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Islamic Financial Instruments: Accounting of Debt-Based Contracts

In: Financial and Accounting Principles in Islamic Finance

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  • Samir Alamad

    (Al Rayan Bank)

Abstract

This Chapter discusses the accounting and financial accounting treatment of debt-based Islamic financial instruments. The debt-based instruments category includes the Islamic finance principles of Qard (interest-free/benevolent loan), Amanah (trust deposit) and Wadi’a (safe custody deposit). This chapter builds on the influencing theories and the Islamic worldview about money and accounting that I discussed in earlier chapters to formulate the practical aspects of the Islamic accounting system. In that respect I analyse here the accounting treatment and financial reporting of the third category of the Islamic finance principles; the debt-based financial instruments in Islamic finance and its reporting requirements.

Suggested Citation

  • Samir Alamad, 2019. "Islamic Financial Instruments: Accounting of Debt-Based Contracts," Springer Books, in: Financial and Accounting Principles in Islamic Finance, chapter 0, pages 167-174, Springer.
  • Handle: RePEc:spr:sprchp:978-3-030-16299-3_7
    DOI: 10.1007/978-3-030-16299-3_7
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