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Financial Instruments: Islamic Versus Conventional

In: Accounting from a Cross-Cultural Perspective

Author

Listed:
  • Sani Kabiru Saidu
  • Rabiu Saminu Jibril
  • Abubakar Sambo Junaidu

Abstract

The financial system of any economy is made up of its financial institution, financial instruments and financial regulators. However, the nature of the instruments, institutions and regulations depend on the economic system and philosophy prevailing in that economy. This chapter presents a simple and precise narrations on the meaning of financial instruments, their forms and characteristics, fundamental principles of Islamic finance as well as the similarities and differences between convention and Islamic financial instruments. A case study reflecting the core merits and pitfalls of financial instruments is presented to further press home the understanding of the topic. This piece is intended to provide readers with the basic understanding of issues raised.

Suggested Citation

  • Sani Kabiru Saidu & Rabiu Saminu Jibril & Abubakar Sambo Junaidu, 2018. "Financial Instruments: Islamic Versus Conventional," Chapters, in: Asma Salman & Muthanna G. Abdul Razzaq (ed.), Accounting from a Cross-Cultural Perspective, IntechOpen.
    • Handle: RePEc:ito:pchaps:147599
    DOI: 10.5772/intechopen.76775
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    More about this item

    Keywords

    conventional; Islamic; financial instruments;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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