COMPARATIVE STUDY OF SHARIA ACCOUNTING IN INDONESIA AND MALAYSIA: EMPHASIS ON SHARIA MICROFINANCE INSTITUTION CONTRACTS
Abstract
This study aims to conduct a comparative study on sharia accounting in Indonesia and Malaysia with a focus on the accounting treatment of sharia contracts in Sharia Microfinance Institutions (MFIs). Indonesia adopts sharia accounting standards through the Sharia Financial Accounting Standard Statement (PSAK) formulated by the Indonesian Institute of Accountants (IAI) and fatwa by the National Sharia Council-Indonesian Ulema Council (DSN-MUI). Malaysia, on the other hand, is more integrated with international standards such as IFRS/MFRS with sharia-based modifications and is under the supervision of Bank Negara Malaysia (BNM) and the Shariah Governance framework. The results show that Indonesia emphasizes details per account in each contract (murabahah, mudharabah, musyarakah, qard hasan, and ijarah), while Malaysia emphasizes more harmonization with global standards. This reflects a paradigm difference: Indonesia is more normative based on Fatwas, while Malaysia is adaptive and accommodating to international regulations. The recommendation of this study is the need to harmonize sharia regulations at the ASEAN level to strengthen the position of global sharia finance, while maintaining the local peculiarities of each country.
References
Journal of Islamic Monetary Economic and Finance,6(2),345–366 https://doi.org/10.21098/jimf.v6i2.1234
Anggreni, M., Novianty, I., & Muflih, M. (2022). Pengaruh Komite Audit, Dewan Direksi Dan Dewan Pengawas Syariah Terhadap Kinerja Keuangan Perbankan Syariah: Estimasi Pengaruh Langsung Dan Peran Mediasi Manajemen Laba. I ECONOMICS: A Research Journal on Islamic Economics, 8(1), 19–38. https://doi.org/10.19109/ieconomics.v8i1.12203
Abdul Rahman, A. R. (2018). Shariah governance and Islamic financial institutions. Journal of Islamic Accounting and Business Research, 9(3), 352–367. https://doi.org/10.1108/JIABR-03-2016-0036
Ahmed, H., & Kamaruddin, B. H. (2018). Governance of Islamic finance institutions: Insights from Malaysia. Journal of Islamic Accounting and Business Research, 9(3), 393–409. https://doi.org/10.1108/JIABR-11-2016-0132
Bank Negara Malaysia. (2022). *Annual Report on Islamic Finance.* Kuala Lumpur: BNM.
Dewan Syariah Nasional-MUI. (2020). *Kumpulan Fatwa DSN-MUI.* Jakarta: DSN-MUI.
Fadila, N. R., Muhammad, R., Subekti, T., Nugraheni, P., & Mohammed, N. F. (2021). Sharia disclosure practices: A comparison of Islamic banks in Indonesia and Malaysia. *Economica: Jurnal Ekonomi Islam, 12*(1), 45–60.
Fianto, B. A., Gan, C., Hu, B., & Roudaki, J. (2019). Determining factors of non-performing financing in Islamic microfinance institutions: A case study of BMTs in Indonesia. *Emerging Markets Finance and Trade, 55*(1), 1–20. https://doi.org/10.1080/1540496X.2018.1496392
Haikal, M., & Efendi, S. (2024). Prinsip-prinsip Hukum Ekonomi Syariah dalam Undang-Undang Perbankan Syariah. MAQASIDI: Jurnal Syariah Dan Hukum, 4(1), 26–39. https://doi.org/10.47498/maqasidi.v4i1.2988
Hassan, M. K. (2021). Islamic microfinance: A bibliometric review. *Journal of Islamic Accounting and Business Research, 12*(3), 456–472. https://doi.org/10.1108/JIABR-05-2020-0154
Huda, N., Rini, N., Mardoni, Y., & Putra, P. (2020). Islamic microfinance institutions and maqashid shariah: Empirical evidence from Indonesia. Journal of Islamic Accounting and Business Research, 11(1), 93–112. https://doi.org/10.1108/JIABR-01-2017-0018
Hasan, Z., Mohamad, S., & Bader, M. K. I. (2021). Risk management and Shariah governance in Islamic financial institutions. International Journal of Islamic and Middle Eastern Finance and Management, 14(4), 675–692. https://doi.org/10.1108/IMEFM-07-2019-0302
Ikatan Akuntan Indonesia. (2021). *Pernyataan Standar Akuntansi Keuangan Syariah (PSAK Syariah).* Jakarta: IAI.
Khaddafi, M, et al, (2016), Akuntansi Syariah Meletakkan Nilai Nilai Syariah Isalam Dalam Ilmu Akuntansi, Penerbit Madenatera, Medan
Malaysian Accounting Standards Board. (2021). Shariah-Compliant Accounting Standards. Kuala Lumpur: MASB.
Mukadar, A., Setiorini, H., & Setiawan, D. (2023). Analisis pembiayaan murabahah pada Lembaga Keuangan Mikro Syariah (LKMS) (Studi kasus pada LKMS MM Sejahtera Kota Bengkulu). *Jurnal Ilmiah Akuntansi, Manajemen dan Ekonomi Islam (JAM-EKIS), 7*(2), 55–65.
Mukhlisin, M. (2021). Accounting treatment of murabahah financing in Islamic microfinance institutions. Al-Iqtishad: Journal of Islamic Economics, 13(2), 215–232. https://doi.org/10.15408/aiq.v13i2.18976
Nurhayati dan Wasilah (2023), Akuntansi Syariah di Indonesia, Edisi 5, Penerbit Salemba, Jakarta
Octaviar Wilmar Ervanni, et all, Peran Akutansi Syariah dalam Meningkatkan Transparansi dan Akuntabilitas Keuangan di Bank Syariah, Jurnal Studi Islam Indonesia (JSII) P-ISSN: 2987-8977| E-ISSN: 2987-8985 Vol. 2 No. 2 (2024) pp. 401-414
Rohman, P. S., et al. (2021). A review on literature of Islamic microfinance from 2010–2020: Lessons for practitioners and future directions. *Heliyon, 7*(12), e08698. https://doi.org/10.1016/j.heliyon.2021.e08698
Rosly, S. A., & Zaini, M. A. (2019). Profit-sharing contracts and accounting implications in Islamic finance. Humanomics, 35(2), 187–203. https://doi.org/10.1108/H-07-2018-0050
Undang-Undang Republik Indonesia. no 1 tahun 2013 Tentang Lembaga Keuangan Mikro
