Islamic Accounting


Islam is the second largest religion in the world, with 1.9 billion followers representing more than 24 percent of the world’s population. Muslims adhere to Islamic law (Sharia) in their day-to-day behavior. To the Muslim community, Islam is a way of life as it governs all aspects of life. The influence of religion on accounting is not a new phenomenon and has been explored to a great extent in the literature. In Islam, accounting if performed in accordance with the Sharia should be no different than other acts of worship. It has been argued that Sharia affects the view of the accounting conceptual framework (Gambling and Karim 1991; Shihadah 1987; Zaid 1995). In the holy book of Islam (the Qur’an), the ...

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