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Islamic Financial Accounting, Reporting, and Accountability

Submissions open 1st March 2024

The final deadline for submission is July 31, 2024. However, we highly encourage authors to submit their papers to the upcoming Special Issue workshop which will be hosted by the University of Sharjah, College of Business Administration in April 2024.

Journal of Financial Reporting and Accounting (JFRA), published by Emerald, would like to invite papers for a special issue on the theme of “Islamic Financial Accounting, Reporting, and Accountability”.

Aims and Scope

Islamic Financial Accounting, Reporting, and Accountability play a pivotal role in the burgeoning sector of Islamic finance, which is rapidly gaining traction within the global financial system. Governed by the principles of Sharia law, Islamic capital structures distinguish themselves from conventional corporate firms by emphasizing equity financing intricately linked to the tangible asset value of the company. In addition to this, Islamic finance strictly prohibits Riba (interest), Maysir (gambling), Gharar (excessive uncertainty), and other that may be considered unethical or harmful activities. These distinctive characteristics set Islamic finance apart from its traditional counterpart and present both opportunities and challenges in the realm of financial reporting, accountability, and accounting practices within Islamic financial markets (IFM) (Abras & Al Mahameed, 2023; Abdel Karim, 1995).

IFM has been expanding and diversifying in both Muslim-majority and non-Muslim countries. Their products have gained popularity in international financial markets, crossing  the three trillion US dollar mark in 2023. Although the majority of Islamic finance, around 80%, is concentrated in regions such as the Middle East, North Africa, East Asia, and the Pacific, its reach extends to 59 countries worldwide (Alzahrani, 2019). To a higher degree, this growth is visible in Muslim-majority countries, whilst the diversity in Western societies (non-Muslim majority countries) has contributed to this growth. The production, promotion, and consumption of Islamic financial products are influenced by various ideological, political, and cultural factors that shape the boundaries of Islamic finance (Al Mahameed et al., 2021; Al-Adeem, 2020). These factors may enable or constrain the compatibility of Islamic finance with conventional finance in different contexts. They may also challenge the consistency and transparency of financial reporting practices for Islamic financial products, which may affect their credibility and legitimacy (Can, 2021). Therefore, examining how these boundaries affect (or are affected by) the role of financial reporting, accountability, and accounting in IFM is important.

Muslim communities are increasingly discussing sustainability and intergenerational ethics as part of broader religious conversations (Riaz et al., 2023), whilst some scholars have interpreted Shariah to emphasise the consideration of consequences for both spiritual and material well-being (Kamla, 2009). These findings have implications for financial reporting and accounting practices, as they may require more disclosure and accountability on the social and environmental impacts of Islamic financial products and services. Various commentators have also recognised Islamic finance as a means to address developmental challenges, eliminate extreme poverty, and enable prosperity in developing and emerging economies (Riaz et al., 2017; Umar et al., 2022). That is because of Islamic finance’s link to tangible economic assets and the inclusive consequences of its risk-sharing requirement (Kuran, 2006; Wilson, 1997; Zaher & Hassan, 2001). Following the financial crisis, empirical evidence shows that Islamic finance is perhaps more resilient and may promote systemic financial stability (Baber, 2018). However, at the same time, the crisis has brought to light some theoretical and realistic issues that challenge Islamic finance and its capacity against financial crunches.

List of topic areas

These unique settings invite novel investigations. We call for manuscripts that deal with all aspects of examining the roles of financial reporting, accounting, and accountability in IFM and how they are affected by Islamic finance's ideological, political, and cultural boundaries. We encourage submissions from a wide range of theoretical, methodological, and empirical approaches. Topics may include, but are not limited to: 

  • The impact of Islamic principles on financial reporting, policies, and practices 
  • The role of financial reporting and accounting in enhancing the transparency, accountability, and governance of IFM and their products 
  • The comparison of financial reporting and accounting practices between Islamic and conventional finance 
  • Does Sharia compliance affect financial reporting quality? 
  • The impact of ideological, political, and cultural factors on the development of IFM and their products 
  • Islamic Financial products and the social (ir)responsibility 
  • The societal role(s) of IFM and their co-existence with conventional financial markets  
  • (De)coupling of IFM and the local and global socio-economic and political landscapes and the implications for financial reporting and accountability 
  • Ideological, political, and cultural promotion of Islamic financial products 
  • Islamic standards settings (accounting, auditing, and finance) for IFM 
  • Islamic Financial disclosures  
  • Multiple perspectives of the consumers of Islamic Financial products 
  • Reimagining Islamic financial accounting and standards and their delivery 
  • Post-Covid-19 challenges and opportunities in Islamic financial markets

Submissions Information

Submissions are made using ScholarOne Manuscripts. Author guidelines must be strictly followed. All submissions will be subject to standard JFRA peer-review processes.

Submit via ScholarOne

Author Guidelines

Authors should select (from the drop-down menu) the special issue title at the appropriate step in the submission process, i.e. in response to “Please select the issue you are submitting to”.  

Submitted articles must not have been previously published, nor should they be under consideration for publication anywhere else, while under review for this journal.

Key Deadlines

Submissions open: 1st March 2024

Full paper submission deadline: 31st July 2024

The Special Issue is expected to be published in 2025 with accepted papers on Early Cite before the full issue. Queries can be directed to any of the Guest Editors.

Guest Editors

Dr Muhammad Al Mahameed
Assistant Professor in Accounting
College of Business Administration, University of Sharjah - UAE
[email protected]

Dr Umair Riaz
Senior Lecturer in Accounting
Queen’s University Belfast - UK
[email protected]

Dr Yousif Abdelbagi Abdalla
Associate Professor in Accounting
College of Business Administration, University of Sharjah - UAE
[email protected]

Dr Anwar Halari
Senior Lecturer in Accounting
The Open University - UK
[email protected]

Professor Muhammad Azizul Islam
Chair in Accountancy
University of Aberdeen - UK
[email protected]