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Accounting and Legal Disputes in Islamic Banking and Finance Kadi, Sanaa
Journal of Islamic Economic Laws Vol. 8 No. 01 (2025): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v8i01.6915

Abstract

This paper explores the role of accounting for Islamic finance in dispute settlements in the Islamic banking and finance (IBF) industry. This study adopts a legal approach, using an analysis design to investigate the main principles and processes of dispute resolution in Islamic finance. The study involves a comprehensive review of relevant legal sources, including Islamic law, national laws and regulations, court judgments, legal opinions, and industry standards. The study shows that the promotion of legal certainty will require a strong base of legal and Islamic finance professionals and the competence and awareness of accountants, lawyers,​ and judges. The study also shows that financial records, statements, and documentation have a significant role in resolving disputes. Accounting records can provide evidence of transactions and terms agreed upon. Properly documented and transparent accounting practices can help clarify the nature of the dispute and contribute to finding a fair and efficient resolution in the context of Islamic financial activities. This study provides practical implications for IBF stakeholders in managing legal disputes, such as helping Islamic financial practitioners recognize the importance of integrating robust accounting practices, clear financial reporting, and transparent disclosure mechanisms. These practices are pivotal not only for the industry’s credibility but also for effective disputes resolution.
Market Opportunities for Islamic Banking and Finance in Europe: A Case of Finnish Regulatory Framework Kadi, Sanaa
Journal of Islamic Economic Laws Vol. 8 No. 01 (2025): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v8i01.7229

Abstract

This article  assesses market opportunities for Islamic banking and finance (IBF) in Finland, offering an understanding of the legal environment, consumer perceptions, and potential challenges and opportunities for developing Islamic finance within the Finnish legal framework. The study employs a survey to investigate the perceptions and behaviours of Muslims towards IBF in Finland, focusing on its legal dimensions. Utilizing a mixed-methods approach, including quantitative survey data and qualitative analysis, the research aims to understand Finnish Muslims' attitudes, preferences, and experiences towards Islamic banking products and services. The findings show that although a significant proportion of respondents revealed uncertainty or lack of knowledge about IBF, most respondents express their willingness to become customers of an Islamic financial institution if such institutions were available in Finland. This research contributes to the existing body of knowledge in Islamic finance law by elucidating the legal intricacies of Islamic banking within the European context. The insights generated offer valuable implications for policymakers, legal practitioners, and scholars interested in Islamic finance law.