Overview
- Provides the reader with a comprehensive account of what constitutes accounting principles and what are these principles in Islamic Financial Institutions
- Explains the role of religious rules in the financial accounting and reporting processes and how this role is enacted
- Explores the specific financial accounting requirements for each Islamic finance principle and the financial products based on them
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Table of contents (14 chapters)
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Front Matter
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Back Matter
Keywords
About this book
This book provides an original account detailing the origins and components of a faith-based accounting system that was founded around 629 CE. By examining the historical development that the accounting systems underwent within the context of faith-based rules and values, the book explains what is meant by the term “faith-based accounting”, together with a discussion of its characteristics in relation to various product structures and the underlying Islamic finance principles. It provides important theoretical and practical contributions by explaining accounting as a value-based science rather than a value-free object or abstract. This book explores the way in which religious rules act as a directive for accounting and auditing practices in IFIs. Through which the concept of money and digital currency within the theory of money and how it is enacted in a faith-based context, amid differences of opinions among its actors, is examined. This is an important foundation to explain Islamic accounting and includes how this outcome would shape the faith-based view regarding the new phenomenon of digital currency (DC). Also featured is the concept of paper money within the theory of money and how it is enacted in a faith-based legal framework by identifying two core concepts of today’s Fiat money as being a single genus or multi-genera money. This book is not merely an academic work, nor is it a pure practitioner guide; rather, it is a robust work that combines both. It marries rigorous academic research and theories with practical industry experiences. The book provides a clear and concise guide to accounting in Islamic economics and finance and how Islamic financial institutions could meet the applicable faith-based rules in their accounting practices.
Authors and Affiliations
About the author
Samir Alamad is a senior professional and expert in the Islamic banking and finance industry, an economist and a published author. He holds a PhD degree from Aston University Business School. Currently, he is the head of Sharia compliance and product development at Al Rayan Bank. He is also an AAOIFI Certified Sharia Advisor and Auditor (CSAA) and a visiting lecturer at various universities.
Bibliographic Information
Book Title: Financial and Accounting Principles in Islamic Finance
Authors: Samir Alamad
DOI: https://doi.org/10.1007/978-3-030-16299-3
Publisher: Springer Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: Springer Nature Switzerland AG 2019
Hardcover ISBN: 978-3-030-16298-6Published: 22 May 2019
eBook ISBN: 978-3-030-16299-3Published: 10 May 2019
Edition Number: 1
Number of Pages: XXVII, 354
Number of Illustrations: 44 b/w illustrations, 5 illustrations in colour
Topics: Islamic Finance, Accounting/Auditing, Banking, Financial Accounting, Private International Law, International & Foreign Law, Comparative Law