Islamic banking finance economy
by islamicbankingfinanceeconomy.blogspot.com
The Development Accounting of Islamic Banking
General
accounting has the function as a tool for presenting information,
especially of a financial nature in relation to socio-economic
activities in a community tertentu.Sebagaimana current that rules or
standards used to prepare financial statements - known as Generally
Accepted Accounting Principles - can not be separated from society's perspective (in which economic activity was conducted) against the values of social life. This is evident from not easy to harmonize international accounting
standards despite the efforts towards there always sought by the
International Accounting Standards, which we IAS IAS in part also used
as a reference tool.The implication of the above led to the hard efforts of Muslim
scholars, especially in economics and accounting to formulate economic
and accounting system in accordance with Islamic Sharia guidance.The
duty of every individual Muslim to hold the recording of wealth as well
as debts and obligations clearly stated in the Quran with various
dimensions, for which reflects the administrative order is a very
important part in the life of a Muslim so as to allow a Muslim can
easily fulfill its obligations such as zakat, the settlement of accounts payable, the calculation of inheritance and so on.Therefore,
standardization of financial accounting is based on Islamic Sharia
became an obsession realistic for the community of scholars and business
practitioners Muslims around the world although Muslims are not in a
strong position and influence significantly the social and economic life
and politics to global size which even lately This is facing a very severe test.The development of a desire to realize the identity of the new Islamic
business successfully realized in the form of the emergence of banking
based on Shariah guidance while other business entities such as
manufacturing, trade and other services not specifically stated as a
business entity of Islam with all its consequences.The
emergence of Islamic banking has pushed quickly to the need to
standardize operational systems that will be reflected in the accounting
systems used as a basis for the reporting system to meet the various
interest groups that need the information. in order to measure the accountability and effectiveness of the management of economic resources mandated by the entity TSB.The
need is facilitated by the organization of accounting and auditing for
financial institutions islam (Accounting and Auditing Organization for
Islamic Financial Institution), based in Manama, Bahrain, and consists
of almost all financial institutions of Islam, the institution of the
accounting profession and the central banks of countries that permit the
operation financial institutions islam.Lembaga page. has issued the accounting standards for Islamic financial institutions
/ banks which certainly is expected to be adopted by the organization
of the accounting profession and the central bank sponsor countries
Islamic banks.The
approach in the preparation of accounting standards tsb.menggunakan
International Accounting Standards as the main base in needs assessments
in accordance with the standards of operation of Islamic banks so that
practically will receive IAS does not contradict sharia and
automatically rejected when it is not in line with the guidance of
sharia with the consequences of creating a standard new in accordance with sharia.Pretty basic philosophical differences between conventional banks with
Islamic banks have implications for financial statement presentation
standards given the function of Islamic banks Islamic banks include the
function of investment managers, investors, financial service providers
of traffic and zakat and charity.Another
thing that is not less important is the use of the concept of profit
sharing so that the Islamic banks do not know the cost of funds or cost
of funds as a reduction of interest income to generate a spread / margin
before deducting operating expenses. That is why in Islamic banks do not recognize the negative spread due
to the results of the investor or depositor actually based on the agreed
profit sharing ratio in advance of the results of investment management
and banking business solely on funds entrusted by the owner of the
funds, or depositors in the bank.The
relationship between the owner of the funds to the bank customer is the
investor relations manager in the investment so that they will fund
accounting standards of Islamic banks should be recorded as investment
accounts (investment accounts) and not as an obligation or liabilities. While
the funds are deposited not only on the basis mudharabah but on the
basis wadiah contract will be recorded as a liability or liabilities on
the fund despite TSB bank has the right to invest and get results for
the benefit of the banks themselves without any obligation to provide
for the results. However, should the bank pays the owner of the funds in accordance
with bank policy wadiah prevalent even bank shall be entitled to load
TSB fund management (administrative burden).On the other hand relationship with the beneficiary bank is a
partnership or relationship of business and accounts payable for the
purchase and sale transactions (murabaha) unresolved or pay resilient.In
view of sharia irrelevant explicitly separating bank financial
institutions and non-bank even by non financial institutions even if
that is something that might happen if a financial institution of
Islamic conduct investment activity on real estate for example, like a
developer or developers or the buying and selling of cash and or leasing both ends with the transfer of rights or not.Broadly
speaking, the view of financial statements of Islamic banks on the
assets side is characterized by the existence of the account financing
(financing) either in the form of a bill on a transaction or the form of
the position of bank's participation in mudharabah or musyarakah also
the existence of productive assets in the form of assets that are rented
or even there can be inventory depends on the activity of Islamic banks TSB. On the liabilities side characterized the wadiah funds in the form of
current account and in some specific countries also includes savings
accounts and the unrestricted investment account in the form of a
deposit account with mudharabah so it is not categorized as liabilities
within the meaning must be returned under any circumstances.Definition
of unrestricted investment accounts show the bank can freely perform
investment is not contrary to sharia being on the other side there is
the restricted investment accounts according to the accounting standards
of Islamic banks are not recorded as part of liabilities but are
recorded as off balance sheets with the disclosure in the form of a
special report in the form of reports changes
in the position of limited investment funds (compared with funds
managed by BI and SKAPI version) being the form of investment is also
not recorded as assets. In this case the bank earn a fee or profit share.The
contents of the report Profit - Loss also reflect the function of
Islamic banks in the form of sales profits (from murabaha) for results
(of profit and loss sharing) rental income (from Ijarah / leasing) and
income of other services does not contradict sharia and when banks
were forced to accept non-Islamic income eg conventional current
accounts of banks must be removed and channeled to social interest which
must be didisclose. On the load side will not be found even fund expenses for the results
should not be classified as an expense in the reporting of Islamic banks
but should clearly disclose the basis for the results used were other
operational costs are no different from conventional banks.Basically
Islamic banks are also embracing the concept of accrual in particular
for medium load for the revenue should be done cautiously depending on
the local sharia council opinion whether to use cash or accrual basis. The
use of cash basis refers to the precautionary principle which is based
on Islamic teachings which say that what will happen tomorrow is ghoib
so it should not recognize revenue (read: income) before actual -nyata
shaped cash flow in real terms into the bank (remember the principle
that used
BI before the SKAPI ie cash basis) .On accounting standards for Islamic
banks such as murabaha profit bills are recognized when the contract is
signed if the credit period does not go through a period when the
financial statements were past the credit period of the financial
reporting period in the form of a lump sum or installment then revenue recognition should be proportional accrual unless the
supervisory board of sharia stipulates in cash or as installments /
payments received.From
the description above shows that although not all things can be
revealed, but at least give you an idea that needs a new paradigm
preformance design applications accounting for Islamic banks in
accordance with existing standards. Although
academic discussions are still ongoing in order to deepen and enrich
the discourse of economics and business systems thinking Islam, in line
with the enactment OF banking is a refinement legislation bank OF
earlier then it is very encouraging because BI can adopt the standard
TSB. together
with IAI so that there are standard guidelines for the practice of
Islamic banking especially if then emerging new Islamic bank in the form
of Islamic banks or Islamic branches of conventional banks
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