The accountants who have been brought up with the knowledge that accounting is a technical, value-free and objective discipline. And, it is hard to accept when the same idea is connected with some religious principles, such as accounting in Islam. As a matter of fact, Islamic society operates under different principles and assumptions. While operating a business, they have the role of stewardship toward society. Similarly, guidelines of the Shariah also have defined duties towards employees, customers and competitors. That is why, objectives of Islamic accounting are different from those of conventional accounting. Here are the two main reasons:
- Islamic banks deal within a Shariah framework. As a result, the nature of their transactions is different from that of conventional banks.
- The users of the information generated by Islamic financial institutions have different needs from the users of the information published by conventional institutions.