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Module ASB-4427:
Islamic Acc & Fin Reporting

Module Facts

Run by Bangor Business School

15 Credits or 7.5 ECTS Credits

Semester 2

Organiser: Mr Mohamed Asaria

Overall aims and purpose

To develop a critical awareness of theoretical and practical approaches to Islamic accounting and financial reporting, to compare Islamic accounting standards with IFRS and to examine the content and impact of relevant academic research to the area.

Course content

Objectives, conceptual framework of Islamic accounting; Islamic Ethics in Accounting; Islamic and conventional Accounting: similarities and differences; Accounting for Islamic financial contracts: Murabaha, Mudaraba, Ijarah and Istisna; Accounting for zakah and provisions/reserves; Accounting for Islamic Mutual Funds, Sukuk and Investments; Accounting for Islamic Insurance (Takaful); Presentation and disclosure for financial statements of Islamic financial institutions.

Assessment Criteria


No major omissions or inaccuracies in the deployment of information/skills; Some grasp of theoretical/conceptual/practical elements; Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.


Much of the relevant information and skills mostly accurately deployed; Adequate grasp of theoretical/conceptual/practical elements; Fair integration of theory/practice/information in the pursuit of the assessed work's objectives; Some evidence of the use of creative and reflective skills.

High Standard: Very good performance; Most of the relevant information accurately deployed; Good grasp of theoretical/conceptual/practical elements; Good integration of theory/practice/information in pursuit of the assessed work's objectives; Evidence of the use of creative and reflective skills.


An outstanding performance, exceptionally able.; The relevant information accurately deployed; Excellent grasp of theoretical/conceptual/practice elements; Good integration of theory/practice/information in pursuit of the assessed work's objectives; Strong evidence of the use of creative and reflective.

Learning outcomes

  1. Demonstrate an understanding of the objectives and concepts of Islamic accounting and financial reporting.

  2. Understand the requirements of the Accounting Standards promulgated by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

  3. Compare and contrast the AAOIFI's accounting standards with the International Financial Reporting Standards (IFRS).

  4. Assess the practical application of AAOIFI's accounting, shari'a and governance standards.

  5. Analyse, summarise and synthesise independently researched academic and professional studies of Islamic accounting and financial reporting.

Assessment Methods

Type Name Description Weight
Coursework assignment 25
Final examination 75

Teaching and Learning Strategy


30 hours of class time, delivered in four blocks spread over two days.

Private study

The first teaching contact will provide full guidance for independent study through the course of the semester.


Transferable skills

  • Literacy - Proficiency in reading and writing through a variety of media
  • Numeracy - Proficiency in using numbers at appropriate levels of accuracy
  • Computer Literacy - Proficiency in using a varied range of computer software
  • Self-Management - Able to work unsupervised in an efficient, punctual and structured manner. To examine the outcomes of tasks and events, and judge levels of quality and importance
  • Exploring - Able to investigate, research and consider alternatives
  • Information retrieval - Able to access different and multiple sources of information
  • Inter-personal - Able to question, actively listen, examine given answers and interact sensitevely with others
  • Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.
  • Argument - Able to put forward, debate and justify an opinion or a course of action, with an individual or in a wider group setting
  • Self-awareness & Reflectivity - Having an awareness of your own strengths, weaknesses, aims and objectives. Able to regularly review, evaluate and reflect upon the performance of yourself and others

Courses including this module