Conclusion

In accordance with the main objectives of this book, this study has explored, analysed, demarcated and defined financial and accounting principles in Islamic finance. The book has provided an original account and in-depth insights into the subject of accounting in Islamic economics and finance its origins, principles, theories, technical analysis and challenges contributing to knowledge and the accounting and Islamic economics and finance literature. The religious orientation and the governing faith-based rules are an important factor and key influencing aspect of the accounting processes in IFIs. The understanding of the products and services offered in the Islamic finance industry, their structure, operations and legal characteristics is essential for accounting procedures and reporting. This is also important for preparing regulatory documents and reports that should be submitted to regulators on regular basis. Bearing that in mind, this book has investigated how IFIs are embracing religious guidelines in their structure to drive the financial and accounting processes related to their business and operational model. Also, considering the outcome of the Shariah governance in order to be compatible, at the same time, with the International Accounting Standards (IAS) and IFRS. This Chapter provides an overview and a conclusion of the key discussion and analysis provided in this book coupled with my final thoughts. It also outlines the book’s key contributions and finally sets some policy implications.