Conceptualising Accounting as a Value-Based Concept in the Context of Alternative Finance

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This study aims to investigate the claim that there is no coherent and homogeneous body of concepts and practices that can be classified as “Islamic accounting”.

The study focuses specifically on Islamic accounting and uses a qualitative historical documentary analysis methodology to study an original manuscript from the 14th century.

The analysis of the manuscript argues that religious accounting can be seen as a value-based system for achieving social good and that in the context of Islamic accounting, it can be conceptualised as a coherent body of ideas and practices.

Firstly, the study conceptualises Islamic accounting as a homogeneous discipline with its own knowledge, concepts and practices. Secondly, it contributes to current accounting literature by examining an ancient manuscript from the 14th century, which serves as a foundation for understanding the Islamic accounting system within the context of accounting, religion and spirituality. The paper further contributes by arguing that this conceptualisation of religious accounting as a value-based approach enables its practitioners to evaluate their own accountabilities in delivering on socioeconomic objectives related to inter-human/environmental, social and financial transactions within the context of religious accounting practices.
Original languageEnglish
Pages (from-to)(In-Press)
JournalJournal of Accounting Literature
Early online date29 Dec 2023
Publication statusE-pub ahead of print - 29 Dec 2023

Bibliographical note

This author accepted manuscript is deposited under a Creative Commons Attribution Noncommercial 4.0 International (CC BY-NC) licence. This means that anyone may distribute, adapt, and build upon the work for non-commercial purposes, subject to full attribution. If you wish to use this manuscript for commercial purposes, please contact


  • Religion
  • Islamic accounting
  • Accountability
  • Value-based accounting
  • Alternative finance
  • Accounting history


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