Islamic Accounting Research Articles

Keterkaitan antara Akuntansi Syariah dan Zakat dalam Manajemen Keuangan

The main objective of this research is to analyse the extent of the application of sharia accounting in the management of zakat in zakat institutions. This research uses a qualitative approach with literature study as the main method. The qualitative approach was chosen because it allows to deeply explore abstract concepts such as Islamic accounting, zakat, and financial management, as well as their interconnections. Based on the findings of this study, it can be concluded that Islamic accounting has a crucial relationship and role in the management of zakat. The application of sharia principles such as al-amana, al-adl, and al-khas in zakat accounting not only ensures transparent and accountable fund management, but also increases public trust in zakat institutions. Good accounting practices such as segregation of funds, preparation of transparent financial statements, and independent audits are key in realising effective and efficient zakat management.

Appraising the Determinants and Outcomes of Islamic Financial Literacy through the Lens of a Systematic Literature Review

This research illuminates the determinants and outcomes of Islamic financial literacy as scrutinized in prior investigations. A systematic literature review unfolded across the Scopus database from 2016 to 2023. This investigation encompasses 22 articles from the 40 scholarly works extracted from the Scopus database. The Journal of Islamic Accounting and Business Research emerges as the most prolific disseminator of insights into the determinants and outcomes of Islamic financial literacy, credited to its robust publication frequency throughout the year. The autonomous and reliant facets of Islamic financial literacy were predominantly studied, with emphasis not only on individual dynamics but also on business perspectives. The determinants instigating Islamic financial literacy congregate within the affective, conative, family influence, self-controlled, and demographic predictors. Conversely, the ramifications stemming from Islamic financial literacy manifest in cognitive, affective, and conative dimensions, leaving an indelible imprint on the business realm. Geographic focus reveals a concentration of prior investigation within Muslim-majority nations, predominantly Indonesia. Furthermore, the investigation discovers that past studies were mainly conducted in the context of Islamic banking. The evidence from the present study provides input to researchers in conducting further research on Islamic financial literacy.

The Needs and Readiness of the Islamic Banks to Adopt the Comprehensive Islamic Accounting Standards: The Malaysian Experience

The Islamic finance sector in Malaysia has seen substantial growth over the past few decades, becoming one of the leading markets for Islamic financial products and services. This growth has brought about significant challenges in financial reporting, primarily due to the limitations of conventional International Financial Reporting Standards (IFRS) in addressing the unique characteristics of Islamic financial transactions. The shari’ah transactions are governed by Shariah principles, which prohibit interest (riba) and emphasize on risk-sharing, ethical investments, and social justice. The study aims to provide a comprehensive analysis of the current issues and debates surrounding the need for comprehensive Islamic accounting standards in Malaysia. It will review recent literature, regulatory developments, and the experiences of practitioners in the particular field. Furthermore, the report seeks to highlight the readiness of Bank Negara Malaysia and all Islamic Banks to adopt Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI) standards and explore the feasibility of integrating these standards within the International Financial Reporting Standard (IFRS) framework. Additionally, this report aims to contribute to the ongoing discourse on Islamic accounting by offering critical insights and recommendations for policymakers, regulators, and financial institutions. The ultimate goal is to enhance the transparency, comparability, and reliability of financial reporting in the Islamic finance sector, thereby promoting its sustainable growth and integration into the global financial system.

Profit-loss sharing principle in the Islamic finance industry: Current pattern and future direction

The Islamic banking and finance industry is founded on Islamic principles, with one of its main concepts being Profit-Loss Sharing (PLS). The rapid growth of the industry has led to extensive research on PLS. This study aims to capture the dynamic research landscape on PLS by examining the intellectual network, including the most influential scholars, countries, articles, publishing journals, and frequently discussed topics, as well as suggesting future research directions. We use bibliometric analysis to explore this topic, drawing data from the Scopus database. A total of 421 documents from 1992-2022 were analyzed. The study finds that Malaysia is the most productive country, Kabir Hassan is the most influential scholar, and the Journal of Islamic Accounting is the leading journal in the field. Four main topics are identified: the general theme of PLS, the implementation of PLS in different countries, PLS products, and governance and risk related to PLS. Future research is recommended based on these four topics.

PENGARUH RELIGIUSITAS, LINGKUNGAN KERJA, DAN PENGETAHUAN AKUNTANSI SYARIAH TERHADAP MINAT BERKARIR DI SEKTOR PERBANKAN SYARIAH

The purpose of this study was to determine and analyze how religiosity, work environment, and islamic accounting knowledge influence career interest in the islamic banking sector. The data sources used in this study are primary data, questionnaires were distributed to active students of the Accounting Study Program, State University of Jakarta using Google Form. Data analysis in this study used a multiple linear regression analysis model. The results of the study showed that religiosity and work environment have an influence on students' interest in a career in the islamic banking sector. While islamic accounting knowledge does not affect students' interest in a career in the islamic banking sector

COMPARATIVE STUDY ON AAOIFI FAS 1 AND IAS 1 AND EXPLORING THE COMPLIANCE OF AAOIFI FAS 1 FOR ISLAMIC FINANCIAL INSTITUTIONS (IFIS) IN BRUNEI AND UNITED ARAB EMIRATES (UAE)

This paper has two main objectives. First, it aims to compare the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Financial Accounting Standard 1 (FAS 1) with International Accounting Standard 1 (IAS 1). Second, it seeks to assess the level of compliance of Islamic Financial Institutions (IFIs) in the United Arab Emirates (UAE) and Brunei with the AAOIFI standard on General Presentation and Disclosures (FAS 1). To achieve these goals, the author conducted a content assessment of annual reports from selected financial institutions, using checklists designed for the AAOIFI standard on General Presentation and Disclosures. The study found that UAE IFIs displayed greater compliance with AAOIFI FAS 1 compared to their counterparts in Brunei. In 2021, Emirates National Bank of Dubai (Emirates NBD) achieved a compliance rate of 74.3%, while BIBD recorded a lower compliance rate of 70.8%. In summary, this paper sheds light on the differences between AAOIFI FAS 1 and IAS 1, offering valuable insights into compliance levels among IFIs in the UAE and Brunei. However, it acknowledges certain limitations, such as limited generalizability, reliance on secondary data, subjective content analysis, absence of primary research, evolving regulatory frameworks, and resource constraints. Overall, this research contributes to the field of Islamic accounting by employing content analysis techniques to compare AAOIFI FAS 1 and IAS 1 and assess compliance in IFIs in Brunei and the UAE. It aligns with previous studies on International Financial Reporting Standards for IFIs and aims to advance the understanding of Islamic accounting and financial reporting practices.

Sharia-compliant financial statements: Specifics of information disclosure

Subject. This article deals with the issues related to the disclosure of information in the financial statements by organizations providing partnership financing services. Objectives. The article aims to study the features of the Islamic model of accounting, its regulatory framework and the requirements for disclosure of information in financial statements in accordance with AAOIFI standards. Methods. The scientific works by contemporary foreign and domestic scientists engaged in the study of the Islamic model of accounting and the problems of disclosure of information in financial statements by Islamic financial institutions served as a methodological basis for the study. Results. The article finds that religion and ethical standards embedded in Islamic economics have a significant impact on accounting and the formation of Sharia-compliant financial statements. The article also describes the emergence and development of the Islamic accounting model and the distinctive features of information disclosure in accordance with RAS, IFRS and AAOIFI standards. The article provides examples of information disclosure in financial statements by Islamic financial institutions operating abroad and in Russia. Conclusions. The information disclosed in the financial statements of Islamic financial institutions in accordance with AAOIFI standards is much broader than under RAS and IFRS. The specifics of reflecting transactions on partnership financing are currently traced in the financial statements of companies operating in foreign countries, where partnership finance has been developing for many years. Financial institutions operating in the field of partnership finance in Russia prepare accounting (financial) statements in accordance with RAS, and when preparing internal management reporting, they are guided by IFRS and AAOIFI standards.

The Contribution of the Islamic Civilization Course to the Islamic Insight of Sharia Accounting Students at Sunan Kalijaga State Islamic University

<em>Islamic Civilization is one of the courses taught in the Sharia Accounting study program. The objectives of this study are to determine the contribution of Islamic civilization courses in providing in-depth understanding and its contribution to the Islamic insights of Islamic Accounting students. This study used a qualitative approach with a case study method. The results of this research indicated that the Islamic civilization course provided a significant contribution to the Islamic insight of Sharia Accounting students. Through this course, students gain an understanding of the history and development of Islamic civilization, the values contained therein, and the contributions of Islamic Civilization in various fields of life from time to time. With the understanding that has been obtained, students can become more competent and qualified and have a high awareness of Islamic values.</em>

Takaful as an Islamic Alternative to Conventional Insurance: A Thematic and Bibliometric Review

Islamic insurance, or Takaful, offers a Sharia-compliant alternative to conventional insurance, circumventing the prohibitions on uncertainty, interest, and speculation. This study presents a bibliometric review of 228 Takaful research articles from the Scopus database, using RStudio® for visualization from 1989 - mid 2023. The analysis encompasses science mapping techniques such as co-citation analysis, bibliometric coupling, word analysis, and trending topics on alternative investments. The findings reveal Malaysia as the leading nation in Takaful research, with significant contributions from International Islamic University Malaysia and Universiti Kebangsaan Malaysia. Prominent journals in this domain include the Journal of Islamic Accounting and Business Research, Journal of Islamic Marketing, and International Journal of Islamic and Middle Eastern Finance and Management. This study found the article entitled; “Establishing construct validity and reliability: Pilot testing of a qualitative interview for research in takaful (Islamic insurance)” written by Dikko (2016), as the most global cited document with 61 citations. Notably, the research focus has evolved from operational, shariah principles, and risk management to awareness, family Takaful innovations, micro-Takaful and relationship commitment. This study serves as a valuable resource for researchers, offering quantitative bibliometric insights and thematic analysis, and highlighting areas for future investigation.

ISLAMIC ACCOUNTING EDUCATION FOR ALPHA GENERATION: A CONCEPTUAL PAPER

The fast-paced evolution of global financial landscapes and the rise of the Alpha Generation demand a re-evaluation of educational paradigms, particularly in the niche field of Islamic accounting. Alpha Generation has difference preferences towards the learning activities especially on Islamic Accounting education as this knowledge goes beyond conventional accounting such as in achieving falah or success in this world and hereafter. This article aims to provide valuable insights into enhancing the teaching of Islamic accounting to align with the distinctive needs and expectations of the Alpha Generation, a cohort characterized by technological prowess, global connectivity, and a heightened awareness of ethical considerations. The primary objective of this article is to identify strategic approaches and innovative methodologies that can effectively engage and educate the Alpha Generation in the realm of Islamic accounting. As technology reshapes traditional educational models, understanding how to harness digital tools and platforms for optimal learning outcomes becomes imperative. Moreover, the discussion considers the application of Islamic principles of education and in line with the Malaysian National Education Philosophy. From a critical review of the literature, this article seeks to contribute a comprehensive framework for enhancing Islamic accounting education, fostering a generation of Muslim professionals who are not only proficient in the technicalities of the field but also adept at navigating the ethical complexities and technological advancements inherent in the contemporary financial landscape.

Islamic Finance Transformation: A Bibliometric Analysis

This research paper aims to comprehensively examine the evolution, themes, and trends within Islamic finance transformation. This study used bibliometric analysis in biblioshiny R-Studio to collect and analyze relevant scholarly sources. We perform citation network analysis, co-authorship analysis, and keyword co-occurrence analysis to identify the intellectual structure in Islamic finance transformation. We found that Malaysia is the most outstanding country in this topic, the Journal of Islamic Accounting and Business Research is the most outstanding journal, and International Islamic University Malaysia is the most outstanding affiliation. Our study also reveals a notable increase in publications on Islamic finance transformation over the past decade, indicating growing interest. Key themes identified include fintech, regulatory frameworks, ethics, and Islamic-conventional finance integration. We highlight influential scholars and journals shaping the field, showcasing its multidisciplinary nature. This research offers a comprehensive overview of Islamic finance transformation literature, synthesizing themes and highlighting ongoing research areas. The bibliometric analysis provides quantitative insights into influential works and scholars, serving as a valuable resource for researchers, policymakers, and practitioners navigating the evolving landscape of Islamic finance.

Governance of Islamic social finance: learnings from existing literature

PurposeThis study aims to conduct a comprehensive analysis of the existing literature pertaining to the governance of Islamic social finances (ISF). The primary aim is to identify and highlight global research patterns and deliver noteworthy insights that can be gleaned by ISF institutions worldwide.Design/methodology/approachThis study uses a hybrid approach, incorporating both bibliometric and content analysis methodologies. The authors curated a data set comprising 73 scholarly documents (articles) obtained from the Scopus database, covering the period from 2010 to 2023. The data collection process was conducted in March 2023. VOSviewer and content analysis were used to analyze the collected data.FindingsThe authors unveiled six distinct categories derived from the available literature on governance in ISF. These categories encompassed accountability, governance practice, performance, efficiency, Islamic accounting and governance awareness. Extensive deliberations have taken place regarding these six categories to enhance their prominence among ISF institutions. Furthermore, the findings of this study provided valuable directions for future research in this domain.Research limitations/implicationsThe use of English articles obtained from the Scopus database in this study ensured that the selected papers were of a significant standard of excellence within the specific realm of knowledge under examination.Practical implicationsEnhancing governance practice within ISF institutions could enhance their overall performance, thereby playing a crucial role in optimizing their contributions to societal and economic contexts.Social implicationsThis endeavor served as a means to enlighten numerous stakeholders regarding social finance institutions, fostering an environment of informed decision-making and effective governance that aligns with the principles of Islamic economics.Originality/valueThis study represents a pioneering bibliometric publication on the governance of ISF, providing academics with a robust basis for comprehending the evolving landscape of literature within this specific area of research.

Exploring The Meaning Of Islamic Accounting Courses For Students: A Phenomenological Approach

This research aims to explore the meaning of Islamic accounting courses for students. This qualitative research uses an interpretive paradigm and a transcendental phenomenological approach. The data source uses primary data with observation and interview data collection techniques, where the research informants are 20 students who have programmed Islamic accounting courses in the Islamic accounting study program at IAIN Sultan Amai Gorontalo. Before data analysis is carried out, a data validity test consists of credibility, dependability and confirmability tests. This research shows that learning Islamic accounting courses must focus on developing student competencies, optimizing business processes, and developing Islamic accounting applications. This research can contribute to developing academic literature on Islamic accounting by expanding understanding of the effectiveness of learning models on students' understanding of Islamic accounting courses. This research can contribute to universities improving and enhancing Islamic accounting learning models, making them more relevant and valuable for students in the world of work.

Analisis Perbedaan Pendistribusian Laba Bersih dalam Akuntansi Konvensional dan Akuntansi Syariah pada Sektor Perbankan Tahun 2019

This study aims to determine differences in the distribution of profits between conventional accounting and Islamic accounting at the banks listed on the Indonesian Stock Exchange (IDX). This study uses a qualitative descriptive analysis method in which company data used are financial statements and an explanation of the desired data in this study is the 2019 financial statements.The result showed that BCA that using convensional accounting distributed their profits to stakeholders who participate in its acquistion. Meanwhile, profit distribution of BRISyariah that using Syariah Accounting also distributes their profits to stakeholders. The difference in profit distribution between conventional accounting and syariah accounting lies in how profits are shared with customers. In conventional accounting, banks distribute profits through interest, and banks using syariah accounting distribute profits through a profit-sharing system. Additionally, one key difference is in zakat distribution; only banks using Islamic accounting allocate a portion of their profits for zakat.

Implementasi Earning Management Pada Lembaga Keuangan Dengan Prinsip Akuntansi Syariah

Companies such as financial institutions in carrying out operational activities always want to obtain high profits such as profit engineering. Earnings engineering is one of the contemporary issues in finance, especially in Indonesia. In several reports in a large company there are 77% of senior managers involved in unethical behavior by carrying out scandals that are motivated by earnings management. This is problematic for the development of accounting, especially sharia accounting. Study aims to analyze the implementation of Islamic earnings management in Islamic accounting. In this study teh method use is the literatur review by collecting secondary data from various related journal. The results show that there are still earnings engineering practices in companies and financial institutions in Indonesia. For this reason, sharia principles really need to be emphasized in order to improve the quality of sharia accounting that is completely free from fraudulent practices. One of the appropriate efforts is to apply sharia accounting in conducting profit-sharing financing, proper and effective monitoring must be carried out with adequate supervision and reporting, so that companies such as Islamic banks or companies can avoid earning management and profit engineering. Financial institutions that apply sharia accounting principles are required to implement Islamic earnings management as a profit management practice in accordance with Islamic religious rules and ethics.

Analysis of Islamic finance, Islamic accounting and standards research

Purpose The Islamic financial system is a sector with a high potential for development, and the agenda has been set with theoretical studies before practical studies in this field have begun. The increase in theoretical studies on the establishment of the Islamic financial system has led to the issue being placed on the agenda of the Islamic world. Following the theoretical studies, the sector gained popularity with applications. The aim of this study is to systematically review the literature on the subject, which has been theoretically agenda-setting and functionalised with applications. Design/methodology/approach In this context, the place of the concepts of “Islamic Finance or Islamic Accounting and AAOIFI or IFRS” in the international literature and their coverage were examined; a bibliometric analysis of the articles written in this field between 2001 and 2023 and scanned in the Scopus database was carried out. The R bibliometrics software was used to analyse the data, and the results were evaluated by carrying out performance and scientific mapping analyses of the publications. Findings Based on the results of the bibliometric analysis, a total of 969 publications in the form of articles, books, book chapters and proceedings were identified in the Scopus database. It is evident that there has been a steady increase in the number of articles pertaining to the research topic over the years, and the years with the highest volume of publications are 2020 and 2022. The Journal of Islamic Accounting and Business Research is the most frequently published journal in this field, with the most commonly published authors being K. Hussainey and M.K. Alam. Originality/value A bibliometric analysis of the literature pertaining to the subject has been conducted to examine primarily theoretical shortcomings and translate them into practical improvements. This pioneering study of theoretical investigations on the subject is aimed at eradicating practical deficiencies.

Bibliometric Analysis: Risk Management in Islamic Finance Under The Islamic Jurisprudence Framework

Research Objectives: This study aims to comprehensively analyze the stakeholders who play the most role in risk management research in Islamic finance, analyze the evolution and trends in the topic to provide future research direction.Method: This study uses a bibliometric method in biblioshiny R-Studio. Observation data is taken from the Scopus database in the form of articles and English-language.Results: We found that MK Hassan is the leading author, International Islamic University Malaysia (IIUM) is the leading affiliation, the Journal of Islamic Accounting and Business Research is the leading journal, and Malaysia is the leading country. We highlight the need for further studies to develop risk management models under Islamic principles. In addition, the rapid development of Islamic finance due to the Industrial Revolution 4.0 must be balanced with technology to minimize risks in Islamic finance.Novelty: Not only analyzes the publication quantitatively, this study also reviews the most cited papers. Furthermore, the overall analysis provides insight into the future direction of research.Conclusion: The trend of research on Islamic financial risk is not consistently growing. Besides that, the citation rate also shows a downward trend. This shows a lack of research interest in this topic. Furthermore, Islamic financial risk management is still dominated by the Islamic banking sector and limited to other sectors.

Islamic accounting: Ethics and contextualization of recording in <em>Muamalah</em> transactions

This study aims to reveal the ethics of sharia accounting: the ethics and contextualization of documenting the economics of sharia, muamalah, and accounts payable, as well as their execution in an Islamic environment, and the ramifications of al-Baqarah: 282 if applied. This research method employs qualitative and descriptive research methods, the data source is literature study, specifically the collection of documents containing primary data from al-Baqarah: 282 and secondary sources, and the approach is content analysis, normative-theological, and phenomenological. The results of the study indicate that in the contextualization of sharia accounting, muamalah, accounts payable, and so on, must be based on the general principles of sharia, namely, responsibility, fairness, honesty, legitimacy, good personality, continuity (continuity), and muqabalah (matching). This is per the spirit of sharia accounting as stated in al-Baqarah: 282. If this implementation is violated, it can harm all actors of economic transactions, both major and minor, personal and social, in this world and the hereafter.

Analysis of the Development of Zakat Accounting Research: A Bibliometric Approach

This study addresses the scarcity of bibliometric research in zakat accounting literature by qualitatively analyzing 321 articles from the Dimension AI database spanning 1994 to 2023. The study has found the Journal of Islamic Economics and Theory as a journal that is very relevant and has a significant impact, besides the Journal of Islamic Accounting and Business Research and the Journal of Islamic and Middle Eastern Finance and Management. The study also found several well-known writers, including Ahmad Kudhori and Hedi Pandowo, as well as influential figures such as Abu Bakar. Key themes encompass Financial Statements, PSAK, and Analysis, with 2023 trends focusing on information, accountability, quality research, and impact in zakat accounting. The study foresees ongoing significance of accountability and accounting information in 2023. Employing bibliometric analysis, the research facilitates the identification of zakat accounting issues, enhancing economic efficiency, and guiding researchers in prioritizing topics based on prevailing trends. This comprehensive overview contributes significantly to the evolving landscape of zakat accounting literature.

The Optimization of Digitalization in Facing Global Competition: The Case of Islamic Accounting

The Optimization of Digitalization in Facing Global Competition: The Case of Islamic Accounting