Islamic Accounting and Reporting Module 5IS

Seminar Questions
Week 1
Question 1: Critically analyze political, social and economic factors behind the
contemporary emergence of Islamic finance, banking and accounting.
Question 2: Desribe how Sharia (Islamic Law), according to Lewis (2001), shape the
relationship between Islam and accounting.

Islamic Accounting and Reporting Module 5IS

Seminar Questions
Week 2
Question 1: What are the key Islamic guiding principles that affect Muslims everyday
life and how do they impact on the perceptions of business and accounting by Muslims?
Question 2: Discuss the basic concepts of Islamic accounting as explained by Lewis
(2001).

Islamic Accounting and Reporting Module 5IS

Seminar Questions
Week 3
Question 1: Highlight the main objectives and characteristics of Islamic banks and
explain how they differ, in principle, from conventional banks.
Question 2: According to Brown et al (20006), Islamic banks are facing several problems
and opportunities. Critically discuss these problems and opportunities.

Islamic Accounting and Reporting Module 5IS

Seminar Questions
Week 4
Question 1: Highlight the five financial principles that, according to Lewis (2001), give
Islamic banks their religious character.
Question 2: Discuss the different types of Islamic contracts and products that Islamic
financial institutions claim to offer and critically explain how they meet (or do not meet)
the Sharia requirements.

Islamic Accounting and Reporting Module 5IS

Seminar Questions
Week 5
Question 1: Lewis (2001) highlighted a number of accounting treatments and issues
related to Islamic accounting and banking. Discuss these by explaining how they are
different (or are similar) to conventional accounting treatments.
Question 2: Discuss the three elements advocated by Baydoun and Willett (2000)
Islamic corporate reports in respect of measurement and disclosure for Islamic
organizations. Explain the theoretical dimensions adopted by Baydoun and Willet (2000)
that informed these recommendations.

Islamic Accounting and Reporting Module 5IS

Seminar Questions
Week 9
Question 1: Critically discuss the role of Sharia Supervisory Boards in regulating Islamic
financial products and accounting.
Question 2: Critically evaluate the role played by AAOIFI (Accounting and Auditing
Organization for Islamic Financial Institutions) in regulating financial products and
accounting. Explain AAOIFI relationship with other accounting regulatory bodies and
with the SSB.
Question 3: Discuss the main criticism directed at the contemporary phenomenon of
Islamic accounting, banking and finance.