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The Need for the Islamization of Knowledge in Accounting1 
 

JamaluddinMajid 
Safri Haliding 

 
Abstract. The Need For The Islamization of Knowledge In Accounting. This article tries to 
analyze the term “Islamization of knowledge method through accountancy. The economic 
system and the foundation of philosophy its system may influence the accounting practice 
that Islamic worldview provides the original source of revelation in a Muslim society by using 
Islamic literally of being the adherents to Islam due to be vicegerents of god and providing 
accountability in all aspects. Islam as a way of life, covering all activities and economic 
activities as accounting as well are only small part of Islam, through Al Quran and Al Hadits. 
In terms of developing of Islamic accounting system that as social science and institution may 
provide a way to satisfy its social economic objective in order to meet the benefit in this world 
and hereafter. Since many scandals and fraudulent in accounting practices, accounting should 
be Islamized. Hence, Islamic accounting is needed to bring solutions in business and financial 
activities in order to achieve the objective of Shariah and Islamic goals of maslahah (social 
benefit).  
Keywords:Islamization of Knowledge, Islamization of Accounting, Islamic Accounting 
 
Abstrak. Pentingnya Islamisasi Pengetahuan Dalam Akuntansi. Tulisan ini mencoba 
untuk mengkaji metode Islamisasi pengetahuan pada disiplin ilmu akuntansi.  Sistem dan 
landasan filosofi ekonomi dapat mempengaruhi praktik akuntansi sebagai turunan dari ilmu 
ekonomi. Dalam perspektif Islam, Islamic worldview atau pandangan dunia Islam yang 
bersumber dari Ilahi merupakan sumber literatur yang paling tepat dan sesuai dengan 
syariah untuk Islam. Islam sebagai jalan hidup, mencakup semua aspek kehidupan dan 
kegiatan ekonomi demikian halnya dengan akuntansi sebagai salah satu disiplin ilmu dengan 
berlandaskan pada Al-Quran dan Al Hadits. Sebagai salah satu ilmu sosial, maka dalam 
pengembangan sistem akuntansi Islam harus berdasarkan pada tujuan sosial ekonomi dalam 
rangka tercapainya kebahagian di dunia dan akhirat. Dengan begitu banyak skandal dan 
kecurangan dalam praktek akuntansi, maka akuntansi harus diIslamisasi agar akuntansi 
dapat memberikan solusi dalam kegiatan bisnis dan jasa keuangan agar maqashid syariah 
dan maslahah dapat tercapai. 
Kata Kunci: Islamisasi Pengetahuan, Islamisasi Akuntansi, Akuntansi Islam 
 
 
 
 
 

                                                           
1 Naskah diterima: 10 Oktober 2013, direvisi: 12 Nopember 2013, disetujui: 20 Nopember 2013 
JamaluddinMajid is an accounting lecturer at Universitas Islam Negeri (UIN) Alauddin, Makassar, email: 
jamal_majid55@yahoo.com 
Safri Haliding, lecturer at Faculty of Economics, Muhammadiyah University of Makassar, Indonesia and part time lecturer at 
UIN Alauddin Makassar and doing his master in accounting at International Islamic University Malaysia (IIUM) . Email: 
safrihaliding@yahoo.com and safrihaliding@gmail.com 
 

mailto:jamal_majid55@yahoo.com
mailto:safrihaliding@yahoo.com
mailto:safrihaliding@gmail.com


11 
 

INTRODUCTION 
 Western systems have been failed in Islamic society. Muslim countries became 
independence from colonial control in authority of political perspective that 
providesIslamic society to see back of the Islamic solution and alternatives (Haneef, 2005). 
The effect of colonialism to Muslim countries is influence the adoption of western system in 
political and social economic model that namely as westernization. As Muslim society 
Islamic perspective in all aspects of Muslims life is very important in order to meet Shariah 
rules and principles of social benefit (maslaha) and human welfare in the world and 
hereafter. Baydoun & Willet (1997) assert that Al Quran & Al Hadits are source of Islamic 
Shariah provide the real guidance to govern the live of Muslims. Therefore, Islamization of 
knowledge is needed in terms of Islamic worldview in this world and hereafter. 
 Islamization of knowledge has been discussed by some scholars. For instance, 
Haneef (2005) mentions such as Al Attas (1978), Faruqi (1982), Davies (1991), Abu Fadl 
(1988), Brohi (1993). Those scholars have own idea and different perspective to develop of 
Islamization of knowledge. However, mostly they agreed that the one way of process 
Islamization of knowledge is to bring Al-Quran and Al Hadits into the philosophy of 
knowledge as Islamic worldview. Rahman (2010) argues that both worldly aspect and the 
religion aspect are covered by the worldview of Islam. Worldview may affect the quality of 
life in way we think and behave to see the whole of the world that as Muslims we may get 
the guidance and idea of worldview from the Al Quran known as the Quranic worldview 
(Hamid, 2004).  
 Rahman (2010) states that the economic system and the foundation of philosophy 
its system may influence the accounting practice that Islamic worldview provides the 
original source of revelation in a Muslim society by using Islamic literally of being the 
adherents to Islam due to be vicegerents of god and providing accountability in all aspects. 
In term of accountability, accounting as one of modern knowledge is becoming of the 
process of Islamization as a responsibility to both Muslim society and God.  
 This article tries to analyze the term “Islamization of knowledge method through 
which accounting can be Islamized. This article proceed with the explanation about the 
concept of Islamization of knowledge as general, the need of Islamic accounting, 
Islamization of accounting, the existing method through which accounting can be Islamized, 
issues and challenge on Islamization of Accounting and followed by conclusion of the 
paper. 
THE CONCEPT OF ISLAMIZATION OF KNOWLEDGE 
 Indirectly Muslim society follows the western worldview by learning and applying 
the knowledge and sciences of  contemporary universities or higher institutions that 
temporary knowledge is needed to Islamize from the Western worldview of knowledge 
built on them (Haneef, 2005). In addition, Haneef (2005) states that the process  of 
Islamization of knowledge may provide the evaluation, sifting, and modification of 
western’s fundamentally on knowledge concept and structure. 
 The perceptions of knowledge from western worldview are some of them out from 
philosophy of science of Al Quran perspective. Hamid (2004) states  that the development 
of people mind currently may provide the assumption that the power and the right are 
independently chosen  as human being  and religion is only human imagination, they have 
run  away from religion and belief in God that. In addition, the power of reason and logic it 



12 
 

self is as human beings, the power must consider to it self limited as knowledge as well to 
find a valid worldview (Hamid, 2004). 
 Golshani pointed out of the some principles of doing any kind of scientific activities 
as follows: firstly, the principles of monotheism (at tawhid), it means that all scientific 
activities in order to get and recognize the wise Creator and Governor of the universe of 
Quranic worldview and the symbol of the Creator are all nature and knowledge. Secondly, 
the reality of the external world, it means that world is to be using as subject of knowledge 
and sciences of the Quranic worldview. Thirdly, Limitation of human knowledge, it means 
that human has limitation of getting and understanding of the knowledge, also unseen is 
exist of supernatural truth in this world that there is a  hereafter life. 
 Some scholars try to see the rationale for IOK. As quoted by Haneef (2005) of 
Muslim’s scholars perspective for rationale IOK, Brohi’s argument (1993) that modern 
knowledge provided inconsistent from the framework of Islamic worldview as supports 
Rabab (1995), who tries to see rationale of IOK from the assumptions that in modern 
societies, assumption of social sciences may be unacceptable from Islamic worldview.  
 Regarding to the meaning of Islamization of knowledge that Haneef (2005) 
mentions some scholars’ definition, Al-Attas (1978) defined IOK as “the deliverance of 
knowledge from its interpretation based on secular ideology; and from meaning and 
expression of the secular”; Faruqi (1982) sees that IOK as “recasting knowledge as Islam 
relates to it”; Davies (1991) defined IOK as “ civilizational  project of rethinking, taking the 
Quran as the frame of reference”.  Haneef (2005) states that the conclusion of the meaning 
of Islamization of knowledge from the elaboration above, the concept of IOK relates to the 
Islamic ontology framework and Islamic epistemological framework as the methodology in 
order to provide the true meaning and presenting the knowledge. In addition, ontology in 
Islamic perspective is very important in terms of that ontology may provide the true of 
existence of knowledge that ontology may bring the information of true source of 
knowledge due to Al quran and Al Hadists and also concept of the Tauhid (only on God). 
However, the process of IOK in society needs time and commitment form Muslim society 
itself to support of the process of Islamization of knowledge that the level of Muslims 
understanding for the urgency of IOK is different and also they may reject IOK in terms of 
their western worldview has been become a way of life and exist in muslims mind. 
 In terms of the process that there are some steps to Islamize knowledge. The most 
famous of involving the IOK is the faruqi’s 1982 work-plan mentions the following steps: 1. 
Mastery of the modern disciplines. 2. Discipline survey that presents the history, 
methodology, and main contribution of that discipline, including a bibliography. 3. 
Mastering the Islamic legacy: the anthology. 4. Mastery of the Islamic legacy: the Analysis. 
5. Establishment of the specific relevance of lslam to the disciplines covering what the 
legacy has contributed to the range of issues envisaged by the discipline, the legacies 
achievements and shortcomings vis-à-vis the ‘vision and scope of the discipline’, why it is 
so and what can be done. 6. Critical Assessment of the Modern Discipline. 7. Critical 
assessment of the Islamic legacy. 8. Survey of the Ummah's major problems requiring 
insight, good judgment and knowledge of both the legacy and modern knowledge. 9. Survey 
of the problems of humankind as IOK is seen to not only be for Muslims but for all 
humanity.  10. Creative analysis and synthesis between the Islamic legacy and modern 
disciplines. 11. Recasting the disciplines under the framework of Islam. 12. Dissemination 



13 
 

of Islamized Knowledge where ideas and thought of Muslims involved in IOK must be 
available to all.  
 
 Another scholar of IOK is Al-Attas that he sees the process to Islamize the 
knowledge by two way as the following steps: 1. Isolation of key elements that make-up 
western culture and  civilization from every branch of knowledge. 2. Infusion the Islamic 
elements and key concepts into all branches of knowledge. That Al-Attas’s concepts are an 
epistemological and methodological concern. 
 Islamizationof accounting that both of Faruqi’s 12 point plan and Al-Attas concepts 
could be used to development the accounting in Islamic perspective. However, Rahman’s 
view that Faraqu’s plan is ideally to develop accounting in Islamic perspective compared to 
Al-Attas’s concept that takes many processes. 
 Based on the author’s understanding that accounting should be Islamized, since 
many scandals and fraudulent in accounting practices. Hence, Islamic accounting is needed 
to bring solutions in business and financial activities in order to achieve the objective of 
Shariah and Islamic goals of maslahah (social benefit). Hence, Author believe that Faraqu’s 
plan of IOK is one of the best way to develop Islamic accounting to provide accountants 
who may mastery of accounting first then develop a mastery Islamic legacy on in 
accounting perspective in order to provide Islamic epistemological framework as the 
methodology in order to provide the true meaning and presenting the knowledge in Islamic 
perspective. 
THE NEED OF ISLAMIC ACCOUNTING 
 The need for Islamic accounting may refer to two indicators those push and pull 
factors (Hameed, 2000 as quoted by Ratmono, 2005). Pull factors provide the need for 
islamic accounting to Muslims user and Islamic institution due to convention accounting 
improperly to Islam society (Ratmono, 2005). In addition, Hameed (2000) pointed out pull 
factor into two: first, The Islamization of knowledge factor that provides the theoretical 
imperative for Islamic accounting. Second, The establishment of Mulsims and Islamic 
institutions that is the practical imperative for the development of Islamic accounting.   
 In addition,Hameed (2000) as quoted by Ratmono (2005) divided the need of 
Islamic accounting from push factors into six parts: 1. The objective of conventional 
accounting based on decision usefulness may not be accepted from Islamic worldview. 2. 
Neither the assumption of pristine liberal economic democracy nor the developed 
exchange economy with a developed stock market in valid for many Muslim countries. 3. 
The accounting principles on conventional accounting reports are prepared may be 
unsuitable for the direct and indirectly for reporting Zakat as one of the objective of Islamic 
accounting. 4. The problem with historical income model becomes more problematic in 
Muslim environment. 5. The negative economic and social consequences of conventional 
accounting to environment, society, individuals are unacceptable from Islamic worldview. 
6. Conventional management systems may lead to behavior that is disfunctional not only in 
terms of organizational goals achievement but in terms of the moral and ethical 
consequences of individual and group Islamic behavior. 
 Following from the above factors that there is a need for developing Islamic 
accounting that more relevant to Muslim society, socio-economic and Islamic worldview in 
order to meet the objective of Islamic principles and rules. 
 



14 
 

THE PROCESS OF THE ACCOUNTING ISLAMIZATION 
 Rahman (2012)  defined Islamic accounting as  “the process of identifying, 
measuring, and communicating economic and other relevant information inspired by 
Islamic Worldview and complied with Shari’ah Islamiyah to permit informed judgements 
and decisions by potential and expected users information to enhance social welfare and 
achieveMardhatillah(blessings from Allah)”. 
 In addition, Hameed (2009) defined Islamic accounting as the “accounting process 
which provides appropriate information (not necessary limited for financial data) to 
stakeholders of an entity which will enable them to ensure that the entity is continuously 
operating within the bounds of the Islamic Shariah and delivering its socioeconomic 
objective”. Like conventional accounting that Islamic accounting is a tool a well in providing 
the business information, in way to accountability to God as Muslims (Hameed, 2009).  
 Hameed (2009) pointed out that the differences between conventional accounting 
and Islamic accounting as following: 1. The objective of providing the information, 2. What 
type of information is identified, and how is it measured and valued, recorded and 
communicated, 3. To whom is it communicated (the users). For Islamic accounting the 
information may unsure the social-economic and religious events and transactions as 
objective of Shariah compliance. 
 Rahman (2010) states that in terms of accounting measurement in conventional 
accounting takes consideration to the acquisition cost or historical cost unlike to Islamic 
accounting that focuses on current cost due to Zakat determination as issues in fairness 
and justice that Zakat valuation is subjected to the current market value. Baydoun and 
Willet (1997) assert that the obligation on paying Zakat for Muslim provides a distinctive 
model of Islamic accounting information systems.  
 Rahman (2010) states that with regards to the disclosure requirements in Islamic 
accounting may provide the objective of disclosure for Islamic organization, Rahman 
pointed out as followings: the disclosure laid down by Shariah for the firm to avoid riba and 
pay Zakat, the objectives are based on inferred general requirement that can be referred to 
as social accountability and full disclosure. The way to full disclosure is followed to social 
accountability as part of serving to God of providing the social economic justice and also 
does not mean that full disclosure to show every single detail transaction (Rahman, 2010).  
 Rahman (2003) argues that accounting on Islamic perspective in Muslim society, in 
way of accountant to provide the financial information to user is not only as service to the 
users and public at large, but information is provided to society must take consideration to 
accountability in order to follow the God’s commandments. 
 Since many scandals and fraudulent in accounting practices, accounting should be 
Islamized. Hence, Islamic accounting is needed to bring solutions in business and financial 
activities in order to achieve the objective of Shariah and Islamic goals of maslahah (social 
benefit). In addition,  There are some methods through which accounting can be Islamized, 
these methods are only a part of developing Islamic accounting  which are  deduction from 
Islamic teachings approach, contemporary accounting based approach (see, Yaya, 2004), 
and also could be  used strategic work plan approach, which we have developed based on 
Faruqi’s Strategic Work Plan (1989) in Islamization of knowledge. In terms of Islamic 
socioeconomics objectivethat the approaches may provide the inherent weakness in 
applying the Islamic accounting (Yaya, 2004). 



15 
 

 The first approach is called a normative approach that means bring a deduction 
from Islamic teaching. Yaya (2004) argue that this approach may follow the  what “ought to 
be” the objective of financial accounting, that may as additional value to the western 
objective of financial accounting to be appropriate for Islamic business organizations. 
According to AAOIFI (2006), by using this approach the objective of Islamic accounting 
based on the Islamic principles and its teaching that could be used as these objectives in 
relation to contemporary accounting thought. In addition, Karim (2005) states that by 
using this approach the western worldview of secular system on accounting thought could 
be minimized on the objective of Islamic accounting. 
 This approach uses the proponent “what is”. Yaya (2004) assert that this approach 
is a process of adopting the currently western financial accounting into accounting for 
Islamic institution without violating the objective of Islamic principles. In conventional 
accounting only economic event and transaction. The development of this approach 
provides the moral dimensions which are out from conventional accounting (Karim, 1995).  
Moral and ethics in accounting may lead to provide proper practices in accounting in terms 
of human accountant. In addition, Rahman (2012) argue that accountant may fulfill the 
religion obligations (HablumMinallah) as muslim accountant in order to require the good 
relationship both superior (management) and relationship to God by value of truthfulness, 
fairness, tolerance and uprightness.   
 The AAOIFI has been developed the Islamic accounting framework, one of that is 
objective of Islamic accounting which based on the decision usefulness approach.  On the 
other hand, some scholars use different approaches (i.e. Hameed, 2000a; Adnan and 
Gaffikin, 1997). Lewis (2001) argues that Islamic accounting may follow the Islamic law in 
terms of the accounting principles and postulates in order to develop the proper 
accounting theory. 
 Therefore, Lewis (2001) provides approaches for the objective of Islamic accounting 
as follows: First,  Establish objectives based on the spirit of Islam and its teaching and then 
consider these established objectives in relation to contemporary accounting thought. 
Second, Start with objectives established in contemporary accounting thought, test them 
against Islamic shari’ah, accept those that are consistent with shari’ah and reject those 
that are not.  
 Yaya (2004) pointed out the objective of Islamic accounting into some issues as 
followings: first, decision usefulness, Yaya (2004) argues that in terms of Islamic 
Accounting’s objectives of  The AAOIFI, the contents and goals are likely the same with 
currently conventional accounting that focus on providing information system for users.  
Second, stewardship, Mirza and Baydoun (2000) state that in reporting of Islamic 
accounting may take consideration to to external parties and; third, accountability, Adnan 
and Gaffikin (1997)  argues that  Zakat as the primary objective  of accountability in Islamic 
Accounting and Hameed (2000) suggests that the primary objective is the Islamic 
accountability.  
 Follows, the writer would like to highlight discuss some of problem rising in the 
method of Islamization of accounting and the development of Islamic accounting itself. 
Firstly, the issues in Islamic worldview on accounting. At this point, the process of 
Islamization of knowledge in accounting may provide some obstacles and times. The 
understanding in Muslim concept in business  and culture of  Muslim society are some 
challenge to develop Islamic accounting due to western value has been existed in Muslims 



16 
 

mind and activities. Therefore, Islamic Accounting should be derived from the philosophy 
worldview and values of Islam.  
 Second issue is theoretical building for Islamic accounting. It is needed to take more 
attention on methodology that could be implemented in practices (Kamla, 2009; Haniffa & 
Hudaib, 2010). For example: Islamic  accounting practices should  not be a merely changing 
cover and name from conventional bank to Islamic bank but the reality is still out from 
Shariah objective and principles (Kasim et al. 2009; Napier, 2009). Kamla (2009) states 
that “differences between Islamic accounting and banking and conventional counterparts 
in the Islamic accounting literature are usually reduced to technical (rather than social) 
dimensions related to the prohibition of interest and Zakah calculations” (also see Rahman 
and Goddard, 1998; Baydoun and Willett, 2000; Lewis, 2001; Sulaiman and Willett, 2001). 
 Since the literatures in accounting and Islam, therefore, I try argue that in practice of 
Islamic accounting may focus on issues in ethics particularly on Islamic financial products 
and Islamic banks that in the reality in business transactions some businessmen may not 
really take consideration on Islamic principles and rules in terms of profit oriented. 
Therefore, developing a particularly regulation may be really needed and also supervisory 
is very important to achieve the Shariah objective in maslahah.  
CONCLUSION 
 The Islamization of knowledge is a emerging issues on process to convert all 
knowledge that may refer to Al Quran and Al Hadits as basis source of knowledge and 
philosophy that to build the Muslim mind from thought crisis and the malaise of Muslim. 
Islam as a way of life, covering all activities and economic activities as accounting as well 
are only small part of Islam, through Al Quran and Al Hadits. in terms of developing of 
Islamic accounting system that as social science and institution may provide a way to 
satisfy its social economic objective  in order to meet the benefit in this world and 
hereafter. 
 Since many scandals and fraudulent in accounting practices, accounting should be 
Islamized. Hence, Islamic accounting is needed to bring solutions in business and financial 
activities in order to achieve the objective of Shariah and Islamic goals of maslahah (social 
benefit). In addition, there are some methods through which accounting can be Islamized, 
these methods are only a part of developing Islamic accounting whichare deduction from 
Islamic teachings approach, contemporary accounting based approach,and also could be 
used strategic work plan approach, which we have developed based on Faruqi’s Strategic 
Work Plan (1989) in Islamization of knowledge that has been used some universities such 
International Islamic University Malaysia. 

 
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