REPORTING OF ISLAMIC FINANCIAL TRANSACTIONS13 November 2019 Azahari
Basically, this article rise the issues of current business practices which separated from religion and to some extent has resulted in a contradiction with Islamic morality. In addition, the current conventional accounting system focuses more on achieving capitalistic socio-economic goals. As such, there is a demand to establish an Islamic Accounting system in order to achieve the Islamic socio-economic goal of falah (the success in the world and the here after). Furthermore, the establishment of Islamic Accounting system can support the growing of Islamic financial institutions which operate on the basis of Islamic teachings (Shariah).