Awareness and knowledge of Islamic accounting system among accounting students in the Nigerian universities

Abstract

Purpose This study aims to analyse the level of awareness and knowledge of Islamic accounting among accounting students in the Nigerian universities. Furthermore, the study also compares the students’ understanding of Islamic and conventional accounting. Design/methodology/approach The study used survey research design through the administration of questionnaire on a sample of university undergraduate and post-graduate accounting students across the north-west region in Nigeria. The data generated for the study was analysed using Cronbach’s alpha, mean, standard deviation and inferential statistics. Findings The study found that the accounting students have an adequate awareness and basic knowledge of Islamic accounting as they were able to contrast Islamic accounting from conventional accounting. Also, in their aspiration towards learning Islamic accounting, they agreed that Islamic accounting should be made a compulsory course in accounting curriculum. Research limitations/implications This study focusses on north-west region of Nigeria. Hence, data and more in-depth analysis can be further improved by considering a whole country as diverse as Nigeria. Also, only a questionnaire was used by the study. Hence, further studies can use face-to-face interviews to fully extract the awareness and knowledge of the target respondents. Lastly, majority of the respondents are Muslims given the area where the study was conducted, hence, non-Muslims are not properly represented. Practical implications Despite its limitations, this study is still of importance in providing insights on both undergraduate and post-graduate students’ level of awareness and knowledge of Islamic accounting. This course is unique as it is different in orientation compared with other existing courses on offer. This paper also provides an invaluable insight, therefore, National University Commission of Nigeria, Islamic institutions and professional bodies like Institute of Chartered Accountants of Nigeria and Association of National Accountants of Nigeria should make continues effort towards promoting the awareness and knowledge of Islamic accounting by properly integrating same into academic and professional curricula and other training and sensitisation programs. In doing so, Islamic accounting subjects could be introduced as independent courses for selection by the student. Courses like Islamic Accounting and Finance, Accounting for Islamic Financial Institutions (IFIs), Accounting for Waqf, Accounting for Zakat, Shariah auditing, Corporate Shariah Governance, Education and Ethics could be introduced across levels to enable students learn more of Islamic accounting. Social implications Proper integration of Islamic accounting into academic and professional courses would greatly contribute to the production of experts most importantly ethical and God-fearing accountants for the growth and development of IFIs in Nigeria. Originality/value This paper examines Nigerian university undergraduate and post-graduate students’ level of awareness and knowledge of Islamic accounting in the north-west region of Nigeria.

Governance of Islamic social finance: learnings from existing literature

“…4.3.6.1 Lesson learned. Education to enrich knowledge related to shariah governance must be carried out through formal education (Kibiya et al, 2022;Zulpahmi et al, 2022). Sharia governance education should be started in tertiary education institutions and even is taught since adolescence and children, if possible, to make Sharia governance a habit or lifestyle.…”

“…A cohort of researchers has recognized the potential of implementing Corporate Shariah Governance at various educational levels as a means to enhance students' understanding of Islamic accounting. This strategic approach aimed to cultivate a cadre of ethical and devout accountants who could contribute to the advancement and progress of Islamic Financial Institutions in Nigeria (Kibiya et al , 2022). Meanwhile, in Indonesia, there was still a gap in knowledge, information and perspective from higher education students toward the practice of shariah governance in Islamic social financial institutions (Nugroho and Wibowo, 2022).…”

“…Sharia governance education should be started in tertiary education institutions and even is taught since adolescence and children, if possible, to make Sharia governance a habit or lifestyle. Therefore, in the future, there will be experts in this field (Kibiya et al , 2022). We resolved that Islamic social financial institutions (i.e.…”