aminahz

This are features in Islamic Accounting :

• No different in terms of recording (double entry system)

• Clear distinction of Accounting Objectives i.e. religious obligation vs. commercial obligation (different significance of financial statements)

• Different users information need (legitimate and equitable transactions and wealth vs. maximization of wealth and economic consequences)

• Compliance with the principles and rules of Shari’ah

• Different Islamic contractual relationships (mudarabah instrument; murabahah etc.)

• Distinct accountability relationships (to Allah SWT and Ummah)

• Determination of zakat

Source : “Reporting For Islamic Financial Transaction” by DR. Noraini