| dc.description.abstract | Islam has a different worldview which affects the socio-economic activities of
its adherents. As accounting is a social institution which should reflect the
nuances of its society and help achieve its socio-economic objectives, a different
type of accounting is required as compared to the conventional accounting of
capitalistic society. Research on Islamic accounting is still at an exploratory
stage; its pioneers trying to develop a theoretical framework for Islamic
accounting using various methodologies. As with the development of
conventional accounting, the search is on the objectives and characteristics
of Islamic accounting as a foundation on which to lay its principles,
conventions, rules and standards. This article explores the emerging issues in
this development and searches for patterns in the debate on Islamic accounting
theory. We evaluate these different methodologies and approaches suggested
in the literature used to develop Islamic accounting theory. We find the hybrid
approach promising as compared to the “ibaha” approach. | en_US |
