Islamic Accounting: Critical Insight In Its Growth And

A rule making body issues authorative shari’a auditing standards for all Islamic banks and other Islamic businesses and it will be the most effective way to eliminate problems within the Islamic economy. The most effort to develop a body of consistent standards for shari’a audits has been undertaken by

Accounting serves to ensure that financial information is accurately tracked, managed and reported acorss business as well in the personal lives of people. This was as much a necessary function in biblical times as it is today. Although scandals and fraud have farther reaching impact today, it is not a phomenon of our time. So much is this case that botht he Old and New Testament provide rules for accounting and financial actions. Jesus used parables throughout the new Testament that relate to money and it was one of the topics he spoke the most on. Hagerman (1980) states, “the Bible points out that financial accounting is necessary to avoid fraud, to monitor agents, and to reduce conflicts over resources” (p. 72).

Accountants are held to a higher ethical standards and they must performed their duties in compliance with standards or ethical values of honesty, integrity, objectivity, due care, confidentiality, which must be fully committed to. They must put clients or public interest first before their own. They must have and ethical values and maintain those values way beyond what the society or the company’s code of ethic. It is important that accountants’ behavior or ethical values is in conformity with the

Sharia Law is lead by many Islamic groups, one group, The Muslim Brotherhood is the largets, oldest, and best camouflaged Islamic movement in the world today.It is both a politcal group and a religious group founded on the belief that it is not just an Islamic religion, but it is also a way of life. The Muslim Brotherhood was founded in 1928.It’s founder was Hassan al-Banna,who was also an Egyptian teacher.The Muslim Brotherhood was financed by Adolf Hitler and they also fought for him, as Nazi troops.

Every country has their own culture and it is expressed through their own traditional factors such as language and education. When a culture attempts to dominate a different culture, individuals of minor culture could easily be isolated. In Brian Friel’s Translation, he shows a several issues that could be simultaneously occurred by colonialism.

When talking about accounting, the first thing we should know is the history of its development. Traditionally, the development is from inductive to deductive. Inductive theory assume what is done by the majority is the most appropriate practice. However, It did not seek to evaluate the logic or merit of

Sharia – law believed to have originated from the “Koran, hadith, ijam, and qiyas” (Dictionary)

Although the Jamestown Colony stands today as the first permanent English settlement, the colony is also known for their hardships while sailing and after landing in Virginia. While the Disney movie “Pocahontas” is based loosely on the reality of the Jamestown Colony, having some similarities, there are some differences between the movie and its reality.

Islam is more than a religion, it’s a culture, and as such has an effect on political, social, and economic aspects of life—this is especially true outside of the Western world. Followers of Islam believe in full submission to God and this submission is practiced in the secular realm (Taha, 114). Of the five pillars of Islam, one (the zakat) has a direct affect on economic policy and ethics. The culture of Islam has shaped economic and business guidelines In the Islamic World and continues to do so. Cultural ideals attributed to the Qur’an or the Prophet Muhammad, have been a vital source for economic and business practices that have helped to shape the history of many Islamic nations, and are guiding the creation of policies

The definition of accounting theory according to Coetsee (2010) is described in two different ways. The first philosophy concludes that accounting theory is a set of general principles that guide the evolution of accounting practice. The other philosophy describes accounting theory as activity of explaining and predicting accounting practice. What the viewer can see from the statement of the first philosophy is that the accounting theory exists before accounting practices meanwhile the latter states that the accounting practice exists before the theory. Since there are many arguments about this matter, many academic researchers have concluded that accounting theory can be divided into two categories which are positive and normative theory.

The study is important because it examines the role of ethics in accounting. The research on identified problems is necessary due to vagueness of ethics concepts and its difficulty to

Becoming an expert in Islamic economics and finance field is one of my long-term goals in life. I started to organize and made a plan towards achieving that dream since senior high school. The concern towards Islamic economics and finance concept, and its application for society and the country began when I was reading a book entitled Islamic banking-theory and practice. After finishing reading the book, my interest in Islamic economic and finance topics rose and strengthen my own determination to become the expert of Islamic economics and finance. The main principle of Islamic economics and finance which offers the just and ethics in economic activity, poverty alleviation through income distribution mechanism, and prevention of economic and

The Egyptians saw death as a transitional stage in the progress to a better life in the next world. Each person was thought to have three souls, “ka”, “ba” and “akh”, for these to work properly, it was considered essential for the body to survive intact. When a person died, priests performed prayers to make a last attempt at reviving the deceased. The body was washed and made pure. It was then taken to the embalmer’s workshop. A cut was made in the left side, and all the organs were removed and stored in containers known as canonic jars. They body was then stored with a salt called natron for forty days, after the forty days had passed, the insides were filled with linen, sawdust, resin and natron. The body was then wrapped in bandages. The

The Qur’an as many know is the Holy Book to the religion of Islam. Within the thirty chapters of the book are one-hundred fourteen Surah, which are like verses in the Holy Bible, where the Surah contains the words of the great prophet of Islam, Muhammad. Many examples of Sharia law are taken from the Qur’an and are still in effect.

a. Regarding accounting, the acclaimed economist Ben Stein stated, “It's really amazing that in the age of unbelief, as a smart man called it, there isn't even more fraud. After all, with no God, there's no one to ever call you to account, and no accounting at all if you can get away with it.” Ben Stein