MIA Launches Free Textbook on Accounting for Islamic Finance

Islamic finance is an emerging high-growth sector and a core economic differentiator for Malaysia. To help drive development, the Malaysian Institute of Accountants (MIA), led by the MIA Islamic Finance Committee and the Malaysian Accountancy Research and Education Foundation, recently launched a comprehensive and current textbook on accounting for Islamic finance.

The free textbook will bridge the knowledge gap and equip accountants working in Islamic finance to manage increasingly complex reporting standards and apply Malaysian Financial Reporting Standards (MFRS) for Islamic finance transactions. The textbook’s contents encompass assets, liabilities, equity, income, and expenses and disclosures in the financial statements of an Islamic bank, a takaful entity and an Islamic asset management company (AMC). MFRS are identical to the International Financial Reporting Standards in all respects other than the nomenclature.

“MIA is very proud to release this textbook as part of our integrated strategy to help develop competencies and capacity among accountants working in Islamic finance as well as Islamic financial institutions (IFIs). We trust that this will be a useful reference not only for IFIs in Malaysia but also for those in other jurisdictions. This in turn will strengthen Malaysia’s leadership and influence in the global Islamic finance sector,” said MIA CEO Dr. Nurmazilah Dato’ Mahzan at the launch in early 2020.