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Course Name (English)
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ACCOUNTING FOR ISLAMIC FINANCIAL TRANSACTIONS
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| Course Code |
FAR618 |
| Course Description |
This course introduces the Maqasid Shariah and how this impacts Islamic commercial contracts, the economic system and accounting framework for Islamic Banking and Finance. Students are exposed to the knowledge of Fiqh on Property (Maal), Rights (Huquq), Ownership (Milkiyah) and Contract (‘Aqd). Additionally, issues pertaining to Usury, Gharar, Maysir and Prohibited Properties will be discussed. Students will also be introduced to the basics of accounting for Islamic banks and financial institutions. |
| Transferable Skills |
Demonstrate ability to identify and articulate self skills, knowledge and understanding confidently and in a variety of contexts.
Demonstrate ability to manage personal performance to meet expectations and demonstrate drive, determination and accountability.
Demonstrate ability to communicate clearly and confidently and listen critically.
Demonstrate ability to socialize with people from different walks of life.
Demonstrate practical and contemporary knowledge of relevant professional, ethical and legal frameworks.
Demonstrate analytical skills using technology.
Demonstrate resilience, perseverance and positivity in multi-tasking, dealing with change and meeting new challenges.
Demonstrate ability to apply creative, imaginative and innovative thinking and ideas to problem solving.
Demonstrate enthusiasm, leadership and the ability to positively influence others.
Demonstrate ability to investigate problems and provide effective solutions.
Demonstrate ability to analyse issues/problems from multiple angles and make suggestions.
Demonstrate ability to work professionally and contribute positively in a team.
Demonstrate maturity of thoughts when responding to multiple inputs and contexts. |
| Teaching Methodologies |
Lectures, Case Study, Tutorial, Problem Based Learning (PBL), Discussion, Presentation, Small Group Sessions |
| CLO |
| CLO1 |
Demonstrate information management skills in task related to Accounting for Islamic Financial Transactions. |
| CLO2 |
Evaluate issues on Islamic and Conventional economic systems in accordance with Islamic Accounting Standards. |
| CLO3 |
Demonstrate teamwork skills in task related to Accounting for Islamic Financial Transactions. |
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| Pre-Requisite Courses |
No course recommendations |
| Reading List | | Recommended Text | - Dr Muhammad Yusuf Saleem 2009, An Introduction to the Theoretical Foundations of Islamic Transactions, 1 Ed., Ilmiah Publishers Subang Jaya, Selangor [ISBN: 0832092752]
- International Shari?ah Research Academy for Islamic Finance,Asyraf Wajdi Dusuki 2016, Islamic Financial System: Principles and Operations, 2 Ed., 19, ISRA Kuala Lumpur [ISBN: 9789673491278]
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| Reference Book Resources | - Haneef,M.A. 1996, Islam, the Islamic Worldview and the Methodology of Islamic Economics, Journal of Islamic Economics and Management, 1(1).
- Shahul, H. M. I. 2009, Accounting and Auditing for Islamic Financial Institutions, 1 Ed., INCIEF Kuala Lumpur, Malaysia.
- Dr Zaharuddin Abd Rahman 2015, Contracts and the Products of Islamic Banking, 2 Ed., CERT Publications Kuala Lumpur, Malaysia. [ISBN: 9789670175072]
- Abdul Rahim Abdul Rahman 2010, An Introduction to Islamic Accounting Theory and Practice, 1 Ed., 12, CERT Publications Kuala Lumpur, Malaysia. [ISBN: 978967-175010]
- Hanefah, M.M., Shafiee, Z., Salleh,S., and Zakaria, N.,USIM Publisher 2012, Governance and Shariah Audit in Islamic Financial Institutions, 1 Ed., USIM Kuala Lumpur [ISBN: 978-967-0393]
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| Article/Paper List | | Reference Article/Paper Resources | - Sulaiman, M, Mohd Arrifin, N.,Mohd Shariff, R, 2018, Accounting For Islamic Banks. Kuala Lumpur: IIIT and IIUM.
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| Other References | This Course does not have any other resources |
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