following. Please HELP!? Looking for actual references to where accounting for:
Ijarah (leasing)
Takaful (Insurance)
Murabaha
Salaam
causes difficulties for Islamic Financial Institutions, as it contradicts their interpretation of Shariah.
IFRS (International Accounting Standards) is drafted up by IASB (International Accounting Standards Borad), but they do not have any members from Islamic countries such as the Middle East or Malaysia on the board of IASB with the result being, Shariah compliant products of Islamic Financial Institutions not being catered for.
Which IFRSs in particular (actual reference in IFRS/IAS) do Islamic FInancial Institutions have problems with?
Thank You.
Ijarah (leasing)
Takaful (Insurance)
Murabaha
Salaam
causes difficulties for Islamic Financial Institutions, as it contradicts their interpretation of Shariah.
IFRS (International Accounting Standards) is drafted up by IASB (International Accounting Standards Borad), but they do not have any members from Islamic countries such as the Middle East or Malaysia on the board of IASB with the result being, Shariah compliant products of Islamic Financial Institutions not being catered for.
Which IFRSs in particular (actual reference in IFRS/IAS) do Islamic FInancial Institutions have problems with?
Thank You.