Sharia accounting model in the perspective of financial innovation

Menne, Firman; Hasiara, La Ode; Setiawan, Adil; Palisuri, Palipada; Tenrigau, Andi Mattingaragau; Waspada, Waspada; Juliana, Juliana; Nurhilalia, Nurhilalia

doi:10.1016/j.joitmc.2023.100176

Cited by 3 publications

(2 citation statements)

References 78 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Educating customers in the forms of making them understand the revised cost structure, fee structures, and payment structures in relation to VAT compliant payments is a way for Islamic banks to adapt their financial products and services in response to VAT implementation. According to Menne et al (2023), transparency is one of the significant factors for the development of accounting models in compliance with Sharia principles. Hence, by adopting the means of remaining transparent to customers by explaining to them all the necessary financial impacts of VAT implementation, Islamic banks can navigate issues related to the implementation of VAT and adhere to Sharia principles as well.…”

Section: Investigation Of How Islamic Banks Innovate and Adapt Their ...mentioning

confidence: 99%

The Impact of Implementing Value-Added Tax on the Islamic Banking Practices

Alkhayyal,

Parveen

2024

Intl. J. Rel.

View full text Add to dashboard Cite

The main aim of this research is to determine the impact of implementing VAT on Islamic banking practices. Prohibition of Riba (interest) and Gharar (uncertainty) are the fundamental principles of Islamic banking and key differentiators to differentiate it from conventional banking practices. It was found that Riba and Gharar are the two main hindrances for the Islamic banks operating in Saudi Arabia, as these two are not endorsed by existing Sharia principles. As a result, the Islamic banks in the country leveraged Mudarabah to invest in asset development, which is supported by Sharia principles. On the other hand, rising interest rates, influenced by VAT implementation that caused a rise in commodity prices as well, led to consumers seeking less loan support. In contrast, it increased the money deposit volume of consumers. With the development of a compliance team, the Islamic banks in the country are recommended not only to enforce the practice of Standard operation procedure (SOPs ) but also to start a fee-based structure that is endorsed by Sharia principles, and it would also help banks to accumulate VAT collections through fees from customers.

show abstract

Section: Investigation Of How Islamic Banks Innovate and Adapt Their ...mentioning

confidence: 99%

The Impact of Implementing Value-Added Tax on the Islamic Banking Practices

Alkhayyal,

Parveen

2024

Intl. J. Rel.

View full text Add to dashboard Cite

show abstract

“…In addition, these companies often have access to diverse and talented human resources from different countries, enabling them to develop innovations and apply best practices globally. (Menne et al, 2024) Not only do they impact the global economy through contributions to the gross domestic product (GDP) of the countries in which they operate, Multinational companies also have a significant influence on international trade, investment flows, and overall global economic growth. They are often the main drivers of economic growth in several countries, creating jobs, transferring technology, and raising living standards in the areas where they operate.…”

Section: Financial Managementmentioning

confidence: 99%

Financial Strengthening Strategies in Increasing Company Competitiveness Multinational

Rahman,

Masmarulan,

Rostini

et al. 2024

J. Bus. Manag. Econ. Development.

View full text Add to dashboard Cite

In the era of globalization, multinational companies face complex challenges and opportunities in various jurisdictions. Financial strengthening is a key strategy to increase a company's competitiveness in a dynamic global market. This research examines how efficient financial management, managing foreign exchange risks, optimizing capital structure, and investing in technology can support the stability and growth of multinational companies. Through in-depth literature analysis, this research highlights the importance of integrated and holistic financial strategies to ensure liquidity, reduce risks and maximize profits. With a sustainable and responsible approach, multinational companies can achieve competitive advantage and contribute to inclusive global economic development.

show abstract

Enhancing Accounting Talent Training:Innovative Feedback and Improvement Mechanisms for the New Business Environment

Liu

2024

APEMR

View full text Add to dashboard Cite

The dynamic transformation of the business environment, spurred by technological advancements and globalization, demands a fundamental shift in accounting talent development. This study investigates the essential feedback and improvement mechanisms needed to innovate accounting education to meet current business needs. It highlights the importance of incorporating real-time business scenarios, advanced technological tools, and global accounting standards into the curriculum. Employing a mixed-methods approach, the research gathers quantitative data from surveys of accounting professionals and qualitative insights from interviews with educators. The findings identify critical gaps in existing accounting education, including outdated curricula, inadequate exposure to state-of-the-art technologies, and a lack of global perspectives. The study proposes a dynamic feedback mechanism that engages all stakeholders—students, educators, professionals, and industry bodies—to continually refresh the curriculum. Additionally, it recommends the inclusion of experiential learning and digital tools to enhance practical skills. The conclusion posits that a responsive and innovative training mechanism can better prepare accounting graduates for the challenges posed by the evolving business landscape, thus contributing to the advancement of the profession and the broader economy.

show abstract

Sharia accounting model in the perspective of financial innovation

Cited by 3 publications

References 78 publications

The Impact of Implementing Value-Added Tax on the Islamic Banking Practices

The Impact of Implementing Value-Added Tax on the Islamic Banking Practices

Financial Strengthening Strategies in Increasing Company Competitiveness Multinational

Enhancing Accounting Talent Training:Innovative Feedback and Improvement Mechanisms for the New Business Environment

Contact Info

Product

Resources

About