Islamic Banking,Insurance,Accounting & Standards

[TheOne]

Let's talk about (now not much alien topics)
1) Islamic Banking;
2) Islamic Insurance (Takaful);
3) Islamic Accounting;
4) Islamic Accounting Standards and
5) Shariah Compliance Audit

[ZASheikh]

What do you think about prospects of all of these subjects in present international cercumstances?

[munshi]

assala o alaikum
yes u know some thing about islamic accounting standards.....shariah compliant audit.....etc plz do tell ......it will be of great benefit to us.....
salam

[TheOne]

My idea to start discussion is to share views with other fellows in Pakistan perspective. For introduction of the topic you can read material online at various websites. For example, visit following URLs
http//islamic-finance.net/islamic-accounting/acctg5.html
http//www.alrajhibank.com.sa/islamicbankingcountries_malaysia_accounting.htm
http//www.aaoifi.com/

There's a lot of work going on Islamic Accounting and Islamic Accounting Standards in the world. But what I wanted to discuss is that what is being done in Pakistan? Further, you can find Takaful (Islamic Insurance) companies all over the world but how many of us are aware of this concept in Pakistan? Surprisingly, all so called shariah compliant financing is being insured through all these insurance companies which run on interest based system & calculations?? I'm a student and learner of the subject and purpose to start this discussion is to have a deeper understanding oabout the developments in these subjects in Pakistan.



Edited by - TheOne on May 12 2003 125412 AM

[TheOne]

In the context of foregoing, however, following questions come to mind
1) Are the Auditors, who are unaware of Shariah Requirements, can certify any financial product;
2) Are professional institutes who are responsible for Accounting & Audit education and certification in Pakistan, taking reasonable steps to train their professionals for such certification??
3) When it comes to any specific law regime, it may mean the "law of the land" but when it comes to Shariah, law always means the "divine law". When and if Auditors certifiy any financial activity (which is subject to Shariah)to be according to law, do they really certify it to be as per "divine law"??
4) What contents about "Shariah" related financial transactions are included in syllabi of ICAP or ICMAP?
5) At present volume of "Islamic Banking" & "Business" transactions is about US$ 200 Billion, with 15% growth. Anybody can search the web and would be left with a spinning head that how much work & research is being done in outsite world. What are our policy makers doing??