaşılan bulgular özetle şu şekilde sıralanabilir: Katılım bankaları mevcut UCP 600 kurallarına tabii bir şekilde akreditif açmaya devam etmelidirler. Fıkhî açıdan uyumlu olmayan sözleşmelere istinaden akreditif açmamalı veya bu şekilde açılan akreditiflere taraf olunmamalıdır. Açtıkları murabaha akreditiflerinde malın mevcudiyetinden emin olacakları tüm tedbirleri almalıdırlar. UCP 600 içerisinde yer alan ve fıkhen uyumsuz olan maddeleri akreditif metninden çıkartılarak karşı taraflara kabul ettirdikten sonra operasyonel aşamaya geçmeleri gerekmektedir.

Di Indonesia kini telah banyak bermunculan jenis-jenis Bank Syariah yang berkembang pada saat ini. Bank Syariah Mandiri yang merupakan salah satu lembaga keuangan syariah yang terbukti sangat baik. Didalam tabungan cicil emas memiliki reputasi yang cukup baik dalam mengelola tabungan emas milik nasabah. Tabungan emas Bank Syariah Mandiri ini dinamakan Produk BSM cicil emas. Rumusan masalah dalam penelitian ini adalah bagaimana pelaksanaan strategi pemasaran di PT Bank Syariah Mandiri Ahmad Yani, bagaimana jumlah nasabah pembiayaan murabahah cicil emas di PT Bank Syariah Mandiri Kantor Cabang ahmad Yani, bagaimana analisis startegi pemasaran Bank Syariah Madniri Kantor Cabang Ahmad Yani terhadap jumlah nasabah produk pembiayaan murabahah cicil emas. Tujuan dari penelitian ini adalah untuk mengetahui pelaksanaan strategi pemasaran pembiayaan murabahah produk cicil emas di bank Syariah Mandiri Kantor Cabang Ahmad Yani, Jumlah nasabah produk pembiayaan murabahah cicil emas di bank Syariah Mandiri Kantor Cabang Ahmad Yani, dan analisi strategi pemasaran pembiayaan murabahah roduk cicil emas dalam meningkatkan jumlah nasabah. Metode yang digunakan adalah Metode deskriptif yaitu metode yang mendeskripsikan suatu gejala, peristiwa, kejadian, yang terjadi pada saat sekarang. Tujuannya adalah memusatkan perhatian kepada pemecahan masalahmasalah sebagaimana adanya pada saat penelitian dilaksanakan. Dalam hal ini menelitik praktik strategi pemasaran pembiayaan murabahah cicil emas yang dilakukan Bank Syariah Mandiri serta engaruhnya terhadapa peningkatan jumlah nasabah. Hasil penelitian ini menyimpulkan bahwa strategi pemasaran yang dilakukan Bank Syariah Mandiri yaitu periklanan, promosi penjualan, acara khusus dan pengalaman, penjualan perorangan, pemasaran langsung, pemasaran dari mulut ke mulut dan pemasaran interaktif. Analisi strategi pemasaran pembiayaan murabahah produk cicil emas dalam meningkatkan jumlah nasabah menunjukan strategi pemasaran yang sudah baik.

Purpose-The model of Islamic accounting development on ESG (Environmental, Social, and Governance) aims to promote sustainable accounting practices that reflect Islamic principles in asset and investment management. ESG emphasizes the social and environmental responsibility of companies, as well as good corporate governance. Design/methodology/approach-Literature research is included in qualitative research methods. To conduct Islamic accounting research in Environmental, Social, and Governance (ESG) literature. This research was conducted by the SLR method or systematic literature review by collecting data through the PRISMA method sourced from the Scopus database. Findings-Finding research era of sustainability and developing sustainable economic and accounting models are increasingly important to create an economy that balances social, economic, and environmental welfare. Sustainable Islamic economics and ESG are two complementary approaches to achieving this goal. In this context, the Islamic accounting model in ESG can be a solution to achieve holistic sustainability goals. Theory implications-The emphasis on environmental, social, and governance aspects in the ESG model expands the scope of Islamic accounting. This model not only focuses on the dimensions of Islamic compliance but also takes into account the social and environmental impacts of business activities. Originality/value-This model integrates Islamic and ESG accounting principles, allowing companies to apply sustainability values in their operations and improve their sustainability performance.

Islamic Financial Institution is considered Halal and Shariah-compliant institution that effectively developed and impacted the role of developing Small Medium Enterprises by sharing similar value, principle, and market activities under Shariah-compliant and business sector. Despite its similarities, there is still low penetration of Islamic financial institutions on the Halal business instrument. However, the business should not only concentrate on Halal business but also financing SMEs is essential. The purpose of the study is to investigate the impact of Islamic Financial Institutions on the development of Halal SMEs in Nigeria. A 350 survey questionnaire was distributed to the twenty (20) Halal Small Medium Enterprises using Structural Equation Modelling and random sampling as an essential investigation tool. The findings justified that the development of SMEs with a significant number of business units and financing from Islamic financial institutions indicates a positive direc...

Islamic Financial Institution is considered Halal and Shariah-compliant institution that effectively developed and impacted the role of developing Small Medium Enterprises by sharing similar value, principle, and market activities under Shariah-compliant and business sector. Despite its similarities, there is still low penetration of Islamic financial institutions on the Halal business instrument. However, the business should not only concentrate on Halal business but also financing SMEs is essential. The purpose of the study is to investigate the impact of Islamic Financial Institutions on the development of Halal SMEs in Nigeria. A 350 survey questionnaire was distributed to the twenty (20) Halal Small Medium Enterprises using Structural Equation Modelling and random sampling as an essential investigation tool. The findings justified that the development of SMEs with a significant number of business units and financing from Islamic financial institutions indicates a positive direc...

Bu çalışmada, tasarruf finansman sözleşmesi Türk hukuku ve İslam hukuku açısından incelemeye tabi tutulmuştur. Ayrıca, bünyesinde bu hukuki ilişkiyi barındıran tasarruf finansman sistemi tanıtılmaya çalışılmıştır. Tasarruf finansman sistemi, temelde Alman yapı tasarruf sistemine benzeyen, çekilişli ve çekilişsiz finansman modelleri ile finansman faaliyeti yürüten bir finansal aracılık faaliyetidir. Sistemin diğer finansman sistemleri açısından ayırıcı unsuru finansman kullanımının tasarruf etme şartına bağlı olmasıdır. Şirketler müşterilerinden topladıkları tasarrufları finansal faaliyetleri için sermaye olarak kullanmakta ve kapalı devre bir şekilde sadece sistemde belirli şartlar dahilinde tasarruf edenlere finansman sağlamaktadırlar. Tasarruf finansman sisteminin bünyesindeki hukuki ilişkiye karşılık gelen tasarruf finansman sözleşmesi ise ağırlıklı olarak tüketici konumunda olan müşteri ile tasarruf finansman şirketi arasında kurulan, müşteriye aslî olarak organizasyon ücretini ödeme, şirket nezdinde tasarruf yapma, finansmanı geri ödeme yükümlülükleri getiren, şirkete ise aslî olarak organizasyon hizmetini yerine getirme, tasarruf fon havuzunu yönetme ve tahsisatı ödeme yükümlülükleri getiren, bünyesinde karz ve vekalet akdinden unsurlar barındıran bir sözleşmedir. İslam hukuku açısından, kanaatimizce sistem bünyesindeki hukuki ilişkinin tarafları yalnızca şirket ve müşterisi olup çekilişli ile çekilişsiz model arasında akdin niteliğini değiştirecek bir fark bulunmamaktadır. Söz konusu akit, bünyesinde ağırlıklı olarak karz ve icare akdini barındıran, bununla birlikte klasik akit tiplerinin çerçevesine girmeyecek unsurlara da sahip karma nitelikli modern bir akittir. Sistemin temelinde karz ilişkisi bulunmasından ötürü, İslam hukuku açısından başta organizasyon ücretinin niteliği olmak üzere sözleşme bazı sakıncaları barındırmaktadır.

İslam iktisadı anlayışında tüm paydaşların menfaatinin gözetilmesi, refahın adil dağılımı ve doğal çevreyi koruma temel esasları oluşturur. Bu anlayışın benimsenmesiyle sosyal amaçlara zarar vermeyen bir piyasa ekonomisi gerçekleştirilmiş olur. İslami finansal kurumların işleyişinde ağırlıklı olarak yer alması gereken sözleşmelerin müşarake ve mudarabe olduğu sıklıkla ifade edilmektedir. İslami finansın, günümüzdeki egemen ekonomik kalkınma ve finans anlayışında da önemi ve gereği kabul edilen sürdürülebilirliğin iki temel unsuru olan yeşil yatırım ve iyi yönetişimi nasıl bünyesinde topladığını göstermek amacıyla bu çalışmada bir rüzgar enerjisi santrali finansmanı için Sürekli Müşareke’ye Dayalı Sukuk, Azalan Müşareke’ye Dayalı Sukuk, ve büyük payını Müşareke’nin, küçük payını İcare’nin oluşturduğu Hibrid Sukuk şeklinde üç alternatif kira sertifikası önerilmiştir. Ülke ve konjonktür şartlarındaki değişkenlik dikkate alınarak üç alternatif şeklinde geliştirilmiş bu modellerin nasıl ...

This study is intended to discuss the issues in mosque fund management systems particularly on accountability and internal control practices. Mosques which are classified as Non-Profit Organizations deal with public funds received from government, corporate and public donations, control over the financial activities in handling funds received and expended by the organizations have become an interesting area to be investigated. Based on the discussion, it is suggested that internal control practices by Jameq Mosques on both receipt of income and funds disbursement require significant attention.

İslam ülkelerinde altarnatif bir finansman ürünü olarak son dönemlerde oldukça rağbet gören sukuk, giderek finansal sistemin önemli bir yapı taşı haline gelmektedir. Bugün pekçok otorite sukuk üzerine kurgulanmış ekonomik bir sistemin gelecekte dünya çapında muazzam bir büyüme potansiyeli taşıdığını ifade etmektedir. Önceleri sadece faize karşı mesafeli bazı kesimlerce yatırım ve finansman ihtiyaçlarına yönelik olarak çıkarılan sukuk sertifikaları, bugün müslüman olsun gayrımüslim olsun hemen her kesimin dikkatini celbeden, hükümetler ve firmalar tarafından çeşitli projelerin finansmanında likidite aracı olarak kullanılan önemli bir yöntem olmaktadır. Çünkü sukuk yapısı itibariyle faize altarnatif bir yatırım aracı olmasının yanısıra, tarafları nakit finansman araçlarının sahip olduğu sıkıntılardan koruyarak dolaylı yoldan mal ve hizmet üretimini arttırmakta, artan üretim ile ekonomik göstergeleri iyileştirmekte, iyileşen bu ortam neticesinde ülke refaha ulaşmaktadır. Finansman ihtiyacı nedeniyle sukuk ihracına giden taraflar ihtiyaç duydukları finansmanı faizsiz şekilde temin ederken, diğer yandan ilgili sukuklara yatırım yapan yatırımcılar faizsiz ve dönemsel getiri niteliğindeki "kira geliri-kârpayı-satış geliri" gibi bir takım yatırım avantajları kazandığı sukuk modeli; belirsizliğin olmadığı, kuvvetli maddi varlıklara dayanan, borç senedi hükmünde olmayan, anapara ve sabit kazanç vaad etmediğinden "Risk Paylaşımını" merkeze alan bir yapıda olup; üzerine düşülüp gerekli altyapı çalışmaları tamamlanırsa, ülkelerin GSMH'larını destekleyici bir unsur olarak ekonomik refahı yakalamada kilit bir rol oynayabilecektir. Özellikle yurtdışı kaynaklı çok sayıda amprik ve teorik çalışma bulgularına rastlanılan bu çalışmada amaç; sukuk hakkında yeterli ölçüde bilinmeyen potansiyel yapıya dikkat çekmek ve genel olarak bir farkındalık oluşturmak olmaktadır. Makalede bilimsel çalışma kuramlarından "Nitel Veri Analizi" yapılmış olup; ağırlıklı "Derleme ve Sentez" yöntemi kullanılmıştır.

Murabaha; alış fiyatına veya malın maliyeti üzerine, belli bir kar ilavesi ile karşılıklı güven anlayışına dayalı bir sözleşmedir. Çalışmanın amacı; faizsiz yapıya uygun finansal tekniklerden birisi olan murabaha işlemlerinin muhasebe uygulamalarının standartlar kapsamında incelenmesidir. Bu amaç doğrultusunda bireysel ve kurumsal murabaha sözleşmelerinin muhasebeleştirilmesi; Faizsiz Finans Muhasebe Standardı FFMS-28 “Murabaha ve Diğer Vadeli Satışlar” ile TMS-TFRS kapsamında ele alınmıştır. Her iki düzenleme arasında görülen en önemli farklılık murabaha konusu satın alınan varlığın ilk defa muhasebeleştirilmesinde görülmektedir. TMS/TFRS’e göre satış işleminde satışa konu olan varlığın, kontrol dışında risk ve faydalarının da karşı tarafa geçmesi gerekir. Bu nedenle murabaha işlemi bir kredi olarak kabul edilmektedir. FFMS-28 “Murabaha ve Diğer Vadeli Satışlar” standardına göre ise murabaha konusu varlık önce katılım bankasının stoklarına dâhil edilmektedir. TMS/TFRS’ye göre murab...

Murabaha; alış fiyatına veya malın maliyeti üzerine, belli bir kar ilavesi ile karşılıklı güven anlayışına dayalı bir sözleşmedir. Çalışmanın amacı; faizsiz yapıya uygun finansal tekniklerden birisi olan murabaha işlemlerinin muhasebe uygulamalarının standartlar kapsamında incelenmesidir. Bu amaç doğrultusunda bireysel ve kurumsal murabaha sözleşmelerinin muhasebeleştirilmesi; Faizsiz Finans Muhasebe Standardı FFMS-28 "Murabaha ve Diğer Vadeli Satışlar" ile TMS-TFRS kapsamında ele alınmıştır. Her iki düzenleme arasında görülen en önemli farklılık murabaha konusu satın alınan varlığın ilk defa muhasebeleştirilmesinde görülmektedir. TMS/TFRS'e göre satış işleminde satışa konu olan varlığın, kontrol dışında risk ve faydalarının da karşı tarafa geçmesi gerekir. Bu nedenle murabaha işlemi bir kredi olarak kabul edilmektedir. FFMS-28 "Murabaha ve Diğer Vadeli Satışlar" standardına göre ise murabaha konusu varlık önce katılım bankasının stoklarına dâhil edilmektedir. TMS/TFRS'ye göre murabaha konusu varlık edinildiğinde maliyet bedeli üzerinden müşteri borçlandırılırken, hesaplanan kar payı tutarı ve alınan vergiler ise borçlanma bedeline dâhil edilmeden kayıtlara alınmaktadır. FFMS-28'de ise söz konusu varlık önce stok hesaplarına alındıktan sonra satış işlemi yapıldığında, elde edilen fark (kar payı) düzenleyici bir hesap olan ertelenmiş kar hesaplarında raporlanmaktadır. Çalışmamızda FFMS-28 standardı kapsamında gerçekleştirilecek muhasebe uygulamaları için katılım bankalarınca uygulanacak tek düzen hesap planında boş bulunan bazı hesapların kullanılması önerilmiştir.

Alternatif bir İslami finans aracı olma potansiyeline sahip kitle fonlamasının bu özelliğe sahip olabilmesi için bir yasal düzenlemeye ihtiyaç bulunmaktadır. Bu hususta Türkiye'de henüz bir adım atılmamışken, küresel boyutta İslami finans endüstrisinde standartları belirleyen en önemli kuruluşlardan biri olan AAOIFI, 2022 yılında bir standart yayınlamıştır. Bu çalışmanın amacı, kitle fonlamasının İslami bir finansal araç olarak nasıl yapılandırılacağının AAOIFI standardının rehberliğinde belirlenmesidir. Bu amaca ulaşmak adına çalışmada AAOIFI'nin İslami Kitle Fonlaması Kurumsal Yönetim Standardı içerik analizi ile incelenmiştir. İnceleme sonucunda standardın İslami kitle fonlamasını tanımladığı ve İslami kitle fonlaması yapan şirketleri bir İslami finans kuruluşu olarak nitelendirdiği belirlenmiştir. Kitle fonlaması şirketinin ve ihraççının faaliyetlerinde İslami ilke ve kurallara uyması gerektiği, çeşitli denetim mekanizmaları ile bu uyumun sürdürülebilir olmasının güvence altına alındığı ve aykırı durumlarda neler yapılacağına ilişkin prosedürlere yer verildiği tespit edilmiştir. Son olarak çalışmada, Türkiye'deki düzenleyici otoritelere paya dayalı kitle fonlaması temelli Katılım Kitle Fonlaması adıyla ve herhangi bir istisna ya da toleransa yer vermeyecek şekilde İslami ilke ve kurallarla uyumlu bir finansman aracına ilişkin bir düzenleme yapılmasına yönelik öneride bulunulmuştur.

Crowdfunding, which has the potential to be an alternative Islamic finance instrument, needs a legal regulation to have this feature. While Turkey has not yet taken a step in this direction, AAOIFI, one of the most important standard-setting organizations in the global Islamic finance industry, published a standard in 2022. The purpose of this study is to determine how to structure crowdfunding as an Islamic financial instrument under the guidance of the AAOIFI standard. To achieve this purpose, the AAOIFI Islamic Crowdfunding Corporate Governance Standard was analyzed through content analysis. As a result of the analysis, it was found that the standard defines Islamic crowdfunding and describes Islamic crowdfunding companies as Islamic financial institutions. It was determined that the crowdfunding company and the issuer must comply with Islamic principles and rules in their activities, that various audit mechanisms ensure that this compliance is sustainable, and that procedures are included on what to do in case of violations. Finally, the study recommends the regulatory authorities in Turkey to regulate a financing instrument called Participation Crowdfunding, which is based on equity-based crowdfunding and is compatible with Islamic principles and rules without any exceptions or tolerances.

Purpose-It is this study's objective to examine the correlations between internal Shariah auditors' independence, qualifications and performance in Islamic financial institutions (IFIs), conceptually. Design/methodology/approach-This paper is theoretical in its approach; whereby it also undertakes an extensive literature review. From a general agency theory, an Islamic agency theory is articulated and applied to ascertain the attributes of internal Shariah auditor performance revolving around the concept of independence and qualifications. Findings-Performance of internal Shariahauditing, as a mechanism of assuring Shariahcompliance by IFIs varies directly with the degree of independence and qualifications enjoyed by internal Shariah auditors themselves. The study finds that in evaluating the freedom and qualifications of FIs'internalShariah auditors, Islamic agency theory can potentially serve as the theoretical foundation in developing a multi-dimensional conceptual framework. Research Limitations/implications-Evidence is drawn strictly from secondary sources. Practical implications-To ensure that internal Shariahauditor is effectively performing, IFIs ought to improve the degree of independence and qualifications of their auditors. Originality/value-The studies on the performance of internal and external Shariahauditorsin conventional financial institutions have been extensively researched. However, research on the performance of IFIs' internal Shariah audit is yet to be conducted extensively.

Purpose – This paper aims to review and analyze the concept of Ijarah and Ijarah MuntahiaBittamleek (IMB)in Sudanese Islamic banks. Design/methodology/approach-The researchers followed descriptive analytical methodology and Inductive method in conducting this study as well as the comparative method to compare FAS No.8 to IAS 17 concerning the accounting treatments. Also,the applied method was used for the practical side of the study based upon the financial reports in the Sudanese Islamic banks. Findings -The study found that the main difference between two standards is that FAS No.8 focuses on the legal aspect of the financial transactions while IAS 17 focuses on theaspect of economy.The study also found that the Sudanese Islamic Banks were committed to apply FAS No.8 in regard to accounting measurement, but were not committed to apply FAS No.8 in regard to recognition, presentation and disclosure in the financial reports. Practical implication – The paper contributes to the Sudane...

Auditing in the Islamic framework or also known as Islamic auditing has a wider scope than the current practice of auditing. Main objective of auditing from the Islamic perspective is to embrace the Maqasid As-Shariah (Objective of Islamic Principles) as well as to uphold the shariah principles in all practices and process. Shariah auditing requires auditors to judge whether the process and outcomes of audit comply with the vii ACKNOWLEDGEMENTS In the name of Allah, the Most Compassionate, the Most Merciful, Praise be to all

It is undeniable that Islamic financial institutions (IFIs) in Malaysia are growing with a positive impact on the national economic growth. In order to sustain and maintain Shariah compliance in Islamic financial industry, adequate Shariah audit practices are necessary to ensure that the operation of IFIs should be in parallel with Shariah guidelines and policies set by the authority. In order to equip Islamic industry practitioners with adequate Shariah audit practices, Faculty of Economics and Muamalat (FEM), Universiti Sains Islam Malaysia (USIM) has introduced a professional Shariah Audit Training (SAT) program for IFIs staffs. SAT is a program that covers various aspects on Shariah audit practices starting from Shariah principles, Shariah governance, Shariah audit program, Shariah audit process, Shariah audit fieldwork, Shariah risk management and Shariah audit communications. Modules used in SAT have been developed based on collaboration between academic institutions and industry players in order to ensure that the knowledge and practice in the industry are harmonized and relevant. The series of trainings conducted in the program are believed to achieve the programme's ultimate objective which is to produce Shariah auditors who are qualified and trained to fill the gap for Islamic finance industry. The objective is to produce talents with adequate Shariah audit knowledge. This study provides the result of the SAT program toward IFIs practitioners' skills and knowledge on Shariah audit practices.

Zakat is one of the pillars of Islam and part of ibadah (obligation) for Muslims. Zakat has been identified as an important source of financial seed to jumpstart the economy of the Muslim community and give an impact to socio-economy development of a nation. Today, Zakat is no longer limited to the domain of religious or shari'ah studies and discourses, but an effort has been taken to restore back its function as a tools to strengthen Muslims economics. Many initiatives have been taken to facilitate its collection. An accounting standard relate to the Zakat payment MASB TRi-1 (Malaysian Accounting Standard, Technical Release Islamic-Number 1). Accounting for Zakat on Business, had been issued to facilitate the Zakat computation on business. The purpose of the release of MASB TRi-1 is to standardize the recognition, measurement, presentation and disclosure of zakat on business. However, MASB TRi-1 does not have the same weighted as standards. The objective of the study is to gauge the perception of accounting practitioners about MASB TRi-1. Questionnaires were sent to 282 accounting practitioners who have studied either Islamic accounting or Islamic finance. The finding revealed that most of the practitioners, regardless of their religious beliefs, are very keen to learn and deal with MASB TRi-1. Another encouraging finding is that the disclosure required by MASB TRi-1 encompasses the objective of Islamic Accounting.

This study aims to examine the factors influencing the Practitioners’ acceptance on Musharakah Mutanaqisah (MM) Islamic home financing (IHF) products amongst clients of Islamic financial institutions in Afghanistan.  Using the MM model as a baseline theory, data are collected from the practitioners (Managers, Head of departments and Shari’ah advisors) of IFIs in Malaysia and Afghanistan, using self-administered open-ended questions. Using the qualitative method, the study finds that; attitude, subjective norm, perceived control and Compliancy of product are instrumental in determining the practitioners’ acceptance of Islamic home financing products. It is also discovered that; gender, academic qualification and monthly income have their own effects on without the consumer acceptance. There are three limitations for future studies of IHF in Afghanistan. First, the current work does not include the experienced users who utilize Islamic home financing products. Second, the contribution...