Introduction to JOIFA


Introduction to JOIFA

Vision 

To inculcate the process of original research and technical development in the field of Islamic accountancy particularly Islamic accounting and Islamic finance accounting with a view of supporting the accounting standards development process and for developing the rational thoughts in Islamic accounting, as well as, promote dialogue between varying accounting frameworks.

Mission

To develop top quality research in the field of Islamic accountancy; in particular, to play role in the development of a framework of the Islamic accounting concepts; standardization of practices across the globe in line with the principles of Shari’ah and catering to the needs of Shari’a conscious users in general and of the Islamic financial institutions in particular; supporting the Islamic finance industry, the regulators and the academicians, as well as, the students and practitioners of the field in developing better understandings and awareness of the concepts and practices of Islamic accounting and Islamic finance accounting.

Objectives

  • Encouraging scientific research in Islamic accountancy and ancillary fields like auditing for IFIs, governance, risk management, and capital adequacy, etc.;
  • Identifying and discussing the key concepts of Islamic accounting, the financial information needs of Shari’a conscious stakeholders and the gaps with the existing frameworks of financial reporting;
  • Contributing to setting and improving Islamic accounting standards by reviewing and analyzing the IFRS and AAOIFI’s FAS;
  • Provide updates on the progress in the field of accounting in general, and Islamic accounting in particular like review and comments on new standards and exposure drafts by various standard-setting bodies;
  • Highlighting accounting problems faced by Islamic Financial Institutions and finding possible practical solutions for them;
  • Activating bonds and improving the relationship between academicians, practitioners, and individuals interested in accounting and related fields for cultivating the research culture and overall improvement in standards and guidelines for the area.

About the JOIFA

The Journal of Islamic Finance Accountancy (JOIFA) is a half-yearly double blind peer reviewed refereed journal of the Accounting and Auditing Organisation of Islamic Finance Institutions (AAOIFI), one of the apex infrastructure institutions of Islamic finance, with the mission to publish quality research material on all areas of Islamic financial accountancy and reporting ensuring relevance and reliability of information for just and fair distribution of  returns among the parties to contracts and right decisions by the stakeholders. It could be through embedding honesty, self-accountability, Adalah (justice), sincerity, professionalism and competence traits of the personnel involved in financial reporting.

Hence, JOIFA is to cover all areas that may lead to the above traits including, inter alia, analysis of the underlying contracts, ancillary contracts  and structures of Islamic banking, business and finance products and all qualitative characteristics that financial information should possess – the explanation of basic elements of financial reporting in the perspective of Islam finance – the equity, assets, liabilities, revenues and expenses, accruals, recognition, classification and valuation of corporeal, cash / cash equivalents/ debts / monetary assets, and usufructs / services as per the essential features of the contracts / sub-contacts / agreements / undertakings involved.

The Journal is interested in publishing original empirical research papers in English, reports from conferences and symposiums, developments in the field of Islamic accounting and related areas including auditing, Sharia auditing, governance, tax, corporate laws etc. (collectively mentioned as accountancy) and book reviews, as well as, documents and archives related to Islamic accountancy.

The Journal welcomes all research papers that work on improving theories and practices that would set a framework to originate and improve in particular the financial accounting standards as issued by AAOIFI from time to time and the ancillary topics.

The Journal, from time to time, may also address certain related themes including those on Islamic finance in general, auditing for Islamic financial institutions, Shari’a governance and Shari’a audit in addition to its routine topics.

In addition to papers and cases studies on the above mentioned areas, JOIFA also may have Research Notes to identify potential areas of research and sections on country or entity reports on any areas of financial reporting, book reviews and archives section to republish the quality theoretical or operational research material or other insightful pieces of writing published in the past in various Journals for broader readership through JOIFA.

Language of JOIFA

The Journal will be published and will welcome articles in English only. At a later stage, a version of the Journal in Arabic or other languages could be launched. However, at present, the need is more relevant for the English language.

Key Titles: AAOIFI, JOIFA, Islamic Finance Accounting, Shariah Governance, Accounting Standards, IFRS, Financial concepts, and reports.