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Meeting with Universities on Accounting for Islamic Transactions

5 July 2010

Meeting with Universities on Accounting for Islamic transactions

MASB held a meeting with accounting deans from several universities to understand what is being taught with regards to accounting for Islamic financial transactions.  It was discerned that at universities that taught accounting for Islamic financial transactions, the focus was on accounting standards issued by the Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI), despite the MASB’s statement that in Malaysia IFRS shall apply to all Islamic financial transactions.  The meeting also provided an avenue for dialogue on the challenges faced by academia in incorporating IFRS into their syllabus: namely the lack of textbooks and other materials on the subject.

Universities represented at the meeting were University of Malaya (UM), Northern University of Malaysia (UUM), International Islamic University of Malaysia (IIUM), Kolej University Insaniah (KUIN) and International Centre for Education in Islamic Finance (INCEIF).

MASB was represented by its Chairman Mohammad Faiz Azmi, and Board members Dr. Nurmazilah Dato’ Mahzan and Mr. Ken Pushpanathan.  Members of the MASB Secretariat were also present.