Journal of Islamic Finance Accountancy (JOIFA) Call of Papers

JOIFA publishes academic papers on the Shariah bases of the business and exchange contracts, areas of financial reporting and governance in Islamic finance perspective, technical papers, and updates relating to implementation and adoption of AAOIFI’s Shari’ah, accounting, auditing and governance standards, and in related areas.

AAOIFI is pleased to invite academic / research papers for the next issue of JOIFA. Submitted papers should not have been previously published elsewhere. Please read guidelines for authors before submitting your manuscript, to ensure it is consistent with the journal style and format ( Papers will undergo at least one double blind-peer review in addition to review by the editorial desk. Final acceptance of approved papers will be contingent on incorporating reviewers’ feedback to the satisfaction of the reviewers (and / or editorial team). For any additional queries, you may like to contact the editor via the email ID  [email protected]

Potential contributions may include, but should not be limited to, theoretical and empirical papers that consider the following topics / areas:


Shari’ah related topics:

1.      Position of contemporary Ijtihad on reduction of the amount of debt because of prepayment by the debtor.

2.      Evaluating Shari’ah parameters for trading in gold, and the Shari’ah rulings for gold-based financial products.

3.      Evaluating methods to safeguard against risks associated with the ownership by the lessor in Ijarah Muntahia Bittamleek based financing.

4.      Sukuk listing in global financial markets and compatibility of listing requirements with Shari’ah structures.

5.      Juristic perspective in validating the defective contracts for their modern application, use of such contracts, and its impact on sustainability of Islamic finance.

Accounting related topics:

1.      Evaluating the financial reporting approaches and techniques in Islamic financing contracts.

2.      Evaluating fundamental shift in the accounting approach for Ijarah transactions, entailing recognition of the lessee’s unencumbered right to the benefits from the use of the asset as ‘right-of-use asset’, and its corresponding liability.

3.      Analyzing Takaful accounting and issues with regard to IFRS 17.

4.      Analyzing accounting for Wakala bil Istithmar transactions and its implications in applying on-balance sheet and off-balance sheet approaches.

5.      Derivation of key concepts of Shari’ah-based accounting from Shari’ah principles.

6.      Waqf accounting, issues and challenges.

Governance related topics:

1.      Strengthening trust in Sukuk markets: bringing enhanced governance into practice throughout the Sukuk lifecycle.

2.      Evaluating the need to have independent, comparable and assessment-based rating mechanisms for IFIs for Shari’ah compliance and fiduciary performance.

3.      Promoting internal accountability and transparency in IFIs through Internal Shari’ah audit function.

4.      The conflicts of interest in Shariah advisory systems and mitigating the non-Shariah compliance risks in Islamic finance

Ethics related topics:

1.      Stakeholders versus Shareholders Approach: Code of Ethics in Shariah Perspective

2.      Code of ethics for professionals in Islamic financial institutions: Evaluating the need and consequences in its absence.

3.      Enhancing Shariah compliance in IFIs through applying a distinct code of ethics for IFIs.


Additional topics:


1 IFRS, national standards and Islamic finance principles: bridging the gaps keeping in view AAOIFI’s standards
2 Disclosure and transparency requirements for Islamic financial reporting
3 Islamic finance reporting and the impact of different depreciation approaches on various stakeholders
4 Developing / improving Islamic accounting standards in the light of issues in IFRS and standards already issued by AAOIFI
5 Accounting for various Musharakah based financing structures.
6 Issues in Accounting for partners’ capital, costs, and profit payment, final adjustment etc.
7 Potential of reforms in financial reporting for promoting Musharakah based financing.
8 Comparing accounting for Musharakah with that of the limited liability partnership.
9 Financial disclosures in accounting procedures for strengthening the Shariah governance.
10 Accounting by Islamic fund managers and investment banking institutions.
11 Accounting for Qard al Hasan in the light of IFRS and AAOIFI’s standards.
12 Resolving the issues in accounting for various Islamic modes of financing.
13 Accounting issues in various categories of Sukuk.
14 Accounting for Sovereign and Corporate Ijarah Sukuk with Case Studies.
15 Accounting for Shari’ah compliant (as per AAOIFI standards) Forex transactions by the IFIs.
16 Accounting for various models of Takaful and re-takaful operations.
17 Accounting for Ijarah based finance compared with conventional leasing accounting.
18 Islamic finance accounting for developing Good governance.
19 Islamic ethics-based approach for avoiding frauds and corruption in financial reporting;
20 Fulfilling information needs of Shari’ah conscious stakeholders and the gaps in the existing frameworks of Islamic finance reporting – general and case studies of specific modes/ jurisdiction.
21 Impact of different accounting approaches on various stakeholders.
22 Fair value accounting for Islamic financing: Benefits and Issues.
23 Islamic Law, Common Law and accounting for financing.
24 Accounting for sake of stakeholders’ benefit; not for ‘earnings management’.
25 Governance and performance reporting in Waqf institutions.
26 Governance of Islamic financial institutions and need for reforms.
27 Role of Ethics in IFIs, duties and consequences.
28 Comparison of conventional codes of ethics with that of Shari’ah law.
29 Evolution of internal and external Shari’ah audit principles, tools and techniques.
30 Central Shari’ah Board in any country: examining effectiveness and pitfalls (and its need, if not available or formed).

Authors may also write on the objectives, approach, tools, and issues of contention and improvement with regards to IFRS and necessary guidelines for their adaptation for removing the contentious issues. Researchers may also write reviews and offer comments on AAOIFI’s new standards and exposure drafts.



Paper submissions


Early submissions are highly encouraged; late submissions may be considered for the next issue(s) of JOIFA.

Guidelines for authors


  1. The author(s) should not mention their names and affiliation, etc. on the text of the paper. A separate sheet bearing full name, affiliation, mailing address and telephone number should be sent along with the main paper.
  2. The papers submitted for publication must not have been submitted simultaneously to any other journal.
  3. All papers must have an abstract of no more than 250 words, 4-6 Keywords and JEL and KAUJIE classification, if applicable. The ‘Abstract’ should contain the objective, methodology, findings and suggestions, and practical implications of the research work for publication.
  4. The length of the article should preferably be between 4000- 8,000 words.
  5. The papers should make some significant contribution to Islamic finance reporting, accounting, Shari’ah, governance, or ethics either theoretical or applied, or discuss any related professional aspect of Islamic finance.
  6. Submitted papers must contain original unpublished work. The subject content should not impinge upon, violate or constitute a breach of any intellectual or business rights of any third party.
  7. All papers should have an introductory section in which the objectives and methodology of the article are explained and a final/ concluding section, which summarizes the main points discussed and the conclusions reached.
  8. The AAOIFI shall have non-exclusive rights on the materials published in the JOIFA; would be fully authorized to use or distribute the material for the purpose of Indexing / Abstracting, to translate into other languages, or for any other related purposes; and would have power to enter into any agreement with third parties for distribution of the materials by any means and in any format.
  9. Since all material received for publication is to be peer reviewed, two hard copies or a soft editable copy should be submitted in final form for sending anonymously to the reviewers.
  10. The authors would have to revise and resend the papers in the light of comments / suggestions by the peer reviewers or the editorial committee members.
  11. References in APA style should be listed at the end of the text in the following style:

Articles: El-Gari, Mohamed Ali (2003); Credit Risk in Islamic Banking and Finance; Islamic Economic Studies; Vol. 10, No. 2, (2003); Pp. 1 – 23;

Books: Khan, A. R. (1993), Financial Intermediation, New York: Springer Publishers.

Standards / Reports: Issuing institution, Number, Title, year of publication, with clauses / sub clauses of the relevant Standards

Page references to works referred to in the text should take the following form: El-Gamal (2006:128).

The verses of the Holy Qur’ān quoted should carry Surah number and ãyah number as (2:275).

Complete reference to the source of Hādīth quoted should be given like Muslim, Kitab al Shirkah



  1. Shari’ah Standard No. 57 Gold and its Trading Controls
  2. FAS 32 Ijarah
  3. FAS 31 Wakala bil Istithmar
  4. GSIFI 10 Shari’ah Compliance and Fiduciary Ratings for Islamic Financial Institutions
  5. GSIFI 11 Internal Shari’ah Audit
  6. GSIFI 12 Sukuk Governance
  7. AAOIFI Code of Ethics for Islamic Finance Professionals
  8. Other AAOIFI standards
  9. IFRS and the Shari’ah Based Reporting: A Conceptual Study


Paper submissions:

Until AAOIFI adopts an online submission system, papers may be sent as attachment in world format to [email protected].

Authors are encouraged to contact the editor in advance through [email protected] should there be any matters on which they require clarification or guidance.

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