Accounting for Islamic finance

This book is an effort to document the application of the Malaysian Financial Reporting Standards (MFRS) on Islamic finance transactions in Islamic banking, takaful entities and Islamic asset management in Malaysia. There are 15 chapters in this book which are divided into four parts. Part I, whi...

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Main Authors:	Abd Rahman, Abdul Razak, Yusof, Amir Alfatakh, Mohd Ariffin, Noraini, Rosman, Romzie, Abdul Ghani, Badlisyah, Abd Latiff, Radziah, Yusso, Shelia Ainon, Rajagopal, Harun Kannan, Ahmed, Mezbah Uddin, Zailani, Nurul Hidayah, Sulaiman, Maliah, Ramli, Rasmimi, Muhyidin, Ahmad Hammami, Abdul Wahab, Ahmad Nasri, Singh, Manjit, Mohamed, Mohd Muazzam, Muhamad Sori, Zulkarnain, Juma’at, Sharizad
Other Authors:	Abdul Malek Shahar, Mazatul ‘Aini Shahar
Format:	Book
Language:	English
Published:	Malaysian Institute of Accountants 2020
Subjects:	HG Finance HG3368 Islamic Banking and Finance HG4001 Financial management. Business finance. Corporation finance.
Online Access:	http://irep.iium.edu.my/78163/ http://irep.iium.edu.my/78163/ http://irep.iium.edu.my/78163/3/78163%20-%20Accounting_for_Islamic_Finance.pdf

id	iium-78163
recordtype	eprints
spelling	iium-781632020-02-04T01:24:00Z http://irep.iium.edu.my/78163/ Accounting for Islamic finance Abd Rahman, Abdul Razak Yusof, Amir Alfatakh Mohd Ariffin, Noraini Rosman, Romzie Abdul Ghani, Badlisyah Abd Latiff, Radziah Yusso, Shelia Ainon Rajagopal, Harun Kannan Ahmed, Mezbah Uddin Zailani, Nurul Hidayah Sulaiman, Maliah Ramli, Rasmimi Muhyidin, Ahmad Hammami Abdul Wahab, Ahmad Nasri Singh, Manjit Mohamed, Mohd Muazzam Muhamad Sori, Zulkarnain Juma’at, Sharizad HG Finance HG3368 Islamic Banking and Finance HG4001 Financial management. Business finance. Corporation finance. This book is an effort to document the application of the Malaysian Financial Reporting Standards (MFRS) on Islamic finance transactions in Islamic banking, takaful entities and Islamic asset management in Malaysia. There are 15 chapters in this book which are divided into four parts. Part I, which covers Chapters 1 to 3, provides a background on Islamic finance development in Malaysia and sets the scene to the rest of the chapters in this book. Chapter 1 discusses the differences between Islamic and conventional financial institutions which comprise banking, takaful and asset management companies. Chapter 2 explains Malaysia’s journey on Islamic banking where, among others, it entails discussion on development of regulatory requirements on Islamic finance since 1983 and using accrual accounting for Islamic finance transactions. While Chapter 3 focuses on the adoption of accounting standards by the Islamic financial institutions and its implications on Islamic finance. Parts II to IV that cover 12 chapters, discuss the application of MFRSs on assets, liabilities, income, expenses and equity of Islamic banks, takaful entities and Islamic asset management companies. The discussion on assets, liabilities and equity look at definition/nature, recognition, measurement as well as presentation and disclosure of the items in the financial statements of these entities. Parts II and III that cover Islamic banking and takaful entities respectively, also include an introduction chapter on understanding of Islamic banks’ and takaful entities’ financial statements as well as a brief discussion on future consideration of accounting standards for those entities, given the continuous development of the accounting standards affecting them. It is our hope that this book would instil the knowledge of applying MFRSs on Islamic finance transactions among the students of universities and institute of higher learning as well as provide useful reference materials in teaching the application of MFRS on Islamic finance transactions. In addition, this book could be a point of reference that explains and clarifies the rationale behind current applications of MFRS for Islamic finance either for Islamic financial institutions or other industries. Malaysian Institute of Accountants Abdul Malek Shahar, Mazatul ‘Aini Shahar Tay, Pit Eu Simon 2020 Book PeerReviewed application/pdf en http://irep.iium.edu.my/78163/3/78163%20-%20Accounting_for_Islamic_Finance.pdf Abd Rahman, Abdul Razak and Yusof, Amir Alfatakh and Mohd Ariffin, Noraini and Rosman, Romzie and Abdul Ghani, Badlisyah and Abd Latiff, Radziah and Yusso, Shelia Ainon and Rajagopal, Harun Kannan and Ahmed, Mezbah Uddin and Zailani, Nurul Hidayah and Sulaiman, Maliah and Ramli, Rasmimi and Muhyidin, Ahmad Hammami and Abdul Wahab, Ahmad Nasri and Singh, Manjit and Mohamed, Mohd Muazzam and Muhamad Sori, Zulkarnain and Juma’at, Sharizad (2020) Accounting for Islamic finance. Malaysian Institute of Accountants, Kuala Lumpur. ISBN 978-967-11317-9-4 http://www.mia.org.my/
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG Finance HG3368 Islamic Banking and Finance HG4001 Financial management. Business finance. Corporation finance.
spellingShingle	HG Finance HG3368 Islamic Banking and Finance HG4001 Financial management. Business finance. Corporation finance. Abd Rahman, Abdul Razak Yusof, Amir Alfatakh Mohd Ariffin, Noraini Rosman, Romzie Abdul Ghani, Badlisyah Abd Latiff, Radziah Yusso, Shelia Ainon Rajagopal, Harun Kannan Ahmed, Mezbah Uddin Zailani, Nurul Hidayah Sulaiman, Maliah Ramli, Rasmimi Muhyidin, Ahmad Hammami Abdul Wahab, Ahmad Nasri Singh, Manjit Mohamed, Mohd Muazzam Muhamad Sori, Zulkarnain Juma’at, Sharizad Accounting for Islamic finance
description	This book is an effort to document the application of the Malaysian Financial Reporting Standards (MFRS) on Islamic finance transactions in Islamic banking, takaful entities and Islamic asset management in Malaysia. There are 15 chapters in this book which are divided into four parts. Part I, which covers Chapters 1 to 3, provides a background on Islamic finance development in Malaysia and sets the scene to the rest of the chapters in this book. Chapter 1 discusses the differences between Islamic and conventional financial institutions which comprise banking, takaful and asset management companies. Chapter 2 explains Malaysia’s journey on Islamic banking where, among others, it entails discussion on development of regulatory requirements on Islamic finance since 1983 and using accrual accounting for Islamic finance transactions. While Chapter 3 focuses on the adoption of accounting standards by the Islamic financial institutions and its implications on Islamic finance. Parts II to IV that cover 12 chapters, discuss the application of MFRSs on assets, liabilities, income, expenses and equity of Islamic banks, takaful entities and Islamic asset management companies. The discussion on assets, liabilities and equity look at definition/nature, recognition, measurement as well as presentation and disclosure of the items in the financial statements of these entities. Parts II and III that cover Islamic banking and takaful entities respectively, also include an introduction chapter on understanding of Islamic banks’ and takaful entities’ financial statements as well as a brief discussion on future consideration of accounting standards for those entities, given the continuous development of the accounting standards affecting them. It is our hope that this book would instil the knowledge of applying MFRSs on Islamic finance transactions among the students of universities and institute of higher learning as well as provide useful reference materials in teaching the application of MFRS on Islamic finance transactions. In addition, this book could be a point of reference that explains and clarifies the rationale behind current applications of MFRS for Islamic finance either for Islamic financial institutions or other industries.
author2	Abdul Malek Shahar, Mazatul ‘Aini Shahar
author_facet	Abdul Malek Shahar, Mazatul ‘Aini Shahar Abd Rahman, Abdul Razak Yusof, Amir Alfatakh Mohd Ariffin, Noraini Rosman, Romzie Abdul Ghani, Badlisyah Abd Latiff, Radziah Yusso, Shelia Ainon Rajagopal, Harun Kannan Ahmed, Mezbah Uddin Zailani, Nurul Hidayah Sulaiman, Maliah Ramli, Rasmimi Muhyidin, Ahmad Hammami Abdul Wahab, Ahmad Nasri Singh, Manjit Mohamed, Mohd Muazzam Muhamad Sori, Zulkarnain Juma’at, Sharizad
format	Book
author	Abd Rahman, Abdul Razak Yusof, Amir Alfatakh Mohd Ariffin, Noraini Rosman, Romzie Abdul Ghani, Badlisyah Abd Latiff, Radziah Yusso, Shelia Ainon Rajagopal, Harun Kannan Ahmed, Mezbah Uddin Zailani, Nurul Hidayah Sulaiman, Maliah Ramli, Rasmimi Muhyidin, Ahmad Hammami Abdul Wahab, Ahmad Nasri Singh, Manjit Mohamed, Mohd Muazzam Muhamad Sori, Zulkarnain Juma’at, Sharizad
author_sort	Abd Rahman, Abdul Razak
title	Accounting for Islamic finance
title_short	Accounting for Islamic finance
title_full	Accounting for Islamic finance
title_fullStr	Accounting for Islamic finance
title_full_unstemmed	Accounting for Islamic finance
title_sort	accounting for islamic finance
publisher	Malaysian Institute of Accountants
publishDate	2020
url	http://irep.iium.edu.my/78163/ http://irep.iium.edu.my/78163/ http://irep.iium.edu.my/78163/3/78163%20-%20Accounting_for_Islamic_Finance.pdf
first_indexed	2023-09-18T21:50:10Z
last_indexed	2023-09-18T21:50:10Z
_version_	1777413715607420928

Accounting for Islamic finance

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