... to Sharīʿah (Islamic law). In addition, the provisions of the Islamic accounting standard for musharakah (AAOIFI’s FAS No. 4) found to be relevant are also adapted. Findings The study shows that the assets of an inherited business should be measured at their fair values and that liabilities and legacies...

... methodologies prevailing in the market[ 2 ]. There are two prominent purging methodologies practised globally. One is the dividend-based purging method, and the second is the purging method suggested by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). In view of some...