2021
DOI: 10.1108/jiabr-10-2019-0200
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The substance and form of Islamic Finance instruments: an accounting perspective

Abstract: Purpose This study aims to critically analyze the fundamentals of the current major Islamic Finance (IF) instruments and contracts in light of both the foundations of IF and the concept of substance over form in the accounting conceptual framework. Such analysis is believed to be necessarily for the IF institutions to provide better and more genuine service to their customers. Design/methodology/approach To achieve the study purpose, the methodology is based on theoretical analysis and analytical review of t… Show more

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Cited by 4 publications
(2 citation statements)
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“…The difference between shari'ah and conventional banking can affect the structure of financial contracts and the design of the financial system (Ebrahim & Abdelfattah, 2021).…”
Section: Multi Akadmentioning
confidence: 99%
“…The difference between shari'ah and conventional banking can affect the structure of financial contracts and the design of the financial system (Ebrahim & Abdelfattah, 2021).…”
Section: Multi Akadmentioning
confidence: 99%
“…Therefore, it can be argued that IFAS-2 does not adequately cover the substance of the transaction (as no performance obligation appears for the lessor and no 'right of use asset' (ROU) appears for the lessee). Accurately depicting the economic substance of the transaction is quite essential (Ebrahim & Abdelfattah, 2021;Ehsan et al, 2021), as AAOIFI (2010) explicitly states in section 8/3/3 that transitions' should be accounted for in accordance with substance as well as legal form. Although AAOIFI's framework is silent in case there is an inconsistency between the two Hamour et al (2019), however a famous Sharī'ah maxim supports the idea that 'economic substance over legal form', which is "matters are determined according to intentions" (Zakariyah, 2015).…”
Section: Application Of Ifas-2mentioning
confidence: 99%