Islamic accounting standards: historical retrospective, challenges and key players

Economic Annals-XXI: Volume 205, Issue (9-10), Pages: 68-74

Citation information:
Sharairi, M. H., Nassar, M., & Ramadan, A. H. (2023). Islamic accounting standards: historical retrospective, challenges and key players. Economic Annals-XXI, 205(9-10), 68-74. doi: https://doi.org/10.21003/ea.V205-09

Mohammad Haroun Sharairi
PhD (Accounting),
Assistant Professor,
College of Business,
Al Ain University
Abu Dhabi, 64141Al, UAE
mohammad.sharairi@aau.ac.ae
ORCID ID: https://orcid.org/0000-0002-0312-7977

Mohamoud Nassar
PhD (Accounting),
Associate Professor,
College of Business,
Al Ain University
Abu Dhabi, 64141Al, UAE
mahmoud.nassar@aau.ac.ae
ORCID ID: https://orcid.org/0000-0001-9975-0220

Abdulhadi H. Ramadan
PhD (Accounting),
Associate Professor,
King Talal School of Business Technology,
Princes Sumaya University of Technology (PSUT)
Amman, 11941, Jordan
a.ramadan@psut.edu.jo
ORCID ID: https://orcid.org/0000-0002-6963-9377

Islamic accounting standards: historical retrospective, challenges and key players

Abstract. A historical exploration of Islamic Accounting Standards is presented in this paper. The fundamental players’ roles in the emergence and expansion of Islamic accounting standards are also identified. To collect data, documents were examined and key players that are involved in the development of Islamic Accounting Standards were interviewed. It has been determined that the Dubai International Finance Centre (DIFC) primarily sets Islamic Accounting Standards in the UAE. Since the reporting standards and backgrounds of accountants may have global effects beyond their jurisdictions, this study suggests accounting standards setters with differences in the ideological and religious backgrounds should communicate with one another in an era of globalization.

Keywords: Islamic Accounting Standards; Dubai International Finance Centre; DIFC; UAE; Islamic Shariah Law; Financial Management; Behavior, Accounting, Globalization; Accounting and Auditing Organization for Islamic Financial Institutions; AAOIFI

JEL Classifications: Е24; Е41; Е64; I18; J28; J31

Acknowledgements and Funding: The authors received no direct funding for this research.

Contribution: The authors contributed equally to this work.

Data Availability Statement: The dataset is available from the author upon request.

DOI: https://doi.org/10.21003/ea.V205-09

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Received 22.03.2023
Received in revised form 12.05.2023
Accepted 16.05.2023
Available online 27.11.2023