The Principles of Islamic Economic System Accounting essay
Abstract. This is a discussion of the direct impact that Islamic finance and Islamic economics have had to varying degrees on the political economies of Pakistan, Saudi Arabia, the United Arab Emirates and the monarchical Gulf States, Iran, Malaysia, Sudan, Russia, Egypt , Lebanon, the United Kingdom and the Republic of Ireland. The Islamic principles are intended to govern, direct and control the behavior of people in their daily economic lives. They are intended to help people distinguish between good and bad. Goal. This article aims to explore ethics in Islamic economics by laying the micro-foundations of Islamic economics. This is done by conceptualizing the behavioral assumptions of the individual in an Islamic framework. It also argues that ethical positions endogenously linked to individual behavior, in addition to this regional grouping of the historical development of accounting, would have identified the following four stages in the development of accounting: Pre-capitalist period, 4000 BCE. -1000. This article proposes a paradigm shift in social and economic ethics, inspired by early Muslim practitioners, for creating sustainable, just and sustainable Muslims. moderate Islamic societies in the twenty-first century. In the economic field, Islamic economics has principles and specific foundations that include a clear economic policy. The application of these principles and policies was seen with precision during the time of Prophet Muhammad and the rightly guided Caliphs, and is associated with the opinions of various scholars. The overarching values of Islamic economics lie in the principle that it is an economic strategy that can achieve unity and harmony among countries. What makes the Islamic economic system different is that there is greater support for Islam. This essay discusses the universally recognized accounting concepts and principles, Summary. This chapter shows how accounting practices in the form of accounting practices provide the basic transaction cost data for Islamic financial statements. The value chain, from recording transactions in the journal, placing these data in the general ledger, preparing the trial balance and finally producing the financial data, 1 Man must transfer a certain share to others, 2 Use of wealth according to the command of Allah, to avoid. spreads disorder across the earth. 2 Use of wealth according to Allah's command, to avoid this. OVERVIEW OF THE ISLAMIC ECONOMIC SYSTEM. According to Islam, there is no strictly mundane sector of life. Action in every area of man. activities, including economic ones, are spiritual if they are so. One million Muslims live in the United States. The three monotheistic religions of the world, Judaism, Christianity and Islam, were born and developed in the small region called the Middle East. Abraham was born in the city of Ur, Mesopotamia, Iraq, years before Jesus was born in Bethlehem, Palestine. The main purpose of this essay is to show why Islam's economic system is preferable to capitalism and socialism, which have historically lagged behind their upstart rival. Use of correct dates One of the Islamic legal principles is the prohibition of Riba Sudanto, 2019. Uddin 2015 states that usury is an addition without compensation due to known delays in previously agreed payments. The current global economic collapse is a clear revelation of this,