Course Description
Recently, there have been moves toward the Islamization of most, if not all, aspects of life in many countries in the Arab region and the world at large. Islam possesses its own paradigm of economic relations within the context of an entire economic system based on injunctions and norms derived from the holy Quran and Sunna, called the Sharia's doctrine which constitutes the divine of Islam. Over the past decade, growth in Islamic financial institutions has outstripped that of conventional Arab banking. As far as the Gulf is concerned, there has been a series of move towards the Islamization of financial dealings. The conceptual framework of accounting, accounting policy, operationalization of terms, financial reporting standardization of accounting practice and profit and loss sharing in Islam are subject to debates among the academia and practitioners levels. This course provides a broad framework of the structure of Islamic accounting thought.