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The Prospects and Challenges of Accounting for Islamic Financial Institutions in the Organization of Islamic Cooperation

Special issue call for papers from Journal of Financial Reporting and Accounting

Banner: Guest Editor Interview.Special Issue Editor

Dr Adel M. Sarea
Associate Professor of Accounting and Economics
Department of Accounting and Economics
College of Business and Finance
Ahlia University- Kingdom of Bahrain
e-mail: [email protected]

Background to issue:

A systematic compilation of current trends in accounting for Islamic financial Institutions (IFIs) detailing all aspects of accounting theory and practices in all Organization of Islamic Cooperation (OIC) countries is sorely needed by a readership spanning Shari’ah scholars, academicians and researchers as well as Islamic financial practitioners. The special issue highlights the challenges -- and prospects -- of accounting for IFIs in OIC countries. In particular, cross-jurisdictional differences, in terms of the Islamic legal and regulatory environment, across OIC countries continues to pose substantial challenges in ensuring that accounting practices are based on a uniform application of Shari’ah principles. Particular emphasis in the special issue is placed on financial statement preparation based on accounting standards for IFIs across OIC countries with a view towards uniformity designed to render financial statements more comparable, transparent and reliable for all users.

Rationale for publication

This special issue is appropriate for:

  1. Academicians
  2. Researchers
  3. PhD students 
  4. Shariah scholars
  5. IFI practitioners
  6. Regulators and policy makers of IFIs 

Designed to appeal to the wide audience detailed above, the special issue is to be structured as a single-volume comprehensive reference covering theoretical and practical aspects across multiple jurisdictions with respect to accounting standards for IFIs throughout all OIC countries. Issues related to inter-jurisdictional differences in accounting standards are limiting the ability of IFIs to promote their products and services in different countries worldwide. Discontinuities in Shari’ah compliance mean that a financial instrument accepted as Shariah-compliant in one jurisdiction might not meet muster in another. However, to mitigate these discontinuities, the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) has issued more than 100 accounting, Shari’ah, code of ethics, governance and audit standards as part of the solution to be implemented by IFIs globally.

Key dates

  • Submission deadline: 17/03/2020
  • Acceptance deadline: 17/07/2020
  • Planned publication: Late 2020

For more information around these dates, or for any general queries around the Special Issue, please contact the Guest Editor.


  • Ahmed, E. A. (1994). Accounting postulates and principles from an Islamic perspective. Review of Islamic Economics, 3(2), 1-18.
  • Farook, S., Kabir Hassan, M., & Lanis, R. (2011). Determinants of corporate social responsibility disclosure: The case of Islamic banks. Journal of Islamic Accounting and Business Research, 2(2), 114-141.
  • Haniffa, R., & Hudaib, M. (2010). Islamic finance: from sacred intentions to secular goals?. Journal of Islamic Accounting and Business Research, 1(2), 85-91.
  • Ismail, M. S., Ramli, A., & Darus, F. (2014). Environmental management accounting practices and Islamic corporate social responsibility compliance: evidence from ISO14001 companies. Procedia-Social and Behavioral Sciences, 145, 343-351.
  • Kasim, N., & Sanusi, Z. M. (2013). Emerging issues for auditing in Islamic financial institutions: Empirical evidence from Malaysia. IOSR Journal of Business and Management, 8(5), 10-17.
  • Khan, M. M. (2013). Developing a conceptual framework to appraise the corporate social responsibility performance of Islamic banking and finance institutions. Accounting and the Public Interest, 13(1), 191-207.
  • Mclellan, J. D., & Moustafa, E. (2013). An exploratory analysis of management accounting practices in the Arab Gulf Cooperative countries. Journal of Islamic Accounting and Business Research, 4(1), 51-63.
  • Mohammed, N. F., Fahmi, F. M., & Ahmad, A. E. (2015). The influence of AAOIFI accounting standards in reporting Islamic financial institutions in Malaysia. Procedia Economics and Finance, 31, 418-424.
  • Othman, R., Thani, A. M., & Ghani, E. K. (2009). Determinants of Islamic social reporting among top Shariah-approved companies in Bursa Malaysia. Research Journal of International Studies, 12(10), 4-20.
  • Sarea, A., & Hanefah, M. (2013). Adoption of AAOIFI accounting standards by Islamic banks of Bahrain. Journal of Financial Reporting & Accounting, 11(2), 131-142.
  • Sarea, A., & Hanefah, M. (2013). The need of accounting standards for Islamic financial institutions: evidence from AAOIFI. Journal of Islamic Accounting and Business Research, 4(1), 64-76.