This book provides an original account detailing the origins and components of a faith-based
accounting system that was founded around 629 CE. By examining the historical development that
the accounting systems underwent within the context of faith-based rules and values the book
explains what is meant by the term ¿faith-based accounting¿ together with a discussion of its
characteristics in relation to various product structures and the underlying Islamic finance
principles. It provides important theoretical and practical contributions by explaining
accounting as a value-based science rather than a value-free object or abstract. This book
explores the way in which religious rules act as a directive for accounting and auditing
practices in IFIs. Through which the concept of money and digital currency within the theory of
money and how it is enacted in a faith-based context amid differences of opinions among its
actors is examined. This is an important foundation to explain Islamic accounting and includes
how this outcome would shape the faith-based view regarding the new phenomenon of digital
currency (DC). Also featured is the concept of paper money within the theory of money and how
it is enacted in a faith-based legal framework by identifying two core concepts of today¿s Fiat
money as being a single genus or multi-genera money. This book is not merely an academic work
nor is it a pure practitioner guide rather it is a robust work that combines both. It marries
rigorous academic research and theories with practical industry experiences. The book provides
a clear and concise guide to accounting in Islamic economics and finance and how Islamic
financial institutions could meet the applicable faith-based rules in their accounting
practices.
