Islamic finance: from sacred intentions to secular goals?

Haniffa, Roszaini; Hudaib, Mohammad

doi:10.1108/17590811011086697

Cited by 62 publications

(82 citation statements)

References 5 publications

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“…The growth of Islamic finance has seen many products offered that are copied from the conventional banking industry (Khan, 2010). It is argued that rather than fulfilling religious duties, the real aim of IFI has been seen by some as creating secular goals and not religious ones (Haniffa and Hudaib, 2010). This has led the national regulators including the Malaysian Accounting Standards Board (MASB) to have the view that IFRS adheres to the principle of Shari'ah and is applicable to IFIs.…”

Section: Aaoifi Accounting Standardsmentioning

confidence: 99%

Accounting Standards and Islamic Financial Institutions: the Malaysian Experience

Mohammed¹,

Ahmad²,

Fahmi³

2016

JIBF

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More than three decades after the establishment of first Islamic bank in Malaysia, there is still debate on the need for Islamic accounting standards. Early studies on this subject demanded a separate set of standards for Islamic Financial Institutions (IFIs) due to notable differences in transactions from their conventional Western counterparts. However, as time passed, one cannot imagine how IFIs have mushroomed and become a very large industry, with Western banks also venturing into the market. Nowadays, many products and services offered by IFIs echo the ones provided by the conventional banks. Along the line, the stance on the need for a set of accounting standards specificities to IFIs has also changed. Many parties including the Malaysian Accounting Standards Board (MASB) agree that International Financial Reporting Standards (IFRS) can be applied to transactions in IFIs. While there are many similarities to conventional banking transactions, a few areas of divergence remain in IFIs. In that case, the likely option to resolve this dilemma is to have guidelines or options for IFIs within the framework of IFRSs. If these guidelines are to be enforced globally, one possible option is for Islamic organisations to work closely with the International Accounting Standards Board (IASB). This paper reviews the subject with respect to accounting standards for IFIs and finds a few areas of research that should be pursued.

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Section: Aaoifi Accounting Standardsmentioning

confidence: 99%

Accounting Standards and Islamic Financial Institutions: the Malaysian Experience

Mohammed¹,

Ahmad²,

Fahmi³

2016

JIBF

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“…Over the years, the global development of Islamic banking has been evolutionary and significantly influenced by the dynamics of political and socio-economic circumstances [9]. Ever since its inception, the industry had undergone transformations in order to become more acceptable as part of the global finance community [9].…”

Section: The Operations Of the Islamic Banksmentioning

confidence: 99%

Grievances on Islamic Banks: A Survey

Latiff

Haron

Anamalai

2015

Islamic Perspectives Relating to Business, Arts, Culture and Communication

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There have been numerous complaints and grievances by the customers of the Islamic banks. The banks are being accused of charging high financing costs on their customers. Before remedial action could be undertaken, the root causes of the grievances need to be identified. As such, a comprehensive content analysis of literatures pertaining to the grievances on the Islamic banks has been carried out; the outcome of the analysis is a cause-effect concept map outlining 34 root causes of the grievances. The root causes are further classified under four main causes of grievances: the preference of the banks on debt-based financings, inadequate understanding about the banking products, doubts whether the banks really comply with the Shariah and poor product innovations and service quality at the banks. The findings of this survey could be viewed as the basis for remedial actions to be undertaken by the Islamic banks to address the prevailing grievances.

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“…Dari penelitian ini tampak bahwa pembahasan masih terbatas pada definisi riba yang dikaitkan dengan praktik dalam perbankan syariah. Hanya beberapa diantaranya yang mengulas lebih dalam tentang konsep riba, seperti Kamla (2009), dan Haniffa dan Hudaib (2010) dalam penelitiannya yang berjudul "Sacred and Secular Goals". Berbeda dengan penelitianpenelitian tersebut, penelitian ini ingin mengamati sejauh mana kesadaran muslim (diwakili oleh dosen) atas praktik riba dalam kehidupan seharihari.…”

Section: Pendahuluanunclassified

Mengungkap Kesadaran Islami atas Riba pada Proses Pembelajaran Akuntansi

Rahmanti

2017

JAI

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This research aimed to know awareness of teachers (lecturers) specifically on subject of Financial Accounting including recognition, measurement, and reporting of "interest". Muslims believe that interest is forbidden as riba. Indeed, the practice of interest is not limited as Islamic issue, but it is viewed as universal issue based on housing bubble price cycle that may affect all sectors. By employing postphenomenology as well as thought of Don Ihde, this research involving five diversified informant. The results showed that the subjects of Financial Accounting lecturer (Muslim) still stuck on "technology" (term of Ihde) in the form of international curriculum standards, reference books, and subject (course) planning.© and Secular Goals". Berbeda dengan penelitianpenelitian tersebut, penelitian ini ingin mengamati sejauh mana kesadaran muslim (diwakili oleh dosen) atas praktik riba dalam kehidupan seharihari. Kekhawatiran yang muncul atas ketidaksadaran atau justru "sengaja tidak menyadarkan diri" untuk mengenalkan, mengajarkan, bahkan mempraktikkan riba. Melalui penelitian ini, diharapkan akan dapat menemukan benang merah tentang apakah Islam kini hanya dimaknai sebagai teori yang mengarah pada sekulerisasi, atau memang Islam telah meliputi seluruh sendi kehidupan yang bersifat "sakral" (meminjam istilah Haniffa dan Hudaib 2010) dengan mengeksplorasi kesadaran muslim tentang riba. Proses penggalian ini dilakukan dengan meneliti apakah larangan riba hanya dimengerti secara teori definitif seperti yang dijelaskan dalam mata kuliah Agama, ataukah subjek peneliti memang benarbenar sadar akan hal ini yang terefleksi dari kehidupan mereka melalui aktivitasnya sebagai dosen.Ilmu sosial, ada pula yang menyebut "humaniora", lebih spesifik ilmu akuntansi diyakini sebagai tools yang bebas nilai (Mulawarman, 2013). Hal serupa disitir pula oleh Nofianti (2012) dari Sudibyo (1987) yang menyimpulkan bahwa akuntansi memang diyakini sebagai teknologi. Sebagai konsekuensinya, akuntansi dinilai sebagai suatu ilmu yang berhubungan dengan hal teknis yang tidak dapat memengaruhi suatu peradaban. Akuntansi dianggap hanya sebagai alat, benda mati, yang tidak memiliki kekuatan. Ini tercermin dari siklus akuntansi yang hanya sarat dengan angka, akun, jurnal dan berakhir di laporan keuangan. Berbeda dengan pandangan ini, peneliti lain seperti Triyuwono (2000), menilai sebaliknya, bahwa akuntansi tidak bebas nilai. Akuntansi bukan lagi dianggap sekedar alat, namun ilmu ini dapat mengubah suatu peradaban. Akuntansi akan menjadi baik jika si pengguna

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Islamic finance: from sacred intentions to secular goals?

Cited by 62 publications

References 5 publications

Accounting Standards and Islamic Financial Institutions: the Malaysian Experience

Accounting Standards and Islamic Financial Institutions: the Malaysian Experience

Grievances on Islamic Banks: A Survey

Mengungkap Kesadaran Islami atas Riba pada Proses Pembelajaran Akuntansi

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