Accounting in Islamic Perspective: A Timely Opportunity, a Timely Challenge

Abstract

Accounting from Islamic Perspectives (AIP) is an emerging field. Recent years have attracted scholars from around the world who have contributed their thoughts about how accounting can be seen from the Islamic lens. However, the efforts so far are rather fragmented and without a clear agenda for future research. This paper presents a review of the literary achievements made in the field and the areas of current focus. Although the field carries a huge growth potential, the author argues that there are several challenges and problems that the proponents of AIP will face as the field develops further. This paper outlines these problems and challenges and makes suggestions to surmount the potential pitfalls. It is argued herein that, in order to develop AIP as a formal discipline and integrate it within real-life business practices, the research efforts need to be more organized through an international consortium of researchers. A brief proposal for such consortium is included here. Finally, recommendations are made for potential research directions in which future research on AIP can be pursued.