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Muhammad Asghar Shahzad
Sharī’ah Academy, International Islamic University, Islamabad
Economics, Econometrics & Finance Social Sciences

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Compliance of Financial Statements of Islamic Banks of Pakistan with AAOIFI Guidelines in General Presentation and Disclosure Asim Ehsan; Syed Kashif Saeed; Muhammad Asghar Shahzad; Hafiz Rauf Iqbal
SEISENSE Journal of Management Vol. 2 No. 1 (2019): SEISENSE Journal of Management
Publisher : SEISENSE (PRIVATE) LIMITED

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (684 KB) | DOI: 10.33215/sjom.v2i1.53

Abstract

Objective - This study intends to investigate the extent of voluntary financial reporting compliance made by Islamic banks of Pakistan as suggested by Islamic accounting standards (i.e. AAOIFI). Design/Methodology - The study is based on an empirical evaluation of financial statements of Islamic banks of Pakistan. Data sample consists of financial statements for the years 2009, 2015, 2016 and 2017 relating to of all four full-fledged Islamic banks in Pakistan. The first standard in Islamic accounting standards suggests a total of 111 items for compliance while preparing a financial statement of Islamic Banks. As per existing regulatory requirements, Islamic banks in Pakistan are required to adopt International Financial Reporting Standards while preparing their financial statements. Findings - However, the analysis suggests Islamic banks in Pakistan are in compliance of more than 50% of requirements as suggested by Islamic accounting standards. Implications – The insights will help the industry decision makers to increase the voluntary disclosures by the Islamic banks.
Sharī‘ah Analysis of Acquisition of House Financing Portfolio: A Case Study of Bank Islami and Citi Bank Pakistan Muhammad Asghar Shahzad; Syed Kashif Saeed; Asim Ehsan
SEISENSE Journal of Management Vol. 2 No. 2 (2019): SEISENSE Journal of Management
Publisher : SEISENSE (PRIVATE) LIMITED

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (732.354 KB) | DOI: 10.33215/sjom.v2i2.126

Abstract

Purpose - The Objective of this study is to provide a comprehensive scenario of the Acquisition of House Financing transaction taken place between Bank Islami and Citi Bank during 2010 in the light of Sharī’ah guidelines. The purpose of this whole complex transaction was to acquire Citi Banks house financing portfolio. The successful completion of such a transaction is an important milestone for Islamic Banking. The complete understanding of such transactions is of prime importance for Islamic banking academia. Findings - The study concludes that the transaction based on Hawalah (assignment of debt) and Wakalah Lil Qabz (recovery agency) is very complex and intelligently designed to conduct these transactions. Policy Implications - This study will enable the policymakers, Sharī’ah Advisors, and bankers to explore new avenues for investment in Islamic Banking Institutions. This study will also enable academicians and research students to conduct research for product development in related areas with conventional banks. The complete understanding of such transactions is of prime importance for the product development department of Islamic Banks.
Co-Authors Asim Ehsan Asim Ehsan Hafiz Rauf Iqbal Syed Kashif Saeed