Arab American University and under collaboration with Ahlia University – Bahrain has organized a scientific seminar through Zoom entitled “Islamic Accounting between Practice and Theory” and was instructed by Prof. Hussien Sarhan from Zarqa University.
Dr. Raid Saad- the Head of the Accounting Department in AAUP, the Head of the Accounting Department in Ahlia University in Bahrain and other Accounting professors from different Arab Universities attended the seminar.
Dr. Raid Saad started the seminar by welcoming the guests and the attendees and transferring the greetings of Prof. Ali Zeidan AbuZuhri – AAUP President. Dr. Saad emphasized that the topic of this seminar is very important and needs more focusing, especially after the noticeable huge growth in the Islamic Economic Activities, and the establishing of Islamic Banks and organizations that were successful around the world.
Participants of this seminar stressed on the need to raise awareness of the importance of the Islamic Accounting through organizing more courses and lectures related to the topic. They indicated that it is essential to increase the number of specialists in this field and provide the needed training for them, as they talked about adopting the AAOIFI standards along while taking into account the legal aspects regarding the sources and use of funds. This in turn will contribute in achieving the developments needed when applying accounting practices and when preparing lists and financial reports, and this will facilitate the comparison and analysis process to the financial reports of the Islamic organizations.
Participants also talked about seeking to globalize Islamic accounting standards and merging them with international accounting standards, taking into consideration the legal dimensions. In addition, they called for establishing a specialized Islamic accounting association similar to the international professional associations.