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Practical Issues Of Islamic Financial System In Accounting Auditing And Governance Standards
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Book Synopsis Practical Issues of Islamic Financial System in Accounting, Auditing and Governance Standards by : Muhammad Zubair Usmani
Download or read book Practical Issues of Islamic Financial System in Accounting, Auditing and Governance Standards written by Muhammad Zubair Usmani and published by . This book was released on 2004 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Foundations of Shari'ah Governance of Islamic Banks by : Karim Ginena
Download or read book Foundations of Shari'ah Governance of Islamic Banks written by Karim Ginena and published by John Wiley & Sons. This book was released on 2015-03-09 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: A practical guide for robust sharī'ah governance of the Islamic banking industry Debate in the market on the extent of sharī'ah compliance of Islamic banks, their products, and activities has piqued stakeholders' interest. In Foundations of Sharī'ah Governance of Islamic Banks, Karim Ginena and Azhar Hamid explore the depths of sharī'ah governance to unravel its mysterious dimensions, and equip academics and practitioners with a solid understanding of the subject, which has become a serious challenge and thus deserves dedicated attention. The authors make a strong case for the need to contain the sharī'ah risk that Islamic banks experience, and present a compelling argument for how this should be done. Ginena and Hamid propose a robust sharī'ah governance model that comprehensively tackles thisrisk, and helps improve the extent of sharī'ah compliance of market players. The authors detail the internal, external, and institutional arrangements needed to promote responsible sharī'ah governance, and critically analyze current laws, regulations, and industry practices on the topic. The chapters of the book do the following: Examine the roots, characteristics and objectives of sharī'ah and its relation to financial dealings; Probe the role of regulators in sharī'ah governance, explore the different approaches adopted by banking supervisors, and provide examples of relevant legal and regulatory measures; Explain to bank directors and management the fiduciary duty they assume with respect to sharī'ah compliance, and detail how they could discharge this responsibility in line with best practices; Elaborate on the purpose of the Sharī'ah Supervisory Board (SSB), its responsibilities, competence criteria, internal regulations, and key governance guidelines; additionally, they explore different SSB models; Describe the internal sharī'ah control system including its six components, and examine the internal sharī'ah audit function as well as different stages of conducting a sharī'ah audit; Clarify the role of a sharī'ah auditor, with guidance on reporting lines, scope of duties, authority, and practical ways on fulfilling tasks, such as a sample sharī'ah risk assessment grid and audit checklists; Discuss the newly emerging external sharī'ah advisory firms that are expected to play a key role in the coming years and the services they provide. Through an effective treatment of each of these elements, and the way that they interact with one another, the book offers a fresh take on how robust sharī'ah governance of Islamic banks can be successfully accomplished. It is a comprehensive resource for academics, regulators, directors, lawyers, auditors, consultants, employees, and customers of Islamic banks interested in learning more about these challenges. This essential reading persuasively extends the discourse on the subject and addresses critical sharī'ah issues that have policy implications for decision makers in jurisdictions aiming to attract the fast-growing Islamic finance industry or increase their market share.
Book Synopsis Accounting, auditing and governance standards for islamic financial institutions : the full text of Accounting, Auditing and Governance Standards for Islamic Financial Institutions as at Safar 1423H - April 2002 by :
Download or read book Accounting, auditing and governance standards for islamic financial institutions : the full text of Accounting, Auditing and Governance Standards for Islamic Financial Institutions as at Safar 1423H - April 2002 written by and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Principles of Islamic Accounting by : Nabil Baydoun
Download or read book Principles of Islamic Accounting written by Nabil Baydoun and published by John Wiley & Sons. This book was released on 2018-09-12 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Your introduction to Islamic accounting Principles of Islamic Accounting is the first and only text that covers the fundamentals of Islamic accounting in English. A comprehensive guide, this groundbreaking reference offers both insight into Islamic accounting best practices and disclosure for Shariah-compliant instruments. Covering everything from basic transaction analysis to the preparation of financial statements, this reference serves as a broad framework around which undergraduate students can build their understanding of the Islamic business environment by offering context and showcasing how Islamic values can influence the disclosure of financial information. Islamic accounting is becoming an increasingly important aspect of the business field as globalization results in a surge in business partnerships and transactions around the world. Today's students need to understand Islamic accounting principles in order to effectively work with professionals who adhere to these standards—and accessing this information via text in English was not possible until this revolutionary reference. Review the basics through an introduction to Islamic accounting Understand the recording process, and how to complete the accounting cycle and adjust accounts as necessary Explore accounting for assets, liabilities, equity, and sukuk, as well as zakat and takaful accounting Discover details regarding Islamic commercial law, accounting for Islamic financial institutions, and Islamic corporate governance and sustainability, and look at auditing from an Islamic perspective Principles of Islamic Accounting is an essential text for first-year university students who are studying Islamic accounting, as well as professional societies and organizations that support the use of Islamic accounting principles, such as The Islamic Finance Professionals Association.
Author :Zulkarnain Bin Muhamad Sori, Sazali Bin Abdul Wahab, Mahmoud Al Homsi Publisher :Penerbit UMK ISBN 13 : Total Pages :187 pages Book Rating :4./5 ( download)
Book Synopsis CONTEMPORARY ISSUES IN FINANCIAL REPORTING OF ISLAMIC FINANCIAL INSTITUTIONS (Penerbit UMK) by : Zulkarnain Bin Muhamad Sori, Sazali Bin Abdul Wahab, Mahmoud Al Homsi
Download or read book CONTEMPORARY ISSUES IN FINANCIAL REPORTING OF ISLAMIC FINANCIAL INSTITUTIONS (Penerbit UMK) written by Zulkarnain Bin Muhamad Sori, Sazali Bin Abdul Wahab, Mahmoud Al Homsi and published by Penerbit UMK. This book was released on 2020-12-01 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents contemporary issues in financial reporting of Islamic financial institutions. Two key areas are covered namely, accounting for Islamic financial transactions and shariah governance. The main motivation to publish this book is to share our understanding on the unique nature of Islamic finance industry and the approach to be taken in accounting and reporting of Islamic financial transactions. Also, the book illustrate the importance of shariah governance in ensuring end-to-end shariah compliance. This book is to provide a practical guidance to researchers, industry practitioners and the others stakeholders.
Book Synopsis Corporate Governance and Stakeholders' Financial Interests in Institutions Offering Islamic Financial Services by : Wafik Grais
Download or read book Corporate Governance and Stakeholders' Financial Interests in Institutions Offering Islamic Financial Services written by Wafik Grais and published by World Bank Publications. This book was released on 2006 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the corporate governance arrangements of institutions offering Islamic financial services (IIFS) aimed at protecting stakeholders' financial interests. Many IIFS corporate governance issues are common with those of their conventional counterparts. Others are distinctive. In particular they offer unrestricted investment accounts that share risks with shareholders but without a voting right. This paper first reviews internal and external arrangements put in place by IIFS to protect stakeholders' financial interests. It discusses shortcomings notably in terms of potential conflict of interest between shareholders and holders of unrestricted investment accounts. It then suggests a corporate governance framework that combines internal and external arrangements to provide safeguards to unrestricted investment account holders without overburdening IIFS' financial performance. The paper uses a review of 13 IIFS and regulatory information from countries where IIFS have developed the most.
Book Synopsis Corporate Governance in Islamic Finance by : Hussein Elasrag
Download or read book Corporate Governance in Islamic Finance written by Hussein Elasrag and published by Hussein Elasrag. This book was released on 2022-02-25 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is one of few papers that highlight the importance of studying corporate governance for institutions offering Islamic financial services. The book is of value in describing governance in Islamic institutions and how there are many issues under the investigation process, especially issues related to the Shari'ah Supervisory board and its functionality. One of the objectives of this book is to discuss, and create greater awareness of, some of the crucial issues related to corporate governance in Islamic financial institutions. A second, but in fact more important, objective is to provide, in the light of this discussion, certain essential guidelines to improve corporate governance in these institutions and thereby enable them to not only maintain their momentum of growth and international acceptance but also safeguard the interests of all stakeholders.
Book Synopsis Understanding Islamic Finance by : Hussein Elasrag
Download or read book Understanding Islamic Finance written by Hussein Elasrag and published by Hussein Elasrag. This book was released on 2022-03-13 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the Islamic finance industry develops further, there is a growing need for standardization and professionalism across the industry. Coupled with this is the importance of adopting robust corporate governance systems of internationally recognized standards incorporating transparent, fair and ethical working practices. Islamic financial institutions are well-placed in this context, since at the heart of Islamic law is a vision of social development which requires all individuals and businesses to conduct themselves ethically and in a socially responsible manner. This book focuses on the basic principles of Islamic finance. In addition to discuss the Improvement can be made in several areas to promote and enhance the providing Islamic financial services.
Book Synopsis Shari'ah Governance in Islamic Banks by : Zulkifli Hasan
Download or read book Shari'ah Governance in Islamic Banks written by Zulkifli Hasan and published by Edinburgh University Press. This book was released on 2012-07-26 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth and insightful study of Shari'ah governance from a theoretical and practical perspective. Shari'ah governance has a profound influence on the day-to-day practice of Islamic Financial Institutions (IFIs) and each jurisdiction has adopted a different approach to developing a governance framework. Hasan Zulkifli reviews these pluralistic approaches and identifies best practice. With examples, case studies and practical discussions based on IFIs in Malaysia, the GCC countries of Bahrain, UAE, Qatar, Kuwait and Saudi Arabia and the UK. Topics covered include; The theory behind corporate and Shari'ah governance; The regulatory framework for Shari'ah governance; Shari'ah governance approaches; The Shari'ah Board's role and how it retains its independence, transparency and competence; The operational procedures of Shari'ah governance; The effectiveness of the Shari'ah Board and how it could be improved
Book Synopsis A Mini Guide to Shari'ah Audit for Islamic Financial Institutions - A Primer by : Syed Alwi Mohamed Sultan
Download or read book A Mini Guide to Shari'ah Audit for Islamic Financial Institutions - A Primer written by Syed Alwi Mohamed Sultan and published by CERT Publications Sdn Bhd. This book was released on 2007 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Accounting and Auditing Organization for Islamic Financial Institutions Publisher : ISBN 13 :9789990123012 Total Pages : pages Book Rating :4.1/5 (23 download)
Book Synopsis Accounting, Auditing and Governance Standards for Islamic Financial Institutions by : Accounting and Auditing Organization for Islamic Financial Institutions
Download or read book Accounting, Auditing and Governance Standards for Islamic Financial Institutions written by Accounting and Auditing Organization for Islamic Financial Institutions and published by . This book was released on 2002* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Governance in Islamic Financial Institutions by : Hussein Elasrag
Download or read book Corporate Governance in Islamic Financial Institutions written by Hussein Elasrag and published by Hussein Elasrag. This book was released on 2018-05-27 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book is of value in describing governance in Islamic institutions and how there are many issues under the investigation process, especially issues related to the Shari'ah Supervisory board and its functionality. One of the objectives of this paper is to discuss, and create greater awareness of, some of the crucial issues related to corporate governance in Islamic financial institutions. A second, but in fact more important, objective is to provide, in the light of this discussion, certain essential guidelines to improve corporate governance in these institutions and thereby enable them to not only maintain their momentum of growth and international acceptance but also safeguard the interests of all stakeholders. The book gives particular attention to the mechanisms for corporate governance, including the Board of Directors, Senior Management, shareholders, depositors, and regulatory and supervisory authorities. It also focuses on the effective management of risks and, in particular, on creating a supporting environment through moral uplift, social, legal and institutional checks, greater transparency, internal controls, and Shari'a as well as external audit. The book also indicates briefly the shared institutions that are needed for effective corporate governance.
Book Synopsis Financial Reporting for Islamic Financial Institutions by : Abdul Rauf Mahar
Download or read book Financial Reporting for Islamic Financial Institutions written by Abdul Rauf Mahar and published by Taylor & Francis. This book was released on 2024-01-26 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mainstream accounting rules, namely International Financial Reporting Standards (IFRS), used in conventional banking, employ financial logics and principles which are at odds with Shariah and therefore unsuitable for reporting the results of Islamic banks. The book is an effort to explain the Islamic accounting principles and practices for Islamic Financial institutions and to juxtapose them to mainstream accounting principles in a simple and practical manner. The book begins with an overview of the Islamic Finance environment, the rationale for Islamic accounting and a brief introduction of AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions), the professional body responsible for the issuance of Islamic accounting standards. The main features of the AAOIFI Conceptual Framework and its comparison with IFRS framework are covered in Chapter 2. Chapters 3-9 cover the accounting treatment of the major Islamic finance products including trade-based (Murabaha, Salam and Istisna’a), rental-based (Ijarah) and risk-sharing based products (Mudarabah and Musharakah). Given the significance and complexity of Islamic bonds (Sukuk) for the Islamic finance industry, Chapter 10 discusses the basic accounting and reporting issues vis-à-vis Sukuk, leaving more complex issues for advanced texts on the topic. Zakah accounting (charity) and provisions and impairments are covered in Chapters 11 and 12. The chapters are arranged so that they start with a discussion of the product itself, followed by the AAOIFI accounting treatment and ending with the IFRS perspective. Each chapter begins with the learning objectives and a cover story and closes with a summary of the learning objectives. To facilitate the learning of readers, each chapter contains a glossary of the terms introduced as well as end of chapter multiple choice questions. In addition, each chapter includes practical insights and concept checks to enhance and test the understanding of the readers. This will be a useful guide for students, academics and practitioners concerned with the subject of financial reporting in Islamic Institutions.
Book Synopsis Accounting and Auditing Standards for Islamic Financial Institutions by : Mohd Ma'Sum Billah
Download or read book Accounting and Auditing Standards for Islamic Financial Institutions written by Mohd Ma'Sum Billah and published by Taylor & Francis. This book was released on 2021-11-29 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: While accounting and audit functions are significantly regulated and standardized in conventional financial industries and activities, through the implementation of International Accounting Standards, and International Financial Reporting Standards, as well as other international, regional, and local regulations, this is not the case for Islamic financial organizations. Rather than having their own set of comprehensive accounting or auditing standards or policies, these are based, in some cases, on the Accounting and Auditing Organization for Islamic Financial Institutions (AAIOFI), the Islamic Financial Services Board (IFSB)’s standards and Shari’ah based local policies. This book is a timely and comprehensive overview of accounting and auditing standards within the doctrine of Shari’ah. It offers a significant contribution to the field and a wealth of technical know-how. It analyzes Islamic accounting and auditing both in theory and practice and from a distinctly international perspective. The chapters are arranged in a systematic and logical way making it easily accessible and engaging. The book evaluates the existing standards and widens the scope of the discourse to include Maqasid al-Shari’ah, Islamic accounting and audit models and standards, as well as, offering practical policy recommendations. The author presents a Shari’ah justified solution to Islamic Accounting and Audit and offers guidance on overcoming the challenges to implementing Islamic Accounting and Auditing Standards. The book is a unique and exhaustive guide and, as such, will be an invaluable resource for academics, researchers, students, policymakers, as well as, practitioners in accounting and auditing firms and financial institutions.
Book Synopsis Islamic Finance by : Rifaat Ahmed Abdel Karim
Download or read book Islamic Finance written by Rifaat Ahmed Abdel Karim and published by Wiley. This book was released on 2013-06-17 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the world's foremost authorities on the subject, the number-one guide to Islamic finance revised and updated for a post-crisis world Because it is entirely equity-based, rather than credit-based, Islamic finance is immune to the speculative bubbles and runaway volatility typical of Western finance. Especially now, in the wake of the global financial crisis, this has made them increasingly attractive to institutional investors, asset managers and hedge funds in search of more stable alternatives to conventional financial products. With interest in Islamic finance swiftly spreading beyond the Muslim world, the need among finance and investment professionals has never been greater for timely and authoritative information about the rules governing Islamic finance. This thoroughly updated and revised second edition of the premier guide to regulatory issues in Islamic finance satisfies that need. Addresses the need for banks to develop common Islamic-based international accounting and auditing standards Clearly explains the key differences between Shari'ah rulings, standardization of acceptable banking practices, and the development of standardized financial products Explores the role of the Shari'ah Boards in establishing common rules regarding the permissibility of financial instruments and markets Offers guidance for regulators seeking to adapt their regulatory frameworks to the needs of the fast-growing Islamic finance sector
Book Synopsis Research in Corporate and Shari'ah Governance in the Muslim World by : Toseef Azid
Download or read book Research in Corporate and Shari'ah Governance in the Muslim World written by Toseef Azid and published by Emerald Group Publishing. This book was released on 2019-05-20 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research in Corporate and Shari'ah Governance in the Muslim World: Theory and Practice aims to address a critical disciplinary gap between Islamic theory and the practice of the corporate sector in the Muslim World. Adopting a critical approach, the book sheds light on the impact of corporate governance on the economies of the Muslim world.
Book Synopsis Islamic Finance by : Rifaat Ahmed Abdel Karim
Download or read book Islamic Finance written by Rifaat Ahmed Abdel Karim and published by John Wiley & Sons. This book was released on 2013-04-17 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the world's foremost authorities on the subject, the number-one guide to Islamic finance revised and updated for a post-crisis world Because it is entirely equity-based, rather than credit-based, Islamic finance is immune to the speculative bubbles and runaway volatility typical of Western finance. Especially now, in the wake of the global financial crisis, this has made them increasingly attractive to institutional investors, asset managers and hedge funds in search of more stable alternatives to conventional financial products. With interest in Islamic finance swiftly spreading beyond the Muslim world, the need among finance and investment professionals has never been greater for timely and authoritative information about the rules governing Islamic finance. This thoroughly updated and revised second edition of the premier guide to regulatory issues in Islamic finance satisfies that need. Addresses the need for banks to develop common Islamic-based international accounting and auditing standards Clearly explains the key differences between Shari'ah rulings, standardization of acceptable banking practices, and the development of standardized financial products Explores the role of the Shari'ah Boards in establishing common rules regarding the permissibility of financial instruments and markets Offers guidance for regulators seeking to adapt their regulatory frameworks to the needs of the fast-growing Islamic finance sector
