This research has three main purposes. First, it discusses the differences between the conventional and the Islamic perspectives of accounting in terms of the accounting definition, objectives, principles, rules, measurements and disclosure requirements. Second, it discusses and formulates the accounting measurements and the disclosure requirements, which should be applied in Islamic banks for Murabahah and Mudarabah operations.Third, to provide insight into the current practice of these measures and requirements, the study reports the results of a survey which aims at identifying the gap between the suggested measures and requirements and the current practice of the Dubai Islamic Bank and the Jordan Islamic Bank. The analysis reveals that there are differences between the conventional and the Islamic perspectives of accounting. It also indicates the need for specific accounting measures for Murabahah and Mudarabah operations as well as the need to disclose more information about these operations and their accounting measurement methods in an Islamic bank's annual reports as well as in other disclosures.Finally, the direction for future research on Islamic banks operations and their accounting measurement problems are presented / Doctor of Philosophy (PhD)

Cette étude couvre les institutions financières islamiques en général, avec une attention particulière accordée aux banques islamiques. L’intérêt est suscité par la relation directe avec notre sujet traitant de la surveillance de conformité avec la charia, réglementaire et légale, des banques islamiques. Les institutions financières et banques islamiques proposent divers produits de financement et développent plusieurs produits classiques en les adaptant aux principes de la finance islamique, dont l’absence de l’usure (interdiction du riba). Par ailleurs, nous notons que d’une part, certaines institutions financières et banques islamiques commencent à détourner à leur avantage les principes et les règles de base qui ont justifié l’existence même de la finance islamique en tant que substitut à la banque classique, et que d’autre part, même quand lesdites institutions se dotent d’instance de surveillance, leurs prérogatives se limitent à conseiller sans intervention pour réparer les défaillances et sans que leurs décisions et recommandations n’aient de force obligatoire. Ces constats nous amènent plus loin dans notre analyse, et nous poussent à nous interroger sur le fait d’assumer les implications de la responsabilité civile sous ses deux formes ; contractuelle et délictuelle ainsi que les implications de la responsabilité pénale pour les membres de ces instances. Le rôle de ces organes peut être plus effectif et plus efficace, comme nous le montrerons grâce à une approche réglementaire légale des activités et travaux des instances de surveillance de la charia. De ce fait, le sujet de la thèse implique une comparaison et un parallélisme entre les activités bancaires islamiques et la surveillance réglementaire du point de vue de la loi islamique charaique et la surveillance réglementaire des activités bancaires islamiques d’un point de vue légal. / The present study covers the issue of islamic financial institutions in overall, with a particular attention attributed for islamic banks. The topic is interesting because of the direct relationship with the compliance monitoring with the Shariaa, regulatory and legal of Islamic banks. These financial institutions and Islamic banks offer various products of financing and develop several conventional products adapting them to the principles of Islamic finance, including the absence of usury (interdiction of riba). We should mention that some financial institutions and Islamic banks begin to divert for their advantages the principles and the basic rules that justified the existence of Islamic finance, like substitute for the traditional bank. And the role of institutions of compliance monitoring is limited to provide advises without intervention to prepare the failures, in other terms their decisions and recommendations did not have the binding force. These findings allowed deepening our analysis to pose the question regarding assuming the consequences of the civil liabilities under the 2 forms: contractual and delictual, in addition to the consequences and the criminal liabilities for the members of these authorities of compliance monitoring. The role of these organs could be more effective and efficient, like we underlined with the regulatory approach of their activities and the works of these authorities of compliance with the Shariaa. The present dissertation provides a comparison between the Islamic banks activities and the regulatory monitoring from the perspective of the Islamic rules of Shariaa and the regulatory monitoring of the activities of Islamic banks form legal perspective.

Thesis (MBA)--Stellenbosch University, 2011. / The Islamic Banking industry has been one of the fastest growing industries worldwide with a compound annual growth rate of 28% between 2006 and 2009(Reuters, 2010). These growth rates were experienced amidst the worst economic meltdown the world has seen in decades. This is a clear indication that there is a high level of confidence in the industry. Although the industry has existed for centuries, the past few decades have brought about a revival in Islamic banking. Many Western countries are recognising the industry’s importance and have taken various steps in supporting the establishment of it. South Africa has also taken such steps and has a vision of becoming a hub for Islamic banking on the African continent. This mini thesis examines the differences in nature of the underlying principles of Islamic and conventional banking which then brings to the fore the various challenges that exist in the unhindered functioning of Islamic banks within Western countries. These challenges revolve around institutional and legal frameworks, regulatory and supervisory bodies, South African Reserve Bank requirements, interest, taxation and conceptual understandings. In order to provide recommendations to address these challenges, case studies of Islamic banking in both, Islamic and Western countries were conducted. These case studies provided insight into how countries have addressed similar challenges and to what degree were they successful. This provided the basis from which recommendations were made for Islamic banking to function efficiently and effectively in South Africa and for the country to achieve its goal of becoming a hub of Islamic banking on the African continent.