Further to our story published yesterday, we make available a presentation by Daud Vicary Abdullah, Deloitte's Global Islamic Finance Leader. The Effect Of Shariah Principles on Accounting Methods for Islamic Banks points out the rapid acceptance of Islamic finance, explains the fundamental principles and shows the three options for the way forward in Islamic accounting:
- Exclusivity: Live side by side with its conventional counterpart; all Islamic financial institution transactions will be recorded by way of Islamic accounting
- Harmonisation: International Financial Reporting Standards (IFRSs) are fine tuned; then certain exemptions are allowed/disallowed
- Convergence: Applying IFRS in every aspect
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