Akuntansi Islam

Oleh Maulana Hamzah

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Transkrip Akuntansi Islam



Islam- Ad din: way of life
Islam-provide a broad framework for all
aspect of life, including how business should
be conducted.
Past 25 yrs -A paradigm shift from
conventional utilitarian economics to Islamic
Growth of Islamic Bank in the world, Middle
East and Asia.

Islamic Framework


*Shariah (Ibadah)


*Shariah (Ibadah)

Man to God
(Solat, Fasting,
Zakat, Haj)

Man to Man
( Economy, Politic,
Social,Munakahat etc.)

Need for Islamic Accounting

One of the reasons is that conventional accounting
is unsuitable to an Islamic society because of
conflicting values.
Accounting system should be consistent with Islamic
norms and objectives.
There is a growing importance of Islamic banking
industry and resulting in more business operation in
line with shariah.
Accounting is a product of environment, thus need
to meet this objective in Islamic environment.

Need for Islamic Accounting

The establishment of BIMB- reinforce the need for
Islamic accounting.
IB Financial reporting- regulated by Bank Negara
Malaysia, Banking and Financial institutions Act,
Islamic Banking Act 1983, Co. Act 1965 and
applicable MASB standards.
MASB (2000)- concerns on lack of comparability of
financial performance among banks/ F.I. and lack of
comparability of financial performance of individual
banks/ F.I. over a period of time.

Need for Islamic Accounting

Shahul Hameed (2001)- Islamic accounting
needs to be broad based covering all Islamic
business, government and voluntary
Conventional accounting is inconsistent with
specific Islamic objectives.
Development of Islamic accounting
theoretical framework must be derived from
Islamic philosophy, principles and values.

Need for Islamic Accounting

Thinker,(1984);Hines,(1988), Gray et al.
(1996)- the need of Islamic accounting is due
to increasing dissatisfaction with conventional
Conventional accounting has been criticized
for contributing wealth appropriation and
conflicts between various classes in society
( Tinker, 1984). E.g. conflict on the use of
budget and accountability issue.

What is the Islamic
What is its implication to the
Islamic economics?

Islamic Values and Islamic



Shariah law prescribes guidelines for
Islamic values:
Believe in God- the creator who has
absolute sovereignity to make laws to
human etc.
The Quran- contain principles and code of
life to follow until the day of judgment when
all human beings have to render accounts
of their actions before his Lord.

Islamic Values and Islamic
Economics (contd.)

3. The sunnah – sayings and actions of the prophet
which is practical application of al Quran.
4. Man as the Vicegerent –as a trustee of the earth
and environment. Man has to strive for life and
follow certain law (haram & halal) and avoid being
cruel and unjust to other.
E.g. The prohibition of interest, payment of zakat,
fulfillment of contracts, complete disclosure of
relevant information for economic or social contract.

Islamic Values and Islamic
Economics (contd.)

Islam governs the conducts of business and commerce
through Islamic economics.
Theoretical precepts of Islamic economics has been
implemented in Islamic banks, takaful, zakat centre, etc.
There is a need for Islamic accounting in order to
emphasize the equitable distributions of wealth and to
achieve the objective of social solidarity and socioeconomic justice among Muslim society.
Need for positive values- iqtisad (moderate),justice, ihsan
(kindness), honesty, patience and public interest.
Avoid the negative values- tyranny (zulm), miserliness,
greed, hoarding of wealth, extravagance (israf).

Islamic Instruments

1. Abolition of interest or riba – interest from loan (riba an
nasi’ah) and interest from trade( riba al-fadl). See Quran
chapter 2: 38, 274-5, 277.
Riba An-Nasi’ah – This is riba when time is allowed for
the borrower to repay the loan after its due date. In
return, the borrower must pay the additional or premium
for the extension in duration. i.e. Interest on lent money
or capital.
Riba Al-Fadl – This is riba as a result of trade or sale
transactions. Taking a superior thing of the same kind of
goods by giving more of the same kind of goods of
inferior quality, e.g., dates of better quality for dates of
inferior quality in greater amount.

Islamic Instruments

2. Avoid Illegal or haram money in business
3. Avoid speculation and uncertainty (gharar).
4. Profit sharing – economic cooperation between
labor and capital e.g, mudharabah ( one capital
provider, one entrepreneur who supply expertise or
5. Joint ventures – musharakah contract-share profit
and loss
6. Zakat insititutions – purify the wealth and help the
poor and the needy.
7. Avoid wasteful use of resources

Conventional Accounting v.s.
Mainstream Economics

EMH- influenced the direction of financial
accounting and reporting.
Accounting principles is based on rational
economic purposes of business and decision
Conventional Accounting and mainstream
economics principles are intertwined ( see
neoclassical economics).

Islamic Economics v.s.
Mainstream Economics

Islamic Economics
Based on the Al –Quran
Islamic ethics focus on social
consequences of collective
Islam institutionalized public
Islam views directly into the
quality and sustainability of
community life (intrinsic value)
Shariah views private interest
as secondary and subsidiary to
Must conform with shariah
principles and ethics.

Mainstream Economics
Influenced by Christian and
western view
Christian ethics focus on the
consequences of individual
action on individuals.
Focus on individual,
preferences and economic
View on Self interest and freemarket economy.
Excludes the individual’s
relationships with God.
More on secular views.

Islamic Economics and Islamic

Economics, politics, social etc. must conform
with shariah.
Islamic ethics- governs how business should
be run, how accounting ought to be
undertaken, and how banking and finance to
be arranged.
Accountants must perform their duties in
accordance with rules and regulations of
Islam and its ethical principles (truthful,
fairness and justice)

Islamic ethical principles

1. Business and managerial ethicsBusiness person must be honest, fair dealing, high
moral values and do not exploit others.
Islam prohibits monopolies, price fixing, sale of
stolen goods, hoarding of good to raise the price
and other prohibited elements such as gambling,
alcohol, pornography and harmful products .
The market should be free and not subject to
Manager – is a custodian on God’s trust give to
him/her to manage.

Islamic ethical principles

2. Social accountability
“Hisab” or account is the root of accounting.
To account relate to one’s obligation to’ account’ to
God on all matters pertaining to human endeavor for
which every Muslim is accountable.
All resources are given by God as a trust. Man are
trustees for what the have been given ( goods,
property, assets). The success of individuals
hereafter, depends upon their performance in this
Management and capital provider are accountable
(also to society) for their actions, both within and
outside the firm.

Islamic ethical principles

3. Full disclosure
Quran 2:71: “..one have brought the truth..”relevance referred to disclosure of all facts – fair and
Full disclosure – to predict future obligations and
assess investment risk.
4. Periodicity
Requirement to pay zakat one a year (fulfill haul and
Use Islamic calendar-hijrah @lunar system,
conventional uses gregorian calendar

Islamic ethical principles

5. Records
Quran 2: 282: .When you contract a debt for a fixed
period, put in writing…
All trading activities need to be fully documented for
verification especially on credit loans and
6. Materiality
Need to disclose all necessary information and
materiality of financial affairs which is related to
shariah requirement.

Islamic ethical principles

Quran 4:58: .They must produce true and
complete, reliable financial disclosure for
8. Financial Accounting Reports
Value added statement with emphasis on
accountability to society.
Share of the various group.

Islamic ethical principles

9.Asset and liabilities
Islamic asset –all property resulting from previous asset
belonging to owner and obtained in a lawful way.
Liability- a faithful obligation or any debt to other persons
without interest.
-Income measurement and capital maintenance- profit is
recognized after capital is returned.( see chapter 10)
-Zakat and measurement issue- current /market value or
net realizable value?
-Asset Valuation and Prohibition of interest- any
discounting method?

Implication for Islamic
Accounting Theory

A duty of Muslim to perform accounting in
accordance with shariah and apply Islamic ethics.
The need to sustain ethical investments for IB
(equity financing) which is not suitable in
conventional banking ( i.e. debt based financing);
Lack of investor protection in Islamic financial
Greater responsibility on the adequacy of Islamic
accounting procedures.

Judul: Akuntansi Islam

Oleh: Maulana Hamzah

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