The Emerging Issues On The Objectives and The Characteristics Of Islamic Accounting For Islamic Business Organizations

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Shahul Hameed Mohd. Ibrahim Rizal Yaya

Abstract

Islam has a different worldview which affects the socio-economic activities of its adherents. As accounting is a social institution which should reflect the nuances of its society and help achieve its socio-economic objectives, a different type of accounting is required as compared to the conventional accounting of capitalistic society. Research on Islamic accounting is still at an exploratory stage; its pioneers trying to develop a theoretical framework for Islamic accounting using various methodologies. As with the development of conventional accounting, the search is on the objectives and characteristics of Islamic accounting as a foundation on which to lay its principles, conventions, rules and standards. This article explores the emerging issues in this development and searches for patterns in the debate on Islamic accounting theory. We evaluate these different methodologies and approaches suggested in the literature used to develop Islamic accounting theory. We find the hybrid approach promising as compared to the “ibaha” approach.

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How to Cite
MOHD. IBRAHIM, Shahul Hameed; YAYA, Rizal. The Emerging Issues On The Objectives and The Characteristics Of Islamic Accounting For Islamic Business Organizations. Management & Accounting Review (MAR), [S.l.], v. 4, n. 1, p. 74-92, june 2005. ISSN 2550-1895. Available at: <http://arionline.uitm.edu.my/ojs/index.php/MAR/article/view/315>. Date accessed: 17 oct. 2018.
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