ACCOUNTING RULES FOR ZAKAT AND DISCLOSURE OF ZAKAT IN FINANCIAL STATEMENTS OF ISLAMIC BANKS AND FINANCIAL INSTITUTIONS

  • G.M. Iskhakova Kazan Federal University, Kazan, Russia
DOI: https://doi.org/10.34680/BENEFICIUM.2025.2(55).9-18

Abstract

This article provides a detailed analysis of Standard No. 9, developed and published by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), headquartered in Bahrain. This standard plays a key role in the development of Islamic finance in Russia. Understanding and applying AAOIFI standards, especially in the area of governance, is essential for the successful implementation of Islamic financial instruments in the Russian market. The presented translation is the first professional translation into Russian of AAOIFI standards on the governance of Islamic financial institutions, which is an important stage for the development of the sector. Interest in Islamic finance in Russia, especially in regions with a Muslim population, is growing, since many residents of these regions have limited access to traditional banking services due to religious beliefs. Islamic finance based on the principles of Sharia offers an alternative. The presence of potential demand is an argument for expanding the supply. However, widespread implementation requires the creation of an effective Sharia control system that guarantees compliance of transactions with the principles of Islam. Developing such a system is a complex task that requires the involvement of experts in the field of finance and Sharia. AAOIFI Standard No. 9, discussed in this article, is an important step, offering international practices in the field of accounting and management of Islamic financial institutions. Understanding this standard is necessary for the development of Islamic finance in the country.

Keywords: Zakat, invested assets method, net asset method, Zakat valuation methods, accounting rules, Sharia accounting standards, financial statements of Islamic financial institutions

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About the Author 

Gulia M. Iskhakova – Senior lecturer, Kazan Federal University, Kazan, Russia. E-mail: Gulia1201@yandex.ru. SPIN РИНЦ 1239-5674. ORCID 0000-0002-8586-2624. Researcher ID AAE-9885-2022.  Scopus Author ID 57195955478

For citation: Iskhakova G.M. Accounting Rules for Zakat and Disclosure of Zakat in Financial Statements of Islamic Banks and Financial Institutions // Beneficium. 2025. Vol. 2(55). Pp. 9-18. (In Russ.). DOI: 10.34680/BENEFICIUM.2025.2(55).9-18

Published
2025-06-25
Issue
No 2 (2025)
Section
ENTERPRISE MANAGEMENT TOOLS