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1.0 INTRODUCTION
The background to the present study together with the research objectives and issues, the methodology
and methods used and an outline of the thesis are presented in this chapter. In the next three sections
(1.1,1.2 and 1.3) the context of the study, the problem giving rise to the study and imperatives which drive
the study are presented respectively. This is followed in section 1.4 by a discussion of the specific research
aims and objectives of the study, which is to inquire into the need for an alternative “Islamic accounting”
given the problems that conventional Anglo-American Accounting poses for Islamic organisations and
users. Section 1.5 outlines the research methodology and methods followed in this study while the
contribution the study makes to the Islamic accounting literature are stated in section 1.6. This chapter ends
with section 1.7 where a flowchart and a brief outline of each chapter of the thesis are presented.
Behind the facade of accounting as a purely technical subject, lies a reality in which accounting and society
are intertwined in a complex relationship (Burchell et al., 1980). Accounting creates social reality (Hines,
1988) and in itself is influenced and moulded by society (or the dominating forces within it). This is not
readily apparent to users, even accountants, who unfailingly advocate its technical neutrality. Until recently,
this was echoed even in academic circles which tends to be dominated by a positivist epistemology in
mainstream accounting research especially in the USA (Baker & Beltner, 1997). Within this approach,
accounting is studied for its causal relationships; what is instead of what ought to be and for the
purposes of predicting and projecting profitability and cash flows (Watts & Zimmerman, 1986). This has
given rise to a whole discipline of finance and financial markets and fund management, which has become
the case of the mergers, acquisitions and privatisations (Briloff, 1990; Arnold & Cooper, 1999) has serious
consequences for any society, Islamic or otherwise. Academic circles in the West have realised this
tendency and its dire consequences for society. Hence, a discourse on the critique of conventional Anglo-
American accounting has developed which takes a more comprehensive view of accounting in relation to
its role in society. Various accounting journals sprang up in the late 1970’s and 1980’s such as Accounting,
Organizations and Society, Advances in Public Interest Accounting, Critical Perspectives on Accounting
and the Accounting, Auditing and Accountability Journal which provided a broader gateway for alternative
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There is also debate in academia about whether “Western” Anglo-American accounting (from here on
referred to as conventional accounting) is the appropriate system to be accepted without question by all
other cultures and people of the world (Wallace 1990a). Initial research (e.g. Hove, 1986) has indicated that
it is not, although the extent to which western accounting is relevant or otherwise is a matter of debate
(Baydoun & Willet, 1995). A whole journal dedicated to this area of research (Research in Third World
Accounting) has sprung up and the debate is alive and well. Research so far has indicated that there is a
relationship between accounting and culture (Gray, 1988; AlHashim & Arpan, 1992; Perera, 1989) and one
system cannot be transplanted into another cultural environment to take root without causing dysfunctional
Despite this however, in recent years, there have been pressures on developing countries with different
cultures, religions, social, business and political environments to adopt the conventional accounting
principles and standards. Consequently, their underlying philosophy is adopted without any or negligible
modification in the name of globalisation. These ‘pressures’ have been in the guise of; (i) Harmonisation of
international accounting standards by the IASC (Taylor, 1987;Wallace, 1990b), (ii) the operations of
multinational audit firms and their clients the multinational corporations, and (iii) the professional education
imparted through the examination and qualification exporting accounting bodies of the UK e.g. CIMA
However, the spread of “Western” consumerism (Ahmed, 1992) and capitalism over the globe is not
without its opponents. The resurgence of religion especially Islam in the Muslim countries, questions the
socio-economic values of Western capitalism and attempts to introduce its own socio-economic system in
line with its own worldview. The researcher considers that the Islamic economic system may need an
alternative “Islamic accounting” System that would provide appropriate information which hopefully would
induce user behaviour consistent with the Islamic worldview. This research project hopes to make an initial
contribution in this area. The Islamic reaction against the attack on its values in the name of globalisation is
the imperative to this research project and is outlined in the following section.
Islam is the second largest and fastest growing religion in the world. It is not only a ritualistic religion
confined to the individual but an integrated way of life combining politics, economics, culture, religion and
every aspect of human life. From its very beginnings, it was an integrated way of life combining the secular
and the sacred, mosque and the state, political and social life. Thus, Noreng (1997), for example, terms it
as both a “political and social project “ since its inception. This is unlike the understanding of religion in the
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In this study, Islam is used in the sense of a civilisation driven by Islam- the religion and code of life, law,
ethics, government, economics and society. The word “Islamic” is used to denote Muslim society, which
lives according to Islamic principles in all areas of life. The word ‘Muslim’ on the other hand is used to
describe the actual situation of Muslim countries where Muslims have political power but have not
implemented Islam in their political, social or economic life although they may be at various stages of this
process. This civilisational view of Islam is not entirely novel or an entirely ‘Islamic’ perspective but is
recognised by writers in the West, for example, Hunttington (1996) who portrays Islam in this context.
Further, the Economist (1998) included ‘Islam’ as a potential candidate for ‘super power’ status in the 21st
Century although arguing that it is very improbable given the disunity amongst its ranks and its lack of
long-range military power. Further, Talbott (1998), in commenting on the ambiguous response of the EC on
Turkey’s admission to the European Union, admitted that European opposition to its joining was because
of its ‘Islamic’ credentials and that this should not be the case:
“The debate within the EU over Turkey resonates with references to “culture” and “civilisation”.
These words are often euphemisms for religion [emphasis mine]. The theory is currently in vogue
that the cold war rivalry between communism and capitalism has given way to a global “clash of
civilizations” including one between the Judeo-Christian West and the Islamic world. That idea is
pernicious. If the “Europeanness” of a village depends on whether its landmarks are church spires
or minarets, then the peace of the Continent will be in recurring jeopardy of the kind we have seen
in Bosnia over the past several years and in Kosovo over the past several
months”. (Talbott, 1998)
Although the Muslim countries are not united politically and Muslim countries for the most part are secular
according to their constitutions this is due to a number of historical factors including colonialism’s divide
and rule policy. There is a global resurgence of Islamic fervour at both local and international levels and the
aspect which most concerns this study is the aspiration of the Muslims to order their political, social and
Towards this end, in the socio-economic sphere, there has been a paradigm shift from conventional
utilitarian economics to Islamic Economics (Presley & Sessions, 1994). In Islamic economics, the rational
1980) whose consumer behaviour is limited by a ‘moral filter’ and a redefined self interest extending to the
To attain this “Islamic Economic System”, Islamic political and economic organisations have been set up at
the international, regional and local levels. International politico-economic organisations include the
Organisation of the Islamic Conference (OIC) grouping 52 Muslim countries, Economic Co-operation
Organisation (ECO) grouping Iran, Pakistan, Turkey and the Central Asian States, the newly formed D8
(group of developing eight Muslim countries) and the Gulf Co-operation Council (GCC) which groups six
Muslim gulf countries. These organisations have economic, scientific, trade and cultural sub-committees.
More important from an accounting point of view is the setting up of local and regional Islamic banks,
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insurance companies, investment companies, Muslim treasuries (baitul mal) and endowments (al-awqaf)
established to operate under Islamic Shari’ah (Islamic law) and to achieve Islamic objectives. These
organisations are for the most part using conventional accounting principles, which may not be appropriate
In addition there is a movement towards Islamisation of knowledge and disciplines (Abu Sulayman, 1989)
which basically is an attempt to critically re-examine secular ‘western’ knowledge and to recast them with the
This movement asserts that there is a ‘crisis in the Muslim mind’ which has caused the stagnation of
knowledge and progress in the Muslim world. They assert that the way to correct the problem is to
reinterpret conventional western secular knowledge into the Islamic mould and to reintegrate human
knowledge derived from the senses and reason with revelation, the knowledge given by God through
scriptures and the Prophets; in other words, a whole new epistemology. The apparent problem with Islamic
law is that it is based on eternal principles in the Qur’an (which is the Word of God according to Muslims)
[1]
and the Sunnah (the sayings and traditions of the Prophet Muhammad pbuh ) and the interpretation of
religious scholars over the past 1420 years. The Qur’an and the Sunnah cannot be changed. They can only
be reinterpreted within strict limits in line with the requirements of time and space.
Unfortunately for the Muslim world, the process of development of Islamic law stagnated around 700 years
ago and the colonisation of the Muslim world leading to the separation of politics from Islam further
confounded this problem. Since the law of the land was separated from Islam, Muslim scholars became
completely out of touch with the realities of modern society and state and many of the derived laws for a
bygone age became obsolete. After independence, not only was there an absence of law to meet the
requirements of modern society, the colonial masters had moulded their successors in the developing world
with their own philosophies and left them with a legacy of knowledge, institutions and civilisation, divorced
from the Islamic past. The Muslim not only had problems of reinterpreting laws to meet their current needs,
there were left with an alien epistemology that alienated their thinking from their religion and forced them to
With the Islamisation of knowledge, Muslim scholars hope to go back to their divine sources to extract
principles which together with the aid of reason and empirical positive facts of current circumstances and
place, develop new and relevant knowledge and laws in order for Islamic society to achieve its objectives.
As part of this process, the various “modern” disciplines need to be reconstructed on the edifice of Islam.
This research is an initial exploratory attempt towards establishing the need for an alternative ‘Islamic
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accounting’ from a critical re-examination of the principles, norms, objectives and normative values which
underlie conventional Anglo-American accounting and the unIslamic consequences it engenders among
The underlying philosophical values of secular “Western” Anglo-American society are reflected in its
accounting practices and principles. It is created by a capitalistic social reality with extreme concentration of
power, inequalities in income and wealth, social and economic instability, and environmental destruction.
These are not the objectives of any civilised society let alone an Islamic one. Changes to conventional
accounting have been suggested from various perspectives: e.g. social and environmental (Gray et al.,
1996), feminist (Reiter, 1997), deep green (Cooper, 1992) and Marxist (Cooper & Hopper, 1990).
However, they do not take the spiritual element seriously as does Islam and therefore cannot be used as a
Further, there are currently 192 Islamic banks and financial institutions in the Muslim world and other
countries (Timewell, 1998). These institutions are springing up even in Western countries where
Multinationals such as Chase Manhattan and Australian New Zealand (ANZ) banks establish special Islamic
counters or branches to serve the niche market (or capture the significant Muslim funds). Islamic insurance
companies (known as takaful) are also operating together with relief organisations (e.g. Islamic Relief,
Muslim Aid and Human Relief Foundation in the UK). Zakat agencies have been set up to collect and
distribute Zakat, a religious wealth/income tax. There are Islamic universities, pilgrim fund management
In addition business corporations are being set up following the Islamic model in Muslim countries such as
Egypt (El-Ashker, 1987). Most of them use conventional accounting, which may not be suitable to the
development of an Islamic economic/social environment and the achievement of their Islamic mission for
which they have been set up. This is despite the fact that a regulatory agency, the Accounting and Auditing
Organisation for Islamic Financial Institutions has been created which has issued certain Accounting
Besides arguing for the need for an Islamic accounting, this research attempts to explore and develop the
objectives and characteristics, from an Islamic perspective, of an accounting, which will serve the purposes,
and objectives of Islamic society. The researcher suggests that the worldview, principles, objectives and
values of Islam are different from secular Western society. As such, the particular obligations and
prohibitions in the economic and social arena under the Islamic Shari’ah (Islamic Law) require a different
accounting framework and different accounting concepts, rules, principles and guidelines to achieve the
objectives of an Islamic society. The researcher suggests therefore that conventional accounting may be
inappropriate tool for the task. Further the establishment of Islamic organisations within Muslim societies
requires an immediate practical as opposed to only a theoretical need for an alternative Islamic accounting.
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There is a danger that the continued use of conventional accounting without at least a major modification
may result in a deviation if not a frustration of the objectives and mission for which the organisations were
established. This alternative accounting which would be in line with the mission of Islamic organisations and
Further, since one cannot find the objectives and rules of Islamic accounting in detail in the Qur’an, the
researcher aims to follow the methodology of Islamic jurisprudence of ‘Ijma (consensus) of scholars and
experts in the area. The second part of the study will therefore seek to find the consensus of Muslim
accounting and on the objectives and characteristics of Islamic accounting which have been derived in the
One of the assumptions of the researcher in this project is that the need for Islamic accounting is partly
based on the assumption that conventional accounting is not suitable for Muslim organisations and users.
The researcher believes that conventional accounting leads to unIslamic Financing, Investment and
Operating behaviour among Muslim users. Further, certain aspects of accounting lead to behavioural
problems from an Islamic moral/ethical perspective. The third part of this research aims to elicit information
In short the objectives of this research can be divided into three main parts:
· To argue the need for and to enquire into the objectives and characteristics of an “Islamic accounting”
derived from Islamic values and an Islamic worldview which is more appropriate to an Islamic society;
· To explore the consensus or otherwise of Muslim accountants and academics on the objectives and
· To ascertain the extent to which conventional accounting is unsuitable for Muslims and Islamic
According to perceived wisdom (see for example, Burrell & Morgan, 1979), an exploratory study of this
nature should use either a grounded theory (code analysis) or case study (critical analysis) or a historical
structural analysis approach to explain, diagnose and understand the issues under study. Gioia & Pitre
(1990), however, argue for a multi-paradigm approach to theory building, which has been adopted due to
the nature of the study and the limitations of practicality. Hence interpretive, critical, structural (in terms of
probing historical evidence) and functionalist approaches (in terms of testing hypothesis) have been
A normative/deductive methodology is used in this research to argue the case against the adoption of
conventional accounting by Islamic organisations and societies and to deduce the outlines of an “Islamic
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accounting theory”. Specifically, disclosure of the distortions caused by the social construction of an
UnIslamic reality by conventional accounting is critically analysed to describe and critique in the hope of
In contrast to the proposed emancipatory accounting (e.g. Tinker, 1985) which stops short of prescribing
changes, an initial attempt is made to propose an alternative Islamic accounting system in terms of its
objectives and characteristics in line with Islamic values. Here, the researcher will attempt to deduce the
characteristics of Islamic accounting from general principles and values from the Islamic worldview.
Finally a nomothetic method (which is usually reflective of a positivist methodology) is followed using
survey techniques and basic statistical analysis to test certain hypotheses to study the consensus on
objectives and characteristics of Islamic accounting. Although this may seen to be inconsistent with a
normative-deductive and ‘critical’ methodology employed in the first part of the research, the researcher
justifies this in terms of the objective of the second part of the research. This is to elicit evidence on
consensus of the respondents on Islamic accounting, as well as to gauge the extent of unIslamic behaviour
of users caused by conventional accounting, both of which are positive (what is?) issues.
(a) Review the literature on criticisms of conventional accounting and examine and extend them from an
Islamic perspective. Also the literature on Islamic worldview, Islamisation of knowledge and the Islamic
economic system will be reviewed and contrasted with the values inherent in the capitalist economic
system of the West, to argue the need for an alternative Islamic accounting.
(b) Deduce the objectives and characteristics of an alternative “Islamic accounting” from the worldview,
objectives, values and economic norms of the Islam and the Islamic economic system.
(c) Test the perception and consensus or otherwise of Malaysian Muslim accounting academics and
(d) Undertake two further surveys of finance managers and organisational employees in other functions in
various organisations to find out the extent to which, if any, conventional accounting practices within
To the knowledge of the researcher, this is the first study of “Islamic accounting" of its kind both in terms of
theoretical enquiry and empirical investigation. The word “Islamic accounting” has been in the literature
since the late 1980’s (e.g. Hayashi, 1989; Choi & Mueller, 1992). There has been great expectations
regarding its development. Hayashi (1989) for example, studied the implication of Islamic accounting for
Western Accounting while Choi & Mueller (1992) gave “glad tidings” of Islamic accounting in the following
words:
“There is every reason to believe that in due course something labelled “Islamic accounting” will
be identified and propagated (p57)......An Islamic perspective is beginning to assert itself upon the
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international accounting scene. Its beginnings are modest, but its fervour adamant. We believe that
the Middle-East region will continue to make accounting news as the twenty-first century breaks”.
(Choi & Mueller, 1992, p57 and 65)
There have been some recent attempts to develop Shari’ate Accounting (Triyuwon & Gaffikin, 1996) and
Islamic corporate reports (Baydoun & Willet, 1998). The paper by Triyuwon & Gaffikin (1996) argues from
a critical perspective using the language of philosophy. Baydoun & Willet (1998) argue for an Islamic Value
Added corporate report, cash flow statement and current value Balance Sheets. However, in the
researcher’s opinion, Baydoun & Willet’s (1998) theoretical arguments are rather brief.
Despite these important contributions, however, instead of exploring the theory first, most research has
jumped into the practice bandwagon by exploring the accounting implication of Islamic banking (e.g. Karim,
1995 and 1998a). Perhaps this is to be expected as conventional accounting represents itself as objective
and neutral and “misleads” its acquaintances into thinking that it can be modified for new areas such as
Islamic banking without recourse to a fundamental re-examination of its principles. This research initiates a
contribution to basic theory or conceptual framework to this area with its enquiry into to the objectives and
particular, there is no exposition of the fundamental philosophical tenets of conventional accounting in the
mould undertaken, for example, by Gray et al. (1996) in their call for social accounting or that undertaken by
Tinker (1985) in his bid for an “emancipatory accounting”. There is also no examination of these
expositions from the Islamic perspective. This research (see Chapter 3) tries to fill this gap at least partially
and contributes to the critical and social accounting literature by adding the “confounding” element of Islam
(Hamid et al., 1993) to the debate.
Further, not many seem to have answered the call of the proponents of the Islamisation of Knowledge (see
Chapter 4) in the discipline of accounting compared to the discipline of Islamic Economics (see for
example, Haneef, 1995). The analysis of the Islamisation methodologies (Chapter 4) and its partial
adoption in this project contributes to academic support for Islamisation of disciplines as a whole and for
accounting in particular. It is hoped that this thesis will make Islamisation of knowledge a more concrete and
practical idea.
To the author’s knowledge, this research is also the first to contribute empirical survey results on the
[2]
objectives and characteristics of Islamic accounting (Chapters 8 and 9). The results show strong support
among Malaysian Muslim Accountants and Accounting Academics for the replacement of the decision-
accounting) are considered at least as important as users of Islamic accounting information. The
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respondents also view the integrated disclosure of Islamic, social and environmental information as the
There is also a lack of research on whether conventional accounting causes unIslamic behaviour by Islamic
organisations and Muslim users. This research argues that negative behavioural consequences for internal
users may make conventional accounting unsuitable to a Muslim society, to Muslim users and to Muslim
organisations. The current research contributes to the literature through a survey to gain insight into this
area (Chapter 10). Although the results do not conclusively substantiate the validity of the researcher’s
arguments in practice, the evidence presented has raised some doubts. This at least calls for further
The nature of the research project (time and cost constraints) restricted the scope of the study from
including a more extensive survey. Future research could extend the survey to other employees in various
organisations in Malaysia, accountants and accounting academics in other Muslim countries and a Delphi
method of brainstorming Islamic scholars on the subject could be undertaken to make the subject credible
under Islamic law.
To gain further insight into the behavioural consequences of conventional accounting in Islamic
organisations and among Muslim employees, case study research extending over a period of time is
necessary. This research has been limited by the lack of access to Islamic and Muslim organisations for in
depth case studies. Future research could overcome these problems and gain a deeper insight into the
Figure 1-1 on the next page, shows the structure of the thesis. A synopsis of the study follows:
This chapter has provided the background to the problem, outlined the research aims and objectives,
described the research methodology and methods used and highlighted the original contribution this study
In chapter 2, the relationship of conventional Anglo-American accounting and the worldview and values of
“Western” society are reviewed. It is argued that Accounting being a social institution (Roslender, 1992) is
not value free and objective. Conventional accounting in particular has imbedded values of the capitalist
economic system, which in turn reflect the values developed from the historical experience of Europe
including its enlightenment and modernist phases of development. The Western values of democracy,
secularism, individualism, utilitarianism and consumerism are analysed as the underlying assumptions and
rationale under which accounting works. The implications of this for the economic objectives, norms and
behaviour are traced out and its implication for accounting as an information provision system delineated.
The worldview and values of Islam is then presented and shown to lead to an ethical Islamic economic
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system. These are then contrasted with the Western worldview and values and the capitalist economic
system and are shown to be different from the Islamic worldview, values and economic system. Thus, the
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and consequences. Taking the cue from social, environmental and critical accounting literature, it is argued
that the objectives, characteristics, consequences and the environment under which conventional
accounting operates (the push factors) are totally unsuited to accounting for transactions in an Islamic
society. In particular, the existing social and critical literature on accounting is examined from an Islamic
In chapter 4, the first category of “pull factors” which make Islamic accounting necessary - the Islamisation
of knowledge, is defined, discussed and categorised. The debate on the Islamisation of knowledge is
extended by its discussion in the context of the general epistemology and methodology of research in
general, and the Burrell & Morgan (1979) framework in particular. The implications of the various
methodologies of Islamisation for the Islamisation of accounting and for this research project are explored
and the methodology for this study adopted.
In chapter 5, the second category of “pull factors”, the establishment of various Islamic organisations with
their own Islamic objectives and legal framework, is outlined. In particular, the operations and financing
techniques of Islamic banks and financial institutions are used to show the relevance and importance of an
In chapter 6, the objectives and characteristics of Islamic accounting are developed from the Islamic
worldview and a perusal of the literature in Islamic accounting. An “Islamic accountability model” is posited
as the framework and objective of Islamic accounting in contrast to the decision-usefulness of conventional
In chapter 7, the research design, data collection methods in general and a justification for the survey
method adopted in this research are presented. The design and structure of the research instruments
(questionnaires) are discussed. This is followed by a discussion on the population and sample
characteristics. The procedure followed for data collection, including problems encountered during the
academics in Malaysia are analysed and the findings presented. The results indicate strong support for
Islamic accounting.
In chapter 9, several hypotheses regarding Islamic accounting are tested on the data from the Islamic
accounting questionnaire. The results of the statistical analyses conducted on the data support the
hypotheses of the researcher except those regarding certain conventional accounting principles.
In chapter 10, the results of the questionnaires on behavioural consequences of conventional accounting
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are presented. The results are mixed although there is some evidence to suggest that conventional
accounting does cause some unIslamic behaviour although its undesirable effects seem to be less
The research is summarised in chapter 11 where conclusions are drawn as to the implications of the
findings and the direction of future research is suggested. The researcher concludes with the original
[1]
Peace be upon him , a mark of respect and salutation a Muslim is required to say and write whenever the name of any Prophet (e.g.
Muhammad, Jesus, Moses etc.) are mentioned. The researcher as a believer wishes to follow this tradition in this research.
[2]
Abdul Rahim & Goddard 1998 have undertaken a grounded theory based interpretative enquiry into the accounting practices in Islamic
non-profit organisations using two case studies.
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