The certified Islamic specialist in accounting

Instruction Language

English

Country

Bahrain

Objectives

- The development and improvement of the participants’ skills in what relates to : 1. The basics of Islamic banking and the fundamental differences between conventional banks and Islamic banks regarding the accounting system. 2. The Islamic law principles and the accounting rules for the collection and investment of the bank’s cash resources in compliance with the requirements of Islamic Sharia. 3. Handling of accounting operations, and how methods of their book - Keeping. 4. Practical applications of accounting standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions

Certificate / Course Program

1. Introduction (accounting basics) • The concept and objectives of Islamic banks accounting • The general framework of the accounting system in Islamic banks (accounting theories and principles, the elements of the accounting system and accounting cycles, and the concepts of evidence, measurement, presentation and disclosure). 2. Accounting Handlings for local Murabaha and international Murabaha 1. Local Murabaha • Sharia Controls on Murabaha operations • Practical steps for the sale of local Murabaha (simple and complex) • Accounting handlings of Murabaha operations (simple and complex) 2. International Murabaha • Sharia controls on international Murabaha credits • Practical steps of international Murabaha credits • Accounting Handlings of international Murabaha credits • Standard of Murabaha and Murabaha to the Purchase Orderer (Standard 1) • Working Groups: Practical cases 3. Accounting Handlings of Ijara (Lease) Operations 1. Operating Ijara (Lease) • Sharia Controls on the operations of operating Ijara • Practical steps of operating Ijara - The bank as leaser and lessee • Accounting handlings of Operating Ijara 2. Hire-purchase (Ijara) • Sharia Controls on the operations of hire-purchase • Practical steps of Hire-purchase(Ijara) - The bank as leaser and lessee • Accounting handlings of Hire-purchase(Ijara) • Standard of Hire-purchase (Standard 1) • Working Groups: Practical case study 4. Accounting Handlings of Istisna'a operations 1. Istisna'a • Sharia Controls on the operations of Istisna'a • Practical steps of Istisna'a operations - The bank as Manufacturer (Seller) • Accounting handlings of Istisna'a operations - The bank as Manufacturer (Seller) 2. Parallel Istisna'a • Sharia Controls on the operations of Parallel Istisna'a • Practical steps of Parallel Istisna'a operations The bank as Purchaser • Accounting handlings of Parallel Istisna'a operations - The bank as Purchaser • Standard of Istisna'a and Parallel istisna’a (Standard 1) • Working Groups: Practical case study 5. Accounting handlings of Salam operations Ijara 1. Definition of Salam • Sharia Controls on the operations of Salam • Practical steps of Salam operations - The bank as Deliverer (Purchaser) • Accounting handlings of Salam operations - The bank as Deliverer (Purchaser) 2. Parallel Salam • Sharia Controls on the operations of Parallel Salam • Practical steps of Parallel Salam operations - The bank as Receiver (seller) • Accounting handlings of Salam operations - The bank as Receiver (seller) • Standard of Salam and Parallel Salam (Standard 1) • Working Groups: Practical case study. 6. Accounting handlings of Mudaraba operations 1. Mudaraba (Speculation) operations – The bank as Speculator • Sharia Controls on the operations of Mudaraba ( legitimate speculation) • Practical steps of Mudaraba operations – The bank as Speculator • Accounting handlings of Mudaraba operations – The bank as Speculator 2. Mudaraba (Legitimate Speculation)-The bank as Financier • Sharia Controls on the operations of Mudaraba ( legitimate speculation) • Practical steps of Mudaraba operations - The bank as Financier • Accounting handlings of Mudaraba operations - The bank as Financier • Standard of Mudaraba (Standard 3) • Working Groups: Practical case study. 7. Accounting handlings of Musharaka (Shared) Financing 1. Musharaka financing - Fixed • Sharia Controls on the operations of Musharaka • Practical steps of fixed Musharaka • Accounting handlings of fixed Musharaka operations 2. Diminishing Musharaka financing • Sharia Controls on the operations of Diminishing Musharaka • Practical steps of Diminishing Musharaka • Accounting handlings of fixed Diminishing Musharaka operations • Standard of Diminishing Musharaka (Standard 4) • Working Groups: Practical case study. 8. Accounting handlings of Bai Al-Ajil (Deferred Sale) 1. Definition of Bai Al-Ajil • Sharia Controls on the operations of Bai Al-Ajil • Practical steps of Bai Al-Ajil • Accounting handlings of Bai Al-Ajil operations 2. Receivables of Bai Al-Ajil • Sharia Controls on the Receivables of Bai Al-Ajil • Practical steps of the Receivables of Bai Al-Ajil • Accounting handlings of the recording of Bai Al-Ajil and delays in payment • Standard of Bai Al-Ajil (Standard 2) • Working Groups: Practical case study. 9. Accounting handlings of transactions and operations in foreign currencies 1. Foreign currency transactions • Sharia Controls on transactions in foreign currencies • Practical steps of the transactions in foreign currencies • Accounting handlings of transactions in foreign currencies 2. Operations in foreign currencies • Sharia Controls on operations in foreign currencies • Practical steps of the operations in foreign currencies • Accounting handlings of operations in foreign currencies • Standard of transactions in foreign currencies and operations in foreign currencies (Standard 6) • Working Groups: Practical case study. 10. Final accounts in Islamic banks • The working methods of Islamic banks in the speculative funds • Rights of holders of investment accounts and the like (standard 6) • The foundations of the distribution of profits between the owners of property rights and holders of investment account (standard 5) • Accounting handlings of profits of joint investment in Islamic banks • Apportionment and reserves in Islamic banks (Standard 11) • Working Groups: practical case study. 11. Financial statements of Islamic banks • Standard of presentation and disclosure No. • Basic elements of financial statements • Financial statements of Islamic banks • Examples of financial statements according to the standard of presentation and disclosure (standard 1)