Although the Islamic finance is making continuous progress, yet the Islamic banks still face criticism from keen observers that they have adopted such techniques of financing which closely resemble interest-based finance. The difficulty with Islamic banks is that they feel hesitant to adopt...

The paper is a case study of zakah accounting and auditing system as in vogue in Pakistan. Although there is no professional document from which to infer the accounting and auditing standards, yet the paper tries to infer the accounting and auditing standards from the Zakah Manual. The author...

It is usually a ticklish task to define a subject. However, the following definition is only a tentative attempt to express the core of meaning as is discernible from the literature: Islamic economics aims at the study of human falah achieved by organising the resources of earth on the basis of...

Auditing in an Islamic framework would have wider scope than traditional auditing. In contemporary practice, the auditor is directly liable only to his clients, i.e. owners of the business being audited. He is not guided by religious principles; the quality of the managerial decisions, too, are...

Islamic economics and finance is a nascent discipline. Since 1976 when the First Conference on Islamic Economics was held under the auspices of King Abdelaziz University at Makkah, it is merely four decades that serious efforts to transform Islamic economic teachings into a social science...

What is Wrong with Islamic Economics? takes an objective look at the state of the art in Islamic economics and finance. It analyses reasons for perceived stagnation and also suggests a way forward.