EMIEF610 Accounting for Islamic Financial Transactions I

Course Description:

This course is intended to introduce students to accounting concepts for Islamic financial transaction and responsibility from the Qur’an and Sunnah. The course would show the need for Islamic accounting and the limitations of conventional accounting. The course will enhance students’ opportunity to learn about accounting standards developed by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and understand the relevant international accounting and reporting standards and their implications for IFIs.

Course Code: EMIEF610

Credit hours: 3

Pre-Requisites: None

Learning Objectives:

The objectives of the course are to develop an understanding of:

  • The meaning of Islamic accounting and its differences with conventional accounting.
  • The need for Islamic accounting and the limitations of conventional accounting.
  • Accounting standards developed by the Accounting and Auditing Organization for Islamic Financial Institutions the applicability of GAAPs and accounting standards in IFIs.
  • Accounting for various types of Islamic financial transactions.

Course Outlines:

The outline of the course is to develop an accounting understanding of:

  • Accounting Objectives & Islamic Worldview
  • Accounting Concepts: An Islamic Perspective
  • Islamic Ethics and Accounting
  • Financial Reporting for Islamic Financial Institutions
  • Accounting for Islamic Deposit and Investment Account
  • Accounting for Mudarabah Financing
  • Accounting for Musharakah Financing
  • Accounting for Murabahah Financing
  • Accounting for Ijarah Financing
  • Accounting for Investment in Islamic Securities
  • Principles of Zakat & Zakat Accounting for Business Wealth

Main Textbook

An Introduction to Islamic Accounting: Theory and Practice by Abdul Rahim Abdul Rahman

Grading and Evaluation:

  • Minimum passing grade 70%
  • Participation: 30% (10 assignments, 3% each)
  • Mid-Term exam: 20%
  • Research paper: 20%
  • Final exam: 20%
  • Oral Exam 10%

Guidelines for Research Paper:

As part of the course, you are required to submit a research paper. The topic chosen must be relevant to the course and approved by the Instructor. The paper must meet the following requirements:

At least ten (10) double-spaced pages (not including the introduction and conclusion).

1 inch margins.

12 pt size (Times New Roman).

Follow the standard research paper structure with a Table of Contents, Abstract or Executive Summary, Introduction, Main Body, Conclusion, List of Reference.

The Main Body should be organized into logical chapters and paragraphs.

When quoting Hadith, a notation indicating its authenticity must be clearly.

Please Watch:

How To Write A Research Paper

Communication Etiquette:

  • Post all your questions related to the course to the (Online Test) forum.
  • If sending emails directly to the lecturer, please include appropriate label in the subject line (Action Required/Info/Admin) and allow up to 3 working days for reply.
  • Limit telephone communication with the Lecturer to within specified office hours only.
  • When leaving a voicemail, please clearly state your name, course code, and contact number.

To attend live – online lectures (on their scheduled time):

Virtual Class Room

Access the course on-line by logging into Online School, accessible from

Al-Huda Online School

You will need a user name and password to:

  • View the recorded lectures if you missed the live online ones.
  • Interact with your teacher and classmates.
  • Upload and submit your assignments, research papers, and exams.
  • View your grades.
  • All attempt must be made to submit assignments by the agreed due dates. Late submissions will be penalized.
  • Weekly materials and graded assignments will be posted onto the site by Monday– in sha Allah.
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