The Nexus between Islamic Inheritance and Financial Accounting: An Expository Discourse
: Islamic inheritance is among the most difficult and tasking branches of Islamic jurisprudence and it is marked to be the first knowledge to be lost in Islam.It has been used as a good example of Musharakah (Shirkat-ul-Milk GhairIkhtiari) in the literature of Islamic finance.In spite of the fact th...
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| Main Authors: | , |
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
2017
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| Subjects: | |
| Online Access: | http://repo.uum.edu.my/24804/1/2nd%20IRC%202017%2042.pdf http://repo.uum.edu.my/24804/ |
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| Summary: | : Islamic inheritance is among the most difficult and tasking branches of Islamic jurisprudence and it is marked to be the first knowledge to be lost in Islam.It has been used as a good example of Musharakah (Shirkat-ul-Milk GhairIkhtiari) in the literature of Islamic finance.In spite of the fact that any inheritable estate is quantifiable in monetary terms, there is clear evidence that accounting scholars have not yet develop keen interest in the studies that link Islamic inheritance to accounting.The objective of this paper is therefore to elaborate on the relationship between Islamic Inheritance and financial accounting.The paper uses secondary sources and adopted content analysis and historical method to achieve the objective.The
study establishes necessary accounts to be opened in respect of the Islamic inheritance to be; estate account, cash account, revaluation account and musharakah financing (partner/ heir capital) account.Thus, in order to promote accountability and transparency in distributing and managing the inherited estate, the paper recommends that heirs and their trustees should employ the services of professional Islamic accountants in order to produce comprehensive financial reports for various users of the accounting information. In
addition, accounting scholars and professionals should embark upon researches of linking Islamic inheritance to accounting. |
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