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A survey on Islamic Finance and accounting standards

Author

Listed:
  • M. Kabir Hassan
  • Sirajo Aliyu
  • Makeen Huda
  • Mamunur Rashid

Abstract

This review presents Islamic financial standards from inception to recent developments. The review discusses issues relating to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Islamic Financial Services Board (IFSB), and International Islamic Financial Markets standards (IIFM). Beyond institutional financial standards, this article proposes other perspectives that focus on the socio-economic impacts to the system. Consequently, the functional activities and standards development process of the reviewed bodies are discussed. The paper also highlights other challenges that need further strengthening within the system and concludes with suggestions for future studies.

Suggested Citation

  • M. Kabir Hassan & Sirajo Aliyu & Makeen Huda & Mamunur Rashid, 2019. "A survey on Islamic Finance and accounting standards," Borsa Istanbul Review, Research and Business Development Department, Borsa Istanbul, vol. 19(Supplemen), pages 1-13, August.
    • Handle: RePEc:bor:bistre:v:19:y:2019:i:s1:p:1-13
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    More about this item

    Keywords

    Financial standards; Survey; Islamic finance; AAOIFI; IFSB; IIFM;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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