جنگ، جہاد اور قتل

An elaborate endeavor in studying world religions would glaringly uncover the fact that most of the religions have enacted rules to follow, pertinent to daily livelihood. Such are the set of rules that the followers of the religion must follow. These rules very much include the rules about edibles. The food is something upon which not only human sustenance rests but it also keeps the human soul alive. For the same very reason we find religious and scientific prohibitions on things that are harmful for humans and if consumed evil takes the better of man’s heart, bringing upon him moral redundancy and sinister way of life. Such people are deprived of peace and piety. They ultimately not only suffer unbearable individual loss but also become a burden onto the society, country and nation

Impact of Adopting Accounting & Auditing Organization for Islamic Financial Institutions Aaoifi Accounting Standards on Financial Reporting of Pakistani Islamic Banks

Islamic banking sector has witnessed enormous expansion in last few decades with wide range of contra products to conventional banking in compliance with Shariah regulations. Islamic banking while providing arrangements to abolish the Riba factor, it faces certain other challenges as well. A distinct system with distinct accounting standards should endorse financial reporting quality of Islamic banks. Islamic banking success relies on financial health, stakeholders’ trust as well as observance of Shariah doctrine. Rapid expansion of Islamic banking industry has necessitated development of accounting standards to meet Shariah requirements. The present study covered various dynamics of AAOIFI accounting standards by conducting a meticulous market survey through structured questionnaire by using convenience sampling procedure from banking professionals, external auditors, regulators and academia. Descriptive statistics techniques were used with factor analysis, chi square, t-test, and cross tabulations for acute analysis and extracting evocative results. The study identified importance of financial statements and need of Islamic accounting standards for Pakistani Islamic banks. The study identified potential problems by using different accounting standards for financial reporting. Awareness to AAOIFI accounting standards was also made part of the study along with respondents’ preference towards different accounting standards. The study highlighted the dire need for harmonization of accounting standards for Pakistani Islamic banks. Factors affecting adoption of AAOIFI accounting standards are part of the study with intention to provide grounds for elucidation and future research work. The study also encompassed the obstacles in adoption of AAOIFI accounting standards by Pakistani Islamic banks. The study revealed the prominence of AAOIFI accounting standards for standardization and reliability of financial reporting. The study classifies certain financial reporting characteristics that AAOIFI accounting standards can augment in terms of credibility, consistency, comparability and clarity. The study revealed the vital role of regulatory bodies in bringing harmony and comparability of financial statements among Islamic banks. The study suggested that reliance on these standards will edify the merits associated with its implementation to all stakeholders. The study offered implications for theory, policy and practice as well as directions for future research. Keywords: AAOIFI Accounting Standards, Comparability, Consistency, Credibility, Financial Reporting, Harmonization, Islamic Banks, Riba, Standardization