Akuntansi dan Keuangan Syariah

Dr. Murniati Mukhlisin, M.Acc, QWP

Rektor/Dosen Akuntansi Syariah Institut Tazkia
Pengurus Kompartemen Akuntansi Syariah, Ikatan
Akuntan Indonesia
Dosen Tamu
Universitas Bina Nusantara
Senin, 28 Oktober 2019/29 Safar 1441H
 Academic Qualifications
• PhD in Accounting, University of Glasgow
• Master of Accounting, University of Indonesia
• Bachelor of Accounting, IIU Malaysia
Other Positions
• Rector, Tazkia Islamic University College (IAI Tazkia)
• Founder, Sakinah Finance
• Editorial Board, JIABR-UK, Muamalat-Msia, TUJISE-Turkey
• Board Member, ISEI (Indonesian Economists Association)
• Team Head, Islamic Accounting Compartment, IAI
• Advisor, AFSI (Indonesian Islamic FinTech Association)
• Board Member, IAEI (Indonesian Assoc of Islamic Economist)
• Shariah Expert, BRI Corporate University
NIDN: 2117107201 Recent Publication
NIK: 002.013 • Mukhlisin M., Mustafida R. (2019) Can We Combine Sukuk and Waqf? A
Scopus ID: 57008083900 Case Study of Indonesia. In: Ali K., Hassan M., Ali A. (eds) Revitalization of
ORCHID ID: 0000-0002-7807-7628 Waqf for Socio-Economic Development, Volume I. Palgrave Macmillan
SINTA Author ID: 6694867 • Mukhlisin, M. and Nofianti, L. (2019), The Role of Good Corporate
E-mail: murniati@tazkia.ac.id Governance and Accounting in Islamic Financial Institutions,
Instragram: murniati_mukhlisin Emerald Publishing
FB: Murniati Mukhlisin • BAZNAS (2018), Mukhlisin, M. with STEI Tazkia and BAZNAS
LinkedIn: Murniati Mukhlisin Team, Panduan Penghitungan Zakat: Konsep, Aplikasi, Dan Contoh
Kasus Di Indonesia
Keuangan Syariah Saat ini
 eXeCUtIVe
sUMMARY

QuantitativE DEvElOpmEnt inDicatOr

islamic Finance assets Growth (2012 – 2022)

3,782
KnOWlEDGE GOv E r n a n c E
3,442
3,141
2,873
2,632

2,063
2,202
2,417
2,581 44
total Islamic Finance Assets

1,931 number of Islamic Finance Countries have at Least one

1,741
1,698 Research Papers Published
(Us$ Billion)

type of Islamic Finance

in 2016 Regulation in 2016

683 1,075
number of Islamic Finance total number of scholars
education Providers in 2016 Representing Islamic
Financial Institutions in
yEar 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2016

Us$ 2.2 in 2017

PRoJ eCteD GRoW t H
31.40/70
Average Financial Reporting
t rillion islamic Finance assets Distribution (2016)
Disclosure Index

7% to grow to US$ Islamic Banking

1,598,881 73%
cSr
3.8 trillion in
takaful
2022
42,536 2% 2.61 / 11
Average CsR aWar E n E SS
top countries in
Disclosure by Islamic
islamic Finance assets othe
(2016) Financial Institutions
r IFIs
21,964
124,414 6% Us$ 683 number of Islamic Finance
545,377
iran
472,654
Saudi 405,985
sukuk
344,770 16%
mIllIon news Items in 2016

417
arabia malaysia
total CsR Funds Disbursed
total islamic Finance assets
Islamic funds in 2016 by Islamic Financial
share of total Islamic number of Islamic
(uS$ million) 91,233 4% Finance Assets Institutions
Finance
e vents in 2016
total Assets (Us$
Million)

(ICD, 2017)
 QUA n t I tAtIVe DeVeLo P M e n t
InDICAt o R

t op c ountries in islamic Finance assets (2016) islamic Finance assets Distribution (2016)
Iran
545,377
islamic banking
Saudi Arabia
1,598,881
total Islamic Finance Assets (Us$ Million)

472,654
73%
malaysia
405,985
Emirates
203,262 takaful
Kuwait
42,536
120,204
2%
Bahrain
99,159
Indonesia
81,839 Other iFis
Iran
124,414
68,062
6%
Turkey
49,573
Bangladesh
30,870 Sukuk
344,770
islamic Finance assets by r egion (2016) 16%

GCC
total Islamic Finance Assets (Us$ Million)

986,431
other mEnA islamic Funds
594,100
91,233
Southeast Asia
4%
485,652
Europe
66,237
South Asia Total Assets (US$ million)
58,850 Share
Sub - Saharan
Africa
t otal Islamic
1,407
Americas5,215
3,129
other Asia Financial Institutions
2,220

(ICD, 2017)
ISLAMIC FINANCE IN FRANCE

(Asutay, 2018)
ISLAMIC FINANCE IN GERMANY

(Asutay, 2018)
ISLAMIC FINANCE IN ITALY

(Asutay, 2018)
ISLAMIC FINANCE IN IRELAND

(Asutay, 2018)
ISLAMIC FINANCE IN LUXEMBOURG

(Asutay, 2018)
ISLAMIC FINANCE IN THE UK

 With IF assets in UK worth $19 billion, placed 9th

worldwide
 22 Banks
 5 fully Shari’ah compliant (1 retail, 4 wholesale)
 17 with Islamic windows (includes Citigroup, Deutsche
Bank, HSBC Amanah, Lloyds Bank, Standard Chartered)
 37 sukuk listed on London Stock Exchange (raising
$20bn)
 25 law firms providing IF related services
 10 universities providing qualifications/degrees in IF
(UKIFS, Islamic Finance, March 2012; Asutay 2018)
 Dubai Vision: The Capital of Islamic Economy
“Our vision for the Islamic economy sector is clear: we need this sector to contribute
in a vital manner to our national
economy and enhance our position as the Capital of Islamic economy around the
world.” Vision : To position Dubai as the Capital of the Islamic Economy
Mision : To implement a comprehensive strategy with practical programs and
initiatives that accelerate the positioning of Dubai as‘ the Capital of the Islamic
Economy

The Economy’s Eco-System

Key • Strong vision and leadership (Sheikh Mohammed bin Rashid Al Maktoum)
Success • Independent executing institution (Dubai Islamic Economy Development Centre)
Factors: • Clear strategies and programs (BI,2017)
• Aim to lead

8
 “We aspire to shift an economy built on
oil wealth to a productive, globally
competitive economy, shaped by the
government and driven by a pioneering
private sector – an economy that raises a
broad middle class of Bahrain who enjoy
good living standards through increased
productivity and high- wage jobs”
(Bahrain Vision 2030, Hamad bin Isa Al
From Regional Pioneer to Global Khalifa).
Contender
► Guiding principles: Sustainability,
Key Success Factors: Competitiveness, Fairness
•Political will lead by King Hamad bin Isa ► Aspiration for: Economy, Government,
Al Khalifa.
Society
•Reformation
•Inter-sector coordination

(BI, 2017)

9
 Saudi Vision 2030 was first launched in 2016
with full support from King Salman Bin
Abdulaziz Al Saud

AVibrant AThriving An Ambitious

Society Economy Nation

Key Success Factors:

•Strong Political will led by King Salman Bin Abdulaziz Al Saud with executing
ministers
•Strategic endowment program; hajj and umrah
(BI, 2017)

1
New Kuwait 2035

New Kuwait 2035 just

launched in Februari
2017 by HH Emir of
Sabah Al-Ahmad Al
Jaber Al Sabah

Key Success
Factors:
•Strong Political will
coordinated with
sectors

(Asutay, 2017)

1
 Malaysia 2020: Halal Industry &
Islamic Finance
Vision: Malaysia as Global Halal Vision: Malaysia as Islamic Finance
Hub in 2020 Global Hub 2020
Halal Industry Development Centre (est.
2006) Malaysia International Islamic Finance
Fungsi: mengkoordinasikan Centre (est. 2006) function; function for
international market platform for Islamic
finance
Sukuk

Equities
Ancillary
services
Islamic banking
& retakaful Islamic funds
& wealth
management
Key Success • Strong political will with support from government.
Factors: • Clear strategies and programs (Asutay, 2017)
• Aim to lead; halal food industry and Islamic finance.
1
Islamic Finance then Halal Industry
Expenditure Vs Ranking (BI, 2017)
Indonesia, just announced as No. 1
by: GIFR 2019
Akuntansi Syariah? Perlu?
 Pengembangan Akuntansi Islam

✓ “Theterm “Islamic accounting” was first introduced

by Hayashi (1989), and defined by Ibrahim (2012) as
the “accounting process” which provides appropriate
information (not necessarily limited to financial data)
to stakeholders of an entity which will enable them to
ensure that the entity is continuously operating within
the bounds of the Islamic Shari’a and delivering on its
socioeconomic objectives.
✓ Islamic accounting is also a tool, which enables
Muslims to evaluate their own accountabilities to God
(in respect of inter-human/environmental
transactions).
 Pengembangan Akuntansi Islam

✓ The term can also have a temporal and spatial

implication. It can be a form of shorthand meaning
“accounting in parts of the world where Islam is
the majority religion during periods when Islam
has been dominant”.
✓ Geographically, “Islamic accounting” would cover
North Africa and a large part of sub-Saharan
Africa, the Middle East, the territories of the
Ottoman Empire, the Indian sub-continent, much
of South-East Asia and Indonesia, as well as large
parts of the former Soviet Union.” Napier, 2009).
 Teori ke Praktik

✓Dari definisinya, ranah akuntansi menjadi lebih

kompleks, bukan hanya soal debit kredit tapi
memastikan entitas untuk patuh syariah serta berhasil
mencapai tujuan sosial dan ekonomi yang tentunya
harus juga berada dalam koridor syariah.
✓Perbedaan mendasar antara keuangan konvensional dan
syariah adalah di satu akad (pinjaman) dan macam –
macam akad.
✓Maka dari itu diperlukan suatu standar akuntansi yang
dapat menjadi rujukan untuk memastikan aktifitas
entitas syariah senantiasa berada dalam koridor syariah
(contohnya: memenuhi tujuan – tujuan syariah/Maqāsid
ul-Shari’āh).
 AQAD-AQAD MUAMALAH MALIYAH
‫عـقـود المعاملة المالية‬

TIJARI TABARRU’
(Komersil) (Tolong menolong)

Amanah
Bai’ Syirkah Ijarah Ju’alah Wadiah
(Jual Beli) (Bagi Hasil) (Sewa) (Imbalan)
Dhamanah
Mutlaqah Benda
Bai’ Mutlaq Wakalah
Murabahah/BBA Mudharabah Ijarah
Kafalah
Salam Muqayyadah Jasa Hawalah
Isthisna Ijarah wa Iqtina Rahn
Musyarakah
Sharf Muzara’ah Qard

Musaqot
(DSN-MUI, 2019)
Murabahah
Pengertian:
Jual Beli barang pada harga pokok dengan tambahan keuntungan yang disepakati.
Ketentuan:
- Barang telah dimiliki oleh penjual
- Keuntungan dan resiko di tangan penjual
- Harus ada informasi harga dan biaya yang wajar
- Informasi keuntungan yang jelas.
nasabah akan membeli suatu produk/barang dengan rincian tertentu dan meminta bank untuk
membelikan dan mengirimkannya kepada nasabah, berdasarkan harga dan imbalan/margin
tertentu sesuai persetujuan awal kedua belah pihak.
Mekanisme Akad Murabahah
Standar Akuntansi untuk Lembaga Keuangan
Syariah saat ini

✓AAOIFI
✓IFRS
✓PSAK Syariah
Quo Vadis?
 IAS/IFRS for Islamic Finance?
• Islamic finance moves into the mainstream, a key challenge is identifying a suitably relevant and
intelligible accounting framework that is comparable with conventional finance without tainting
compliance with Shariah (PWC, 2010).
• This challenge is even more for global financial services groups that include Islamic finance among
their diverse services (Hidayat, 2016).
• IAS 1, Para 16: “An entity whose financial statements comply with IFRSs shall make an explicit and
unreserved statement of such compliance in the notes. An entity shall not describe financial
statements as complying with IFRSs unless they comply with all the requirements of IFRSs.”

29
 IFRS in Muslim Countries (Wahyuni, 2016)
-A study in 2014 by AOSSG Islamic Finance
working group to 131 IFIs in 31 countries
revealed: IFRS in Muslim Countries
- 48 or 36 % asserted compliance with
IFRS, 6%
- 13 or 10 % asserted compliance with 11%
IFRS as adopted by a specific 29%
jurisdiction
- 19 or 14 % asserted compliance with
local GAAP without differential
requirements for Islamic transactions
- 26 or 20% asserted compliance with 54%
local GAAP with differential
requirements for Islamic transactions
and
- 24 or 18% asserted compliance with No Data
AAOIFIFAS
- Data collected from jurisdictions profile from
www.ifrs.org and www.iasplus.com

30
 AAOIFI for Islamic Finance
• AAOIFI issued its first standard in 1993 and to date it has reached the total of 86 standards (Mukhlisin, 2015).
• AAOIFI reveals that several jurisdictions have adopted their standards including Bahrain, Jordan, Lebanon, Qatar,
Sudan, Syria and Dubai International Financial Centre (Mukhlisin, 2015).
• It also states that relevant authorities in Australia, Indonesia, Malaysia, Pakistan, Saudi Arabia, and South Africa
have issued guidelines that are based on AAOIFI’s standards and pronouncements (Mukhlisin, 2015).
• Therefore, there are 11 or 20% from Organization of Islamic Cooperation (OIC) member countries that have made
AAOIFI as obligatory and guidelines (Mukhlisin, 2015).
• AAOIFI stated in 3 Jurisdictions and 45 jurisdictions did not mention the use of AAOIFI (Wahyuni, 2016)
▪ AAOIFI has issues in Compliance, Communication, and Quality.
▪ Poor political lobbying, communication and cooperation within International Islamic Financial Architecture.

31
Architecture (Mukhlisin and Hudaib, 2014)

Influences
Shariah interpretation Political-economy arena

Shape

Development of Islamic finance and financial reporting in a country

32
Maqashid Shariah Parameters (Mukhlisin, 2016)

33
 Harmonisation (Anshari 2015; Hidayat, 2016)
- During 2014, AAOIFI started to think seriously towards possible collaboration with IASB.
- This started with a strategic meeting of global experts and representatives of accounting bodies and
IFIs in December 2014 followed by a meeting of AAOIFI’s management with IASB Islamic finance
working group lead and key officials.
- In March 2015, AAOIFI hosted a working group’s outreach meeting in Bahrain in order to explore the
areas of further collaboration, as well as, to provide its views, as well as, the views of the stakeholders
in the region and in the industry to the IASB Islamic finance working group.
- AAOIFI has provided its comments on the revised working paper on IFRS 9, to IASB working group.

34
 The
• Objectives
Conflict between David and Goliath
• Users
• Conceptual
• True and Fair View
• Transaction Fees
• Profit Recognition
• Mudharabah
• Ijarah
• Takaful
• Zakat

35
 Philosophical and Technical Issues
ISSUES IFRS/IAS
Objectives - The ultimate purpose of financial
accounting users is to efficiently allocate
scarce resources available to their most
efficient and profitable uses based on
informed decision (FASB, 1978)
Users - IFRS emphasises shareholders as the
main users of financial information
- Financial institutions and customers
relationship only (Mukhlisin, 2016)
Conceptual Aspects Substance over form principle. This
principle recommends recording a
transaction according to its reality (what
is) not to its legal form (what ought to be)
(SII, 2006).
Substance > Form
AAOIFI/ISLAMIC FINANCE PRINCIPLES
- SFA1 (Para 21) of AAOIFI stresses that those
who deal with Islamic banks are concerned in the
first place with obeying and satisfying God in their
financial and other dealings (AAOIFI, 2010)
- All users have a primary objective entailing
compliance with the precepts of Shariah law in
conducting their financial activities (BIBF, 2008;
Hameed, 2009)
- Serves the whole stakeholders.
- Contractual relationship between the financial
institutions and their stakeholders (BIBF, 2008;
Hameed, 2009)
- E.g.: profit sharing contract (Mudaraba) in the
case of deposits mobilization; Murabaha, Ijarah,
Istisna’, Salam, Musharaka in the case of customer
financing (BIBF, 2008).
From an Islamic point of view, although reality
(what is) should be taken into account in deciding
strategies, it cannot be a substitute for what ought
to be (Hameed, 2009).
Substance = Form
36
 Philosophical and Technical Issues
ISSUES IFRS/IAS
True and Fair View Para 19 mentions exceptions
whereby the management may
depart from IFRSs, referred as
the true and fair view override.
Transaction Fees IAS 18 para 14 that states that
“The recognition of revenues for
financial service fees depends on
the purposes for which the fees are
assessed and the basis of
accounting for any associated
financial instrument.
Profit Recognition Mainly interest income from credit
financing.
AAOIFI/ISLAMIC FINANCE PRINCIPLES
Such overrides may pose problems for
the users in understanding the financial
statements (XIM, 2013).
The fees such as in Wakālah transaction that
delegates a duty to another party like agency,
apply to various Islamic finance products such
as Musyārakah, Mudhārabah, Murābahah,
Salam, Istisnā and Ijārah (Mukhlisin, 2014).
Islamic commercial transactions replace
interest with trade with margin (Murābahah),
forward sales and manufacturing contracts with
margin (Salam and Istisnā), partnership with
profit-loss sharing (Mudhārabah/ Musyārakah),
rent with rental charge (Ijārah), and fee-based
services (Wakālah) (Mukhlisin, 2016).
37
 Philosophical and Technical Issues
ISSUES IFRS/IAS
Classification IAS 32 divides the financial instrument into
of liability and equity and does not recognize
Mudharabah shirkah (partnership) concept.
Classification - Under IAS 17, there are two classifications
of Ijarah of leases i.e. operating lease and financing
lease. The difference is subject to the risks
and rewards between lessor and lessee
(Mukhlisin, 2014).
- The inherent risks and rewards associated
with the asset have been transferred to the
lessee, who in substance is deemed to be
the owner (Hidayat, 2016).
- Finance lease is reported as
receivables/loans on the bank’s book and
an ownership interest being recorded by the
lessee (Hidayat, 2016).
AAOIFI/ISLAMIC FINANCE PRINCIPLES
FAS 3 disclose Restricted Investment Account (RIA)
as off-balance sheet item as it is neither asset nor
liability while Unrestricted IA is presented as a
special class of equity.
- Ijārah (no conflict with operating lease under IFRS)
IAS 17 as it does not transfer all the risks and
rewards to the ownership (Mukhlisin, 2014)
- Ijārah Muntahia Bittamlīk (hire purchase
agreement) has conflict because it is not a financing
lease (Mukhlisin, 2014).
- Asset should be reported in the lessor’s (bank)
books. Maintenance costs are borne by the lessor
(Hidayat, 2016).
- The presentation of the lease as a loan/receivable
on the bank’s book and an ownership interest being
recorded by the lessee contradict the principles of
Shariah. Shariah stresses that asset ownership rests
with lessor throughout the lease term (Hidayat,
2016).
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Philosophical and Technical Issues
ISSUES IFRS/IAS AAOIFI/ISLAMIC FINANCE PRINCIPLES

Takaful Premium as the main income - Apart from its philosophy and definition, there are several
transactions that differentiate the Takāful industry with that
of insurance companies such as the issues of Qardul
Hasan, and separation of Takāful entity and Takāful fund
(Mukhlisin, 2014).

- Takaful is not insurance, it is a mutual protection scheme

where the underwriting fund does not belong to the takaful
company but to the policyholders. Hence we actually have
two accounting entities (Siswantoro and Hameed, 2011).

- Therefore, the Takaful company must segregate between

shareholders’ funds and policyholders’ funds in its
financial report (Hidayat, 2010).

39
Philosophical and Technical Issues
ISSUES IFRS/IAS
Zakat - Not applicable
- The socially responsible
financing (i.e. Qard Hasan) is not
catered for by conventional
accounting standards (Hidayat,
2016).
- Even IAS does not encourage
to put any CSR in additional
notes (Hidayat, 2016).
AAOIFI/ISLAMIC FINANCE PRINCIPLES
- One of the important function of IFIs is social services
SFA 2 (AAOIFI, 2010, Hidayat, 2016).
- Zakat or Islamic tax specifically presented on Statement
of Sources and Uses of Funds in the Zakat and Charity
Funds (Mukhlisin, 2014).
- Zakat base is calculated at 2.5% for a lunar calendar
year or 2.5775% for a solar calendar year, using either
one of the two methods i.e. net asset method and net
invested funds method (Mukhlisin, 2014).
- Sources of Zakat; company’s profit, customers
- Sources of Qard Hasan: penalty, impermissible income
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Question

Apa yang terjadi jika lembaga

keuangan syariah menggunakan
standar akuntansi yang tidak
mengakomodasi keunikan akad –
akad syariah?

41
Question: Dapatkah lembaga keuangan syariah mencegah
krisis keuangan?

42
 Sources of banking crisis Islamic finance practices Avoidable (yes or no)
Credit risk Still exposed to credit risk, minimal,
due different nature on contractual
relationship ?
Liquidity risk Liquidity management is quite
different for IFIs, i.e. using treasury
instruments that are more restrictive
and must be shariah compliant
?
Interest rate risk Interest is replaced with trading,
partnership, leasing contracts.
?

43
2007-2008 Analysis

44
Terima Kasih