Islamic Accounting

The issue of corporate social responsibility (CSR) has been of growing concern among business communities in recent years. Various corporate leaders maintain that business is considered to contribute fully to the society if it is effi cient, profi table and socially responsible. Islam is considered as addin (a way of life), thus, providing comprehensive guidelines in every aspects of the believers’ life. It is the aim of this paper to propose an Islamic model of corporate social responsibility based on human relationships with the God (hablun min’Allah); with other fellow human being (hablun min’an-nas) and with the environment.

While accounting education has existed in Libya for over 45 years, knowledge about it is scarce among Western accounting academics. This paper reports the development of accounting education and curricula since Libya's independence in the 1950s and examines its current problems during a decade of United Nations (UN) sanctions. Following an introduction to the accounting profession in Libya, the paper provides an overview of the changes to accounting education since 1957 and analyses major issues currently faced by Libyan accounting educators, including: a shortage of qualified accounting academics; inappropriateness of imported syllabuses to the peculiarities of the economy; the unfit marriage of academic teaching and professional training in the accounting curricula; and inadequate accounting research. The paper concludes that social and economic characteristics must be fully taken into account in the case of Libya in importing accounting education systems from the West.

When a new organisation is created, an opportunity arises to imprint the organisation with a lasting culture. If this culture is ambivalent, then tensions may persist within the organisation as participants attempt to reconcile potentially inconsistent aims. Such tensions may arise in Islamic financial institutions, which need to adhere to the principles of Sharia law (in particular, the avoidance of transactions involving the receipt or payment of interest) while at the same time maintaining financial viability. This paper examines the process of establishing and regulating Islamic banking in Jordan, through a case study of the creation of Jordan Islamic Bank (JIB) in 1979. The foundation of JIB (the first Islamic bank in Jordan and one of the earliest in the world) raised issues of how to regulate Islamic banks and how to account for the special transactions developed in accordance with Islamic principles. The political environment in Jordan was not favourable for establishing Islamic banking, but JIB"s founder used the media and contacted public figures to gain support for his ideas. JIB was established through a special act that contained accounting regulations conforming to Islamic principles.

Purpose-This study aims to examine and compare the current waqf governance practices in waqf institutions in Malaysia. Design/methodology/approach-This paper reviews professional documents and literature to propose a new and practical waqf governance measurement. Waqf governance measurements were used to examine and compare the current waqf governance practices among waqf institutions in Malaysia. The annual reports of all waqf institutions under the State Islamic Religious Councils (SIRCs) were analysed using content analysis on the current waqf governance practices using binomial logic. Findings-Overall, the results indicate moderate waqf governance practices under three waqf governance categories, namely waqf governance policy, waqf governance board and waqf governance processes. This study also found a significant impact of corporatisation reformation of waqf institutions on waqf governance practices. Research limitations/implications-The findings indicate the need for all waqf institutions in Malaysia, especially for non-corporate waqf institutions, to enhance their waqf governance practices by disclosing all relevant information to the public. This is because the success of waqf fund management can be portrayed through the management's transparency in waqf governance practices on how they deliver and use their resources to attain socioeconomic objectives. Originality/value-To the best of the authors' knowledge, this study is among the first studies that examined and evaluated the current waqf governance practices in several waqf institutions in Malaysia.

This study attempts to link between the current impacts of zakat institutions (ZIs) activities and programs under all 14 states in Malaysia with maqasid shariah and sustainable development goals (SDGs). Besides, this study also compares these impacts between corporatize and non-corporatize ZIs in order to evaluate whether corporatisation structure influence ZIs impact practices. Each ZIs activities and programs were analysed using content analysis and evaluation on these zakat activities and programs impacts with maqasid shariah and SDGs was undertaken using binomial logic. The results indicate high zakat impacts on maqasid shariah elements and SDGs goals. This study also found no significant impacts of corporatisation reformation of ZIs and zakat impacts. In addition, findings also found significant ZIs actions on COVID-19 pandemic recently that potentially impact both maqasid shariah and SDGs. The findings from this study implicate the need for all ZIs in Malaysia, regardless of corporatization structure, to continue enhancing their zakat impact on SDGs goals. This is because successful zakat fund management can be potrayed through the management’s effectiveness and efficiency in delivering and utilizing of resources to attain its socio-economic objectives.

Sejak akhir-akhir ini, isu mengenai pendedahan tanggungjawab sosial korporat (CSRD) semakin mendapat perhatian di aklangan komuniti perniagaan. Para pemimpin korporat menegaskan bahawa sesebuah perniagaan dianggap sebagai efisien, memperolehi keuntungan dan mempunyai tanggungjawab sosial sekiranya memberikan sumbangan penuh kepada masyarakat. CSRD merupakan satu komitmen berterusan oelh organisasi perniagaan untuk bertindak secara beretika dan menyumbang kepada tanggungjawab sosial. Islam, sebagai satu cara hidup lengkap melihat CSRD sebagai satu dimensi penting yang perlu dititikberatkan oleh organisasi perniagaan Islam. Tujuan utaa artikel ini ialah untuk mengklasifikasikan semua item maklumat dalam pendedahan tanggungjawab sosial korporat Islam (ICSRD) yang telah dibincangkan oleh kajian-kajian lepas berdasarkan kepada tiga hubungan Tawhid. Hubungan yang dimaksudkan ialah hubungan dengan Allah, hubungan dengan manusia dan hubungan dengan persekitaran.Klasifikasi tersebut penting kerana Tauhid adalah asa penentu keimanan seseorang Muslim.

The purpose of this study is to investigate the current quality waqf
reporting practices by waqf institutions in Malaysia. Five factors that influence quality waqf reporting practices namely relevance, faithful representation, understandability, comparability and timeliness were studied. Twenty items were used to measure the current level of quality waqf reporting practices in all 14 waqf institutions in Malaysia. Results show the current quality waqf reporting practices by waqf institutions in Malaysia are at a moderate level as it only scored 40.29%. Among the five factors, timeliness scored the highest with 54.29% while the lowest score is comparability at 27.5%. Among the 14 waqf institutions, Perbadanan Wakaf Malaysia (PWS) achieved the highest scorewith 82%.On the other hand, there are eight (8) waqf institutions that only scored 20% (all 20 items are scored with one (1) as the lowest score value). This research provides an important extension on previous knowledge and relevant literature of quality waqf reporting practices by waqf institutions in Malaysia.Moreover, this research focuses on the key dimensions of quality waqf reporting practices reported in the literature. This research helps especially the management of waqf institutions to measure their current disclosure level to improve quality waqf reporting practices.

The paper investigates the formalisation social accountability relations in the non-governmental organisation (henceforth, NGO). The accountability can be extended outside traditional reporting into forms of actions including conversation, behavioural explanations and reasonable conduct. The theoretical contribution highlights the social "closeness" through "veil of ignorance", which empirically investigated through a case study of MERCY Malaysia, an international medical relief NGO. Thus, the paper provides an understanding of accountability relations, which involves the use of annual and performance reports in negotiating physical access into relief sites. The social "closeness" consists of moral imperatives and trustworthiness of individual in engaging in volunteering work.

Choice of accounting and reporting policies influences the allocation of resources and distribution of income to various claimants in the firm's contractual relationships. The conventional policymaking approaches fail to generate a complete picture of the firm's reality because they focus on technical and economic explanations. These approaches ignore the embeddedness of managers in relationships beyond human self that may influence and constrain their choices. More importantly, such approaches eschew moral and religious influences that define what appropriate behaviour is. We argue that based on the Islamic concept of uqud (contracts), the principles of Shari'ah Islami'iah should drive accounting and reporting policies for Muslim managers. Since adherence to Shari'ah Islami'iah is a form of worship, managers must balance between wealth allocation to firm's claimants and to oneself by taking into account the welfare of both fellow humans and also the environment when making choices on accounting and reporting policies. By doing so, Muslim managers are able to fulfil obligations to Allah, society, the environment, and self and to achieve al-adl (socioeconomic justice) and al-falah (success in this world and hereafter).

Purpose-This paper aims to examine the compliance of disclosure with the financial accounting standards of the Accounting and Auditing Organisation for Islamic Financial Institutions' (AAOIFI) related to Islamic financing products by Islamic banks in Bahrain and Qatar. Design/methodology/approach-The study measures compliance using disclosure indexes. The disclosure indexes include the three financial accounting standards of Murabaha, Mudaraba and Musharaka. The data are collected from the annual reports of 24 Islamic banks in Bahrain and Qatar over a period of 2012-2015. Findings-The paper found that Islamic banks in Bahrain and Qatar comply with AAOIFI financial accounting standards related to Murabaha, Mudaraba and Musharaka. However, there was a level of non-compliance in both countries. In addition, it found that the extent of compliance had increased over the 2012-2015 period. Also, the Murabaha standard had the highest mean of compliance. Moreover, the results showed that the Islamic banks in Qatar tend to have more compliance of overall Murabaha and Mudaraba disclosures compared to the Islamic banks in Bahrain. Research limitations/implications-The findings are preliminary and highlight that the issue is of high interest to Islamic banks and AAOIFI. Hence, it requires a detailed follow-up to form a complete picture that would assist AAOIFI and regulators gear their policies toward better quality disclosure by Islamic financial institutions. Even though the findings are encouraging, future research is recommended to enforce compliance with the AAOIFI financial accounting standards. Originality/value-This is a pioneer empirical study that focuses on the level and trend of compliance with AAOIFI financial accounting standards related to the Islamic financing products of Murabaha, Mudaraba and Musharaka standards, especially in Qatar. Additionally, it is the first study comparing between the only two Gulf Cooperation Council (GCC) countries, i.e. Bahrain and Qatar, that mandatory apply the AAOIFI standards.

Purpose-The purpose of this paper is to introduce the new journal and articles in the first issue. Design/methodology/approach-The paper attempts to introduce the journal by answering the two "W" questions-what is Islamic accounting and why Islamic accounting research is important. In doing so, it indirectly highlights the need for a specialist journal like Journal of Islamic Accounting and Business Research (JIABR) and the potential research areas. Findings-Islamic accounting research is still at the infancy stage compared to Islamic banking and finance. One of the reasons is due to lack of exposure of research conducted in the area at international level, ending up with only a few issues getting attention. Similarly, the lack of a platform where researchers interested in the area could showcase the diverse range of research as well as network and get support on their research hindered the progress of research in this area. Hence, JIABR could be the leading journal in the area of Islamic accounting and business research if all papers related to it are channeled in this specialist journal. In this way, researchers in the areas of accounting and business would be more aware of the development and contemporary issues to take the research forward. Originality/value-This paper is useful to new readers of the journal around the world who are interested but have limited knowledge in the area, and also those who wish to submit to the journal, in that it highlights some potential areas for research.

Purpose – This paper aims to determine whether the “true and fair view override” (TFVO) principle is
relevant and applicable in Islamic accounting. In addition, the paper examines the roles that TFVO
could play in Islamic accounting and auditing.
Design/methodology/approach – A qualitative research method was used based on documentary
and textual analysis of the Shari’ah fundamentals (Islamic legal sources) and relevant accounting
standards and regulations.
Findings – The paper found that the TFVO is relevant and applicable in Islamic accounting and auditing
and not contradictory to the rules of the Shari’ah. Therefore, the concept is acceptable for use in Islamic
accounting. Moreover, based on the several roles played by the TFVO, in the Islamic context, the practicality
of this concept in Islamic accounting provides further justification for its continued usage.
Practical implications – The findings of the paper provide a basis to support the inclusion of theTFVO
in Islamic accounting standards, as well as possible usage by Islamic financial institutions (IFIs). Thus,
regulators of IFIs and Islamic accounting standards setting bodies can consider it in their challenging task of
standardizing accounting practices due to the different interpretations of transactions from the various
Madhahib and multiple accounting concepts and practices. In addition, the discussion in the paper reminds
accountants and auditors of IFIs and Islamic organizations that providing a true and fair view (TFV) is
paramount; thus an override of inapplicable accounting standards and regulation is allowed, but not
Shari’ah. Thus, TFVO can assist accountants to record transactions that reflect the economic reality of the
IFIs, especially prior to accounting regulations keeping pace with the rapid business environment.
Originality/value – The paper has highlighted a very important issue relating to the TFV,
specifically the TFVO, from the Islamic perspective. The paper is considered as the first paper that
contextually analyses this issue based on Islamic legal sources using a qualitative approach. In
addition, the paper has contributed to the literature in Islamic accounting and auditing.

Culinary revenues comprise some of the main sources contributing to an increase in the Global Tourism Competitiveness Index and Region Own Source Revenue (ROSR). The high number of Small Medium Entrepreneurship (SME) traditional restaurants should increase ROSR. However, the revenue from this sector has not yet been optimised due to a lack of business performance. Traditional restaurants are losing their market to modern chain restaurants, some of which are franchises from outside Indonesia. How SME are coached viewed from the aspects of marketing capability and accountability accounting is the main issue of this paper. Both capabilities are expected to improve adaptability and, in turn, performance. This paper tries to trace the theoretical model of proposals regarding how both capabilities can affect performance directly or through adaptability. This study is very rare; one like it has never been conducted concerning SMEs, especially models that explain the existing phenomenon in Indonesia. Hopefully, this study will provide advanced research guidance and convenience to the government for SME traditional restaurants' coaching approach in encouraging culinary tourism and economic development.

Objective-The market share of Islamic banking in Indonesia has continually decreased from 4.89% in 2013 to 4.85% in 2014 and 4.83% in 2015. As a result, the idea to establish a single state owned Islamic Bank occurs. This conceptual paper aims to contribute the maslahah framework regarding the future of Islamic banks in Indonesia. Methods-The methodology that used in this paper is a qualitative method which supported by quantitative data that align with the theory of the benefit of the Ummah (maslahah) and the community theory. Results-The breakthrough to increase the market share and deliver Indonesia becoming an Islamic financial hub is the option to convert the BRI as the biggest retail bank to a full fledge Islamic bank, and the next action is to acquire the Islamic banks which are subsidiary of conventional state-owned banks (Bank Syariah Mandiri-BSM, Bank Nasional Indonesia Syariah-BNIS, Bank Rakyat Indonesia Syariah-BRIS, and Bank Tabungan Negara Syariah-BTNS). Conclusions-Establishing a single state owned Islamic bank is beneficial for the future of Islamic banks in Indonesia

The AAOIFI accounting standards serve as a guideline that may reflect the unique characteristics of Islamic Financial Institutions (IFIs).Islamic financial institutions spread locally and globally with a hundreds of products and services to the market. Many researchers argue that the application of accounting standards or harmonized accounting principles would greatly benefit users of financial statements, especially when the financial data being compared was compiled in a variety of geographical locations. However, AAOIFI through its global network has also persuaded regulatory authorities to adopt its standards, but until now AAOIFI has not been fully successful. It does not have the power to enforce its standards on Islamic financial institutions globally. Accordingly, it is suggested that Muslim countries should give full support to AAOIFI standards by adopting and making them mandatory for all IFIs.

The objective of the research is to formulate Shari'ate Value Added Statement. Formulation is conducted by utilising Integrated Islamic Hyperstructuralism Methodology. In that methodology, conventional concept of value added and Baydoun and Willett's (1994) concept of value added are refined by Shari'ate Accounting. The result is then refined by (Islamic) Technosystem to generate Shari'ate Value Added Statement. The major result shows that zakat becomes a substance of Shari'ate Value Added. This means that Shari'ate Value Added is actually economic (physical) value added (zaka) which is always purificated spiritually (tazkiyah). The purificated economic value added (zaka) is called as zakka (or it is the same as Shari'ate Value Added). Both zakka and tazkiyah is extracted from the values and concepts of Abdullah and Khalifatullah fil ardh. The consequence of the major result are: (1) that the sources of value added in the Shari'ate Value Added Statement should be acquired based on God's commands (halal, thoyib and eliminating riba), and (2) the distributions of the value added should be based on mashlaha and 'Adalah (God's Justice).

This bibliometric study investigated the current state of documents on Islamic accounting published by digital object identifier equipped journals from 1990 to 2020 listed in Dimension. The analysis focused on the trends of the keywords, authors and journals. The data analyzed were 556 publications of research publications in Dimension (https://dimension.ai). Search terms were 'Islamic accounting'. The searches used to establish the study dataset were last updated on November 13, 2020. Descriptive statistical methods were used, and a bibliometric analysis was conducted using the R Biblioshiny to find out the bibliometric map. The number of articles discussing the theme of Islamic accounting has been quite extensive in years, along with the development of Islamic financial institutions. Many journals publish this theme, among which the top journal is the Journal of Islamic Accounting and Business Research. The most popular keywords used are Islamic, Accounting dan Financial. The most prolific author is Karim RAA, who has been writing since 1990. The country with the most popular and the most number of authors is Malaysia. This study provides an overview of trends in the most popular keywords, journals and authors in articles on the topic of Islamic accounting, thus providing information for researchers focused on research in the field of Islamic accounting. In the end, this theme has the potential to continue to be developed.

This research aims to study whether there is an effect of the use of e-commerce on accounting information systems. A questionnaire was designed and distributed to accountants, heads of accounting departments, financial managers in Islamic banks. Then analyzing the results of the questionnaire by using (SPSS), and other statistical methods through descriptive methods The results of the study showed that using e-commerce effects the design of AIS, it also concluded that using ecommerce provides appropriate accounting information about available substances at the right time, at a credible and stable degree for decision makers, in addition, using e-commerce deals with providing the necessary protection in getting access to information through a username and password to prevent unauthorized entrances, and following means for operation completion such as digital signatures. In general, there is a large impact on the usage of e-commerce on AIS. Some salient conclusions and suggestions for further studies are presented.

The short-selling of stocks has long been considered impossible in Islamic finance. This chapter begins by reviewing why. It then moves on to the search to develop Islamic alternatives to conventional short-selling. Several systems have recently come on the market that aim to replicate short-selling in Shariah-compliant ways. This includes one being developed by Bursa Malaysia and the Malaysia Securities Commission that replicates stock borrowing and lending using Waʿd (unilateral promise). Other industry players have endorsed shortsale replication systems that use the Salam contract, the Arbun contract, or Waʿd in a different way. Hedge funds and other institutional investors seeking to be Shariah-compliant are keen to adopt an Islamic alternative to short-selling, but each method has advantages and disadvantages, with its proponents and detractors. This chapter guides the reader through different structures Islamic institutions are using to replicate short-selling, the state of the nascent market for short-sale replication, and the outlook for the future.

The purpose of Shariah financial screening indices is to exclude companies with unacceptable levels of conventional debt, liquidity, interest-based investment and/ or impure income. In Islamic perspective, a company must not borrow on the basis of interest rate, nor invest in debt-bearing instruments, as well as not generating income through any other Shariah-impermissible activities. However, such restrictions would screen out the vast majority-if not all-of the stocks that are available on the market, even those listed in Islamic countries. Based on this condition, Shariah scholars tried to come out with a set of Shariah indices to be tested on existing companies in order to classify them as Shariah-compliant companies. However, Shariah screening methodology adopted by major Shariah indices in the world is different from one to another. Thus, the aim of this paper is to explore and critically analyse comparison of Shariah screening methodology amongst major Shariah indices in the world. By applying the reviewing for all related literature and contents of Shariah screening's laws and regulations. It can be stated that several group of Shariah indices can be categorized. Firstly, under qualitative measures (business activities), there are two groups which are: (i) financial activities orientation; and (ii) indic with non-financial activites orientation. Meanwhile, under quantitative measures (financial ratios), another several groups can be categorized based on different adoption in the nominator, denominator and tolerate percentage used. It is hoped that this work would inspire more research on Shariah screening using different research methods and compare between the indices according to segments this research argued. Besides, the policy makers should give more attention to ensure the Shariah screening practices and the enhancement Shariah screening standardizing among the major Shariah indices. Last but not least, investors and stakeholders whom concern of Shariah screening could also benefited of the findings of this study by having better understanding of Shariah screening practices and compare between existed indices.

The study examines the perspective of practitioners who are involved directly and/or indirectly with the process of shariah compliance/auditing from Islamic financial institutions (IFIs) on the issues of standards for shariah auditing, auditors qualifications, and independence. Auditing Islamic financial institutions (IFIs) covers a wider scope than legal financial statement auditing. External auditors of IFIs not only conduct financial audits but also conduct tests on the shariah compliance of IFIs, according to fatawa (religious opinions) and guidelines set by the Shariah Supervisory Board (SSB). Shariah review is unique to IFIs, due to the requirement to ensure that all business activities and operations of IFIs adhere to shariah precepts. The scarce resourceful auditors with both shariah and accounting/auditing qualifications and the issue of self-review threat to independence may affect the reputable image of Islamic financial institutions. This article is the literature method. The findings reinforce the importance of auditors' qualification and independence as currently there is no mandatory regulated professional shariah auditor code to be in tandem with the drastic growth of the IFIs. The paper offers practical implication to regulators in providing a direction to revise the existing standards for shariah auditing practices and to formulate a mandatory professional governance structure for shariah auditors.

The aim of this paper is to critically examine the applicability of the
concept of ‘True and Fair View’ (TFV) from an Islamic perspective. It then
explores the position and roles of TFV in the Islamic accounting context. The
sources of data consist of the shari’ah fundamentals from the Islamic legal
sources, in addition to relevant accounting standards and regulations. The paper
found that the TFV concept is not contrary to Islamic shari’ah and that TFV
plays certain roles in Islamic accounting. Thus, the paper suggests that the
Islamic standard setters retain the term as it is not against Islamic shari’ah and
it will help avoid confusion among users of financial statements. With this, the
TFV concept should continue to be used in Islamic accounting until a more
appropriate phrase is coined. The paper can be considered among the first
papers that analyse the TFV concept from an Islamic perspective.

Penelitian ini bertujuan untuk menggali konsep laba dari perspektif  Islam. Penelitian ini menggunakan hermeneutika. Fokus analisis hermeneutik pada teks sebagai sumber data penelitian yang digunakan untuk menemukan perspektif baru. Sumber data yang digunakan dalam penelitian ini adalah konsep laba akuntansi konvensional dan ayat-ayat dalam Quran terutama yang berkaitan dengan perniagaan, perdagangan, keuntungan dan kerugian. Artikel ini menggarisbawahi bahwa seharusnya bisnis dibangun di atas prinsip-prinsip yang terdapat dalam  Al-Quran. Tujuan dari bisnis tidak hanya memaksimalkan laba perusahaan saja namun juga harus memakmurkan sesama manusia, alam dan lingkungan sekitarnya. Bisnis tidak hanya menguntungkan diri sendiri tetapi juga bermanfaat bagi kemaslahatan umat.

This article, by applying five Islamic concepts (Fitrah, Akhlaq, Niyyah, Ijtihad and
Maslahah), seeks for a solution of the problem of earnings management conducted by the
managers. By analyzing several definitions of earnings management it can be found that
managers’ wrong/unethical intention is the main cause behind this problem. The article
suggests that if the intention (Niyyah) of the managers can be purified through ethical
training (Akhlaq), then it can be expected that they will apply their highest possible effort
and knowledge (Ijtihad) in order to ensure the interests of the stakeholders (Maslahah).
This can be a possible solution for the problem of earnings management.

The focus on corporate governance has increased since the past few decades in most countries around the world, especially in the wake of corporate collapses in early 2000s. These corporate collapses have leads to the growing volume of academic and practical research in this area. Although the quantitative literature on corporate governance is diverse and extensive, the qualitative research in this area is rather limited. This paper provides a review of prior qualitative research on the corporate governance to guide future research on corporate governance. Qualitative study method allows the researcher to gather rich information in this area.

This study aims to determine the effect of human capital and the use of information technology on the competitive advantage of Sharia banking. The study takes an analysis unit of Indonesia Sharia banking. The type of data used is primary data using a questionnaire which sampling used is a stratified random sampling model where respondents in this study consist of leaders and employees in Sharia banking. This research uses desciptive qualitative approach. Data analysis used PLS consisting of Outer Model test (Validity and Reliability) and Inner Model test (coefficient of determination and T test). The results show that human capital has no significant effect and the use of information technology has a significant effect on the sustainable competitive advantage of Sharia Banking.

This conceptual paper is show that muslim society is more aware of the importance of sharia banking as a necessity. The Muslim society pays attention more to the usury consequences and risks when they are dealing with conventional banks because the interest provided by conventional banks is considered as a usury. Awareness of usury risks and sins against became one of the factors why Islamic banking increase in the majority Muslim society. However, the main problem of sharia banking is the access into public which is still very slow. It is compared with the conventional bank which has existed longer than sharia bank. This factor of access also influences the growth of sharia banking which is more slowly than the interest of the Muslim community in sharia banking. Sharia banking does not need to be glued to the old concept of adding access points (accessibility) by opening branches. The opening of branch office need high cost. Branch or subsidiaries are as operating expenses. The addition of accessibility by utilizing a handy EDC (Electronic Data Center) machine can be operated in mobile at the desired area or with personal agent (Laku Pandai) at much more affordable cost compared with the opening of new office, branch, and ATM machine. These two strategies significantly improve the accessibility of sharia banking that society needs. Sharia banking will become easier, faster and closer so that it will increase sharia banking transactions to fulfill the needs of the community.

The purpose of this study is to explain the justification behind the current Shariah screening methodology assessments used by KLSI, which differs from other major Shariah screening methodology around the world. Besides, this study is also attempts to investigate on the intention to entitle Shariah-compliant status by Public Listed Companies (PLCs) in Malaysia. This study employed a series of interviews with five individuals who are involves with KLSI Shariah screening methodology as data collection procedure. Thus, this study found a number of justifications on the reasons behind the current Shariah screening methodology assessments used by KLSI. This includes reasons on the adoption of additional 20% tolerable percentage, additional criteria on corporate image and maslaha (public benefits) and also views on the leniency of current KLSI Shariah screening methodology assessments. Besides, this study also identified several measures to identify the intention to entitle Shariah-compliant status by PLCs. This includes voluntary application, effort of de-listed PLCs to be listed as Shariah-compliant for the following year, impact of Shariah-compliant status especially on the share prices and potential investors, good corporate image on maintaining Shariah-compliant status and the core value of the business. Then, this study also provide several recommendations to be considered for future improvement especially on Shariah screening methodology assessment.

One of the effort to increase the trust of shariah banks stakeholder is by reporting the information relating with the social performance ability in shariah view. The reporting social performance format in Islam view that nowdays is more developed is Islamic Social Reporting Indexs (Indeks ISR). ISR Index is an index reveals social performance of Islamic company which consists of revelation items based on Islamic principles. The aim of this research is to find out the rank of revelation social performance of Islamic bank in Indonesia based on ISR index. The taken population of this research is the whole Islamic Commercial Bank (BUS) in Indonesia, and the taken sample is the BUS that has published its annual report of 2009 – 2011 periods on its official website. The taken sample is done by using purpose sample method. The analysis data is done by using content analysis method. The result of analysis ISR index on BUS shows that BSM is for the highest rank of revelation social performance in 2009 – 2011 periods. As the whole banks, the rank of revelation social performance of BUS in Indonesia in 2009 – 2011 periods had continuously increased each year. As the average in the periods, the predicate of rank revelation social performance BUS in Indonesia is still less than informative.

The indicators commonly used in conducting simulations are economic growth and the US Dollar exchange rate. The purpose of this study is to conduct a stress test on the impact of macroeconomic changes on key financial indicators of the three largest Islamic banks in Indonesia, which are subsidiaries of state-owned banks. The banks are Bank Mandiri Syariah (BSM), BNI Syariah (BNIS), and BRI Syariah (BRIS). The stress test method in this study uses three scenarios, namely: mild, moderate, and worst. Furthermore, the key financial indicators used in this research are assets, net profit, return on assets (ROA), and non-performing financing (NPF). The stress test results state that the mild scenario and moderate scenario of the Islamic banking industry can still endure. However, in the worst-case scenario, NPF of the Islamic banking industry has a significant increase. Also, during the current Covid-19 pandemic, banks must mitigate risk early by strengthening liquidation, restructuring, and changing strategic initiatives. Also, there is an alternative to merge of Islamic Bank that subsidiaries from its state bank. Furthermore, the government and all stakeholders must collaborate to overcome the negative effects of the Covid-19 pandemic outbreak to avoid major losses to both the lives of the people and the nation's economy.

This research aims to determine empirically the comparison and influence of company size, audit opinion, profitability and reputation of public accountant firm's to audit delay. The population in this research are conventional banking and sharia banking in the year of 2014-2016. The sampling technique used is purposive sampling with the number of samples are 45 companies. The analysis technique used in this research is panel data regression analysis and independent sample t-test. The results of this research conclude that: company size, audit opinion, profitability and reputation of public accountant firm's simultaneously effect to the audit delay on conventional banking and sharia banking. Company size and reputation of a public accounting firm's partially effecting to audit delay on conventional banking and sharia banking. Audit opinion and Profitability hasn't partially effect on audit delay in conventional banking and sharia banking. The variables audit delay, company size, and profitability have significantly different rates between conventional banking and sharia banking, while the variables of audit opinion and reputation of public accounting firm's haven't significant differences.

Over the years, the concept of Social Responsibility Accounting (SRA) is gaining recognition and sophistication.
While providing management with key performance indicators in social, environmental and economic
dimensions, accountants are deemed to provide integrated reporting that is reflective of the organization’s
strategy and values, as well. Social Responsibility Accounting is used as a tool to evaluate the company’s
performance through economic units in view of Corporate Social Responsibility (CSR).
The study identifies the opportunities and challenges through the different approaches of Social Responsibility
Accounting. The findings throw light on the fact that the best practice for Social Responsibility Accounting
depends on the unique organizational strategies and values.
The study illustrates the challenges with which Social Responsibility Accounting needs to be extended. The
study also suggests that for each organization different diagnostic and interactive approaches are used through
Social Responsibility Accounting as every firm perceives a different sense of responsibility towards the society.
Further, the study emphasizes the need for the legislation, industrial standards and the identification, justification
and implementation of such standards. This study demonstrates a comprehensive understanding of a few of the
widely accepted procedures that provide credible, quantifiable and objective measures in the performance of an
organization with its focus towards CSR.

A buy-and-hold strategy is a passive investment strategy and also a very conservative approach with which investors’ buy-and-hold stocks for a long period regardless of the fluctuations in the market. This strategy signifies that investors who hold their investment for a long period will possibly earn higher returns. This paper is specially designed to examine the applicability of the buy-and-hold strategy in relation to the theory of risk-return trade-off. This paper focuses on the Malaysia, Singapore, Hong Kong and Korea, over the period 1990 to 2009. The paper uses rolling returns (computed as the average annualized returns) and standard deviation as a measure of the total risk. The results show that the buy-and-hold strategy seems to be effective in reducing the equity risk. Overall, the volatility of stock return is reduced from about 20% to below 1%. However, the results fail to show whether there is any sign in enhancing the return of an investment in stocks. On average, there is roughly about 5% average annual compounding return during the ten-year holding period, which is much lower than the return of the one-year holding period. No superior returns or any equity premiums are generated even in the very long-run. Hence, in general the theory of risk and return still holds in long run.

Purpose-The purpose of this study is to examine the role of financial governance practices in influencing both financial management and Islamic work ethic practices to affect Islamic social enterprises (ISEs) accountability. Design/methodology/approach-Questionnaires were administered to financial officers of 102 Malaysian ISEs. Data was analysed using Smart-PLS to examine the relationships between financial management, Islamic work ethic, financial governance and accountability. Findings-Results of this study indicate direct relationship only exist between Islamic work ethic and accountability. The relationship between financial management and accountability are indirect through financial governance. Hence, the data proves that financial governance has a mediating role on both the relationships between financial management and Islamic work ethic with the accountability of the ISEs. Research limitations/implications-The study has highlighted the greater role of financial management, Islamic work ethic and financial governance practices over accountability to achieve public trust, especially for Malaysian ISEs. Practical implications-ISEs need to have good financial governance practices besides financial management and Islamic work ethic practices to achieve good accountability. Originality/value-The study contributes to the field of management and social accounting by providing empirical evidence on the ISEs practices specifically on financial management, Islamic work ethic, financial

There is a growing concern for accountant involvement in the
continuous scandals which is due to the ethical judgments of
certain accountants and amount of academics recommend that the
school system is partly responsible. The ethical elements of
accounting education were found to be inadequate, so there is a
lack of meaningful attention to tackling accounting problems. In
the first place, the purpose of this study is to highlight the
importance of ethics in accounting education. Second, the paper
argues that in the application of accounting ethics, specifically
Islam, accounting education should concentrate on religious codes
of ethics and values. Furthermore, this research explored the
ethical viewpoint of Islam and how it gives some insights into the
process of creating a more harmonized and ethical accountant.
This study suggests the Islamization of the ethical concept of
accounting as a solution to the ethical challenges the accounting
profession is confronted with, in the form of the introduction of
Islamic ethics in accounting curricula to be taught as part of the
ethical accounting education method., the paper is a concept paper
using other publications on the topic with the aimed of suggesting
good system of accounting education that will produce accountants
with excellent ethics.

Rerangka Dasar Akuntansi Berlandaskan Syariah merupakan buku yang memberikan penjelasan komprehensif tentang posisi akuntansi secara tepat dan mengupas ketentuan Syariat yang tercakup dalam rerangka dasar laporan keuangan (conceptual framework for financial reporting) sebagai dasar pengembangan akuntansi. Kajian akuntansi syariah selama ini terbagi menjadi dua paradigma (point of view) utama yaitu akuntansi syariah yang didorong oleh kebutuhan praktis (driven by practical needs) dan akuntansi syariah bertujuan akademis (driven by academical purpose). Keduanya seolah berjalan terpisah dan masih terjadi gap logical reasoning atas keberadaan bidang akuntansi syariah sehingga tidak mampu mewujudkan sinergi untuk pengembangan akuntansi atas produk, ragam transaksi maupun entitas yang sesuai Syariat Islam. Gap yang belum terjawab adalah bagaimana menempatkan (mapping) bidang akuntansi secara tepat sehingga tidak terjadi kesalahan dalam menghukumi (istinbath al hukm) akuntansi yang selama ini berterima umum.
Buku ini memberikan rincian yang jelas tentang pemaknaan akuntansi secara tepat dan mengungkapkan cakupan ketentuan syara’ dalam menghukumi fakta akuntansi tersebut. Tinjauan syara’ atas akuntansi diperdalam pada aspek rerangka dasar yang mencakup asumsi dan prinsip dasar akuntansi karena pembentukan dan pengembangan akuntansi didasarkan pada rerangka dasar (conceptual framework). Dengan hasil justifikasi atas rerangka dasar akuntansi berdasarkan Syariat Islam diharapkan pengembangan akuntansi dapat dilakukan secara tepat dan syar’i sehingga pertumbuhan entitas bisnis Islam dan kebutuhan produk akuntansi dan keuangan Islami serta kajian akademis dapat berjalan secara sinergis.

This study describes the application of PSAK 109 in the management of zakat, infaq / alms in LAZIS Muhammadiyah Medan City. Through this research, the percentage of PSAK 109 application is known and the factors that cause PSAK 109 are not implemented. The data used are primary data and secondary data. Data collection techniques used are documentation and interview techniques. Analysis of the data used is descriptive qualitative analysis. The results of this study indicate that the reporting of zakat, infaq / alms funds conducted by LAZIS Muhammadiyah Medan City is only a list of receipts / collection and expenditure / distribution which are recorded based on the receipts owned. The reporting of zakat funds, infaq / alms LAZIS Muhammadiyah Medan City is not in accordance with Statement of Financial Accounting Standards Number 109 (PSAK 109). There are two factors that cause PSAK 109 not to be applied to LAZIS Muhammadiyah in Medan, namely Human Resources (HR) who are elderly and do not understand PSAK 109 and there are no sanctions and rewards from LAZIS Muhammadiyah Central. ‫ال‬ ‫هذه‬ ‫تصف‬ ‫تطبيق‬ ‫دراسة‬ PSAK 109 ‫و‬ ‫الزكاة‬ ‫إدارة‬ ‫في‬ infaq ‫في‬ ‫الصدقات‬ / LAZIS ‫المحمدية‬ ‫لتطبيق‬ ‫المئوية‬ ‫النسبة‬ ‫عرف‬ ُ ‫ت‬ ، ‫البحث‬ ‫هذا‬ ‫خالل‬ ‫من‬ ‫ميدان.‬ ‫مدينة‬ PSAK 109 ‫تسبب‬ ‫التي‬ ‫والعوامل‬ PSAK 109 ‫البيانات‬ ‫جمع‬ ‫تقنيات‬ ‫ثانوية.‬ ‫وبيانات‬ ‫أولية‬ ‫بيانات‬ ‫هي‬ ‫المستخدمة‬ ‫البيانات‬ ‫مطبقة.‬ ‫غير‬ ‫نتائج‬ ‫تشير‬ ‫الوصفي.‬ ‫النوعي‬ ‫التحليل‬ ‫هو‬ ‫المستخدمة‬ ‫البيانات‬ ‫تحليل‬ ‫والمقابلة.‬ ‫التوثيق‬ ‫تقنيات‬ ‫هي‬ ‫المستخدمة‬ ‫أجرتها‬ ‫التي‬ ‫والصدقات‬ ‫واإلنفاق‬ ‫الزكاة‬ ‫أموال‬ ‫عن‬ ‫اإلبالغ‬ ‫أن‬ ‫إلى‬ ‫الدراسة‬ ‫هذه‬ LAZIS ‫مدينة‬ ‫المحمدية‬ ‫أساس‬ ‫على‬ ‫تسجيلها‬ ‫يتم‬ ‫التي‬ ‫التوزيع‬ / ‫والنفقات‬ ‫التحصيل‬ / ‫اإليصاالت‬ ‫من‬ ‫قائمة‬ ‫سوى‬ ‫ليست‬ ‫ميدان‬ ‫صدقات‬ / ‫إنفاق‬ ، ‫الزكاة‬ ‫أموال‬ ‫عن‬ ‫اإلبالغ‬ ‫المملوكة.‬ ‫اإليصاالت‬ LAZIS ‫مع‬ ‫تتوافق‬ ‫ال‬ ‫المحمدية‬ ‫مدينة‬ ‫رقم‬ ‫المالية‬ ‫المحاسبة‬ ‫معايير‬ ‫بيان‬ 109 (PSAK 109 ‫هن‬ .) ‫تطبيق‬ ‫عدم‬ ‫في‬ ‫يتسببان‬ ‫عاملين‬ ‫اك‬ PSAK 109 ‫على‬ LAZIS (‫البشرية‬ ‫الموارد‬ ‫وهما‬ ، ‫ميدان‬ ‫في‬ ‫المحمدية‬ HR ‫يفهمون‬ ‫وال‬ ‫المسنين‬) PSAK 109 ‫وال‬ ‫من‬ ‫ومكافآت‬ ‫عقوبات‬ ‫توجد‬ LAZIS ‫المركزية.‬ ‫المحمدية‬ Abstrak: Penelitian ini menjelaskan tentang penerapan PSAK 109 dalam pengelolaan zakat, infaq/sedekah pada LAZIS Muhammadiyah Kota Medan. Melalui penelitian ini diketahui persentase penerapan PSAK 109 dan diketahui faktor-faktor yang menyebabkan tidak diterapkannya PSAK 109. Data yang digunakan adalah data primer dan data sekunder. Teknik pengumpulan data yang digunakan yaitu teknik dokumentasi dan wawancara. Analisis data yang digunakan adalah analisis

Purpose of this study is to predict trend value of collecting ZIS with fintech and non fintech. Data taken from BAZNAs from 2002-2017 and using descriptive statistics with linear trend and parabolic, inference statistic with paired sample test. Result shown that fintech trend like parabolic and non fintech like linear. There is a significant and power full correlation at ZIS revenue with fintech and non fintech. Thus, there is difference average of ZIS revenue before and after using fintech. Using SIMBA fintech will be affecting the revenue of ZIS. Average prediction of ZIS collecting funds from 2018-2025 with fintech is greater than using non fintech. Average growth of ZIS revenue with fintech is 9.98 percent and 5.78 percent with non fintech. Abstrak Penelitian ini bertujuan untuk memprediksi nilai trend pengumpulan ZIS dengan menggunakan fintech dan non fintech. Metode yang digunakan statistik deskriptif dengan membuat trend linier dan parabola, serta statistik inferensia dengan paired sample test, dengan data yang berasal dari BAZNAS pada 2002-2017. Hasil penelitian menunjukkan bahwa trend fintech berbentuk parabola dan non fintech berbentuk linier. Penerimaan ZIS menggunakan fintech dan non fintech terdapat korelasi yang kuat dan signifikan. Dengan demikian, rata-rata penerimaan ZIS sebelum dan sesudah menggunakan fintech adalah tidak sama (berbeda). Penggunaan fintech berupa SIMBA akan mempengaruhi jumlah penerimaan ZIS. Prediksi rata-rata dari pertumbuhan pengumpulan dana ZIS pada 2018-2025 dengan menggunakan fintech lebih besar dari pada non fintech. Rata-rata pertumbuhan penerimaan ZIS dengan fintech sebesar 9,98 persen dan non fintech sebesar 5,78 persen.

Penelitian ini merupakan penelitian kualitatif yang mengangkat masalah ketidaksesuaian antara identitas etik yang diungkapkan dengan identitas etik yang ideal. Fokus dari penelitian ini menjelaskan praktik pengungkapan nilai-nilai identitas etik dari PT Bank Muamalat Indonesia Tbk. Bank Muamalat merupakan bank syariah pertama yang lahir di Indonesia yang seharusnya dapat menjadi contoh dari bank-bank syariah yang lahir setelahnya. Penelitian ini bertujuan untuk menganalisis dan memahami apakah bank syariah dalam menyajikan laporan tahunan sudah sesuai dengan identitas etik yang ideal dan bagaimana bank syariah dalam mengungkapkan informasi identitas etiknya dalam laporan tahunan.
Penelitian ini merupakan penelitian kualitatif yang dilakukan dalam paradigma interpretif. Pendekatan yang digunakan dalam penelitian ini yaitu pendekatan semiotika. Penelitian ini dilakukan dengan menganalisis dan memahami pengungkapan nilai-nilai identitas etik dalam laporan tahunan Bank Muamalat tahun 2014.
Hasil penelitian menunjukkan bahwa dalam laporan tahunan Bank Muamalat tahun 2014 telah terkandung sebagian nilai-nilai identitas etik. Namun, identitas etik yang diungkapkan dalam laporan tahunan belum sepenuhnya sesuai dengan identitas etik yang ideal. Makna dari penelitian ini adalah Bank Muamalat belum menunjukkan kepatuhan secara keseluruhan dalam tanggung jawabnya yang tidak hanya ditujukan kepada masyarakat melainkan seharusnya juga kepada Allah SWT.

Abstrak. Memaknai Manajemen Bisnis Islami Sebagai Kehidupan yang Menghidupi. Penelitian ini bertujuan memaknai manajemen bisnis Islami yang dijalankan oleh penjual bubur sehingga menghasilkan bisnis yang bukan hanya sebagai kegiatan yang bersifat self interest akan tetapi bisnis sebagai kehidupan yang menghidupi, dan juga memberikan gambaran lingkungan bisnis yang holis-tik dengan mengintegrasikan unsur spiritual religi-sosial ke dalam bisnis. Pene-litian ini menggunakan fenomenologi yang diekstensikan dengan konsep Tauhid Al-Faruqi. Temuan penelitian menunjukkan bahwa manajemen bisnis Islami mendasarkan kegiatannya pada ketaatan, istiqomah, keikhlasan yang disandar-kan pada Allah SWT sehingga memunculkan manajemen bisnis Lillahi Ta'ala dengan Tauhid sebagai landasan utamanya, hal ini membuka jalan pembebasan ekonomi Islam yang masih terkurung dalam bayang-bayang ekonomi kapitalis. Abstract. Interpreting Islamic Business Management as a Life Support. The purpose of this research is to show how Islamic management practiced who worked by porridge's seller so produce not only self interest business but also business as life support, and then giving description about holistic business environment with intergrating spiritual religi-social into business. This research uses phenomenology which extended with Al-Faruqi's Tauhid concept. The result of this research shows that Islamic management business put the basic of its activity to loyalty, istiqomah, sincere which based on Allah SWT so appearing Lillahi Ta'ala business management with Tauhid as main principle, this way will open Islamic economy liberating that still trapped in the shadow of capitalist economic.

The shari'ah accounting has emerged and developed when the shari'ah business has been growth. Shari'ah accounting rests on shari'ah compliance. Development of shari'ah accounting touches fundamental aspect in epistemology such as the concepts of shari'ah transactions which implies shari'ah-based accounting postulates, principles, concepts, and financial reporting. This paper aims to explore the discourses of epistemology in the development of Shari'ah accounting. It will describe the shari'ah principles as an epistemology of Islam. This paper also discusses some challenges facing epistemology in Shari'ah accounting.

Commitment needed to maintain a balance between financial performance aspects of the operational aspects of social performance in microfinance institutions (MFI's). In this article the author conducted a literature study, by dividing the discussion of three main parts, namely: the solutions to the phenomenon of ethics violations by MFI's; Shariah principles on Islamic MFI's in accordance with ethics violations solutions; challenges to the implementation of Reviews These solutions. Based on this, the authors found the similarities of the MFI's commitment to the principles of sharia platform to implement ethical MFI's operations. In this article the author suggests four main pillars of ethical commitment as an indicator that the MFI's / MFI's sharia, implementing operational aspects equally between financial performance and social performance.

This study documents the asset pricing mechanism of Sharīʿah compliant
securities listed on the Karachi Stock Exchange. We select the CAPM market model to
test for the impact in variations of stock returns on a sample of Sharīʿah-compliant
companies on ten years monthly data (2001-10). We first test the basic CAPM (Capital
Asset Pricing Model) and its modified form known as the Sharīʿah-compliant asset pricing model (SCAPM). We also analyze return differences due to size (market capitalization), book to market (B/M) value, price-earning ratio (PER), and cash-flow yield (CFY). Our results find a strong impact of the market index on stock returns (adj-R2 70%) and confirm the anomalies of size, B/M, CFY, and PER, while SCAPM is slightly better in explaining variations in cross-sectional stock returns.
Keywords: CAPM, SCAPM, Sharīʿah-compliant securities, size, book to market, cash
flow yield, price earnings ratio, asset pricing.

Corporate responsibilities (CR) have recently gained attention in developing countries, such as Malaysia. Cr are expected to be a vital practice of Islamic Financial Institutions (IFIs) since they are described as "having a social face". The communication of Cr information by Islamic Financial Institutions (IFIs) has been of interest to the accounting information users. The annual reports of the selected IFIs are analysed to identify the types of CR information as well as the volume of information disclosed. It is found  that there is a communication gap between the actual communication made by IFIs and the "desirable", as prescribed in Shariah.

The objective of the research is to formulate Islamic Cash Flow concept from the real transaction and business habitus of Indonesian Moslem Society. The existence of time value of money in the conventional Cash Flows concept is important because of the uncertainty condition. Uncertainty condition relates to the allocation problem in Cash Flow Accounting and gives way to gharar/usury/riba. The only possibility is to eliminate the substantial deadlock over the form of Cash Flow concept based on riba towards Cash Flow concept that
has Islamic values substances, namely tazkiyah (purified). Such formulation is conducted by utilizing Extension of Integrated Islamic Hyperstructuralism Methodology. In this methodology, conventional concept of cash flow accounting is purified (tazkiyah) by Islamic Accounting. The result is then purified by Extension of Pierre Bourdieu's Constructivist Structuralism to
generate Islamic Cash Flow concept. The major result shows that ma'isyah becomes a substance of Islamic Cash Flow concept. This means that ma'isyah is actually used to search value added (economic, social and environment) activities (material) to attain barakah/blessings (soul-spiritual).