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The objective of the study is to identify the merits in applying AAOIFI accounting standards in Islamic banking sector of Pakistan. To study the various dynamics of AAOIFI accounting standards, a meticulous market survey was conducted from banking professionals, external auditors, regulators and academic scholars. Structured questionnaire was designed and distributed in person as well as through various electronic modes among respondents. The study identified potential problems with using different accounting standards for financial reporting. The results indicated the need for an alternate set of accounting standards for Pakistani Islamic banks. Moreover, dire need was felt for harmonizing accounting standards of Islamic banks. Study revealed the prominence of AAOIFI accounting standards for growth and reliability of financial statements pertaining to Islamic banking sector in Pakistan. Respondents disclosed their satisfaction with credibility and quality of AAOIFI accounting standards. The study analyzed the ways that AAOIFI accounting standards can escalate the quality of financial reporting of Pakistani Islamic banks in terms of credibility, consistency, comparability and clarity. This research endeavors to study the need and benefits in adopting AAOIFI accounting standards in Pakistani perspective. This study offered implications for theory, policy and practice as well as some directions for future research.

Shah Raza Khan, Himayatullah Khan, Khurshed Iqbal. (2018) Merits in Applying AAOIFI Accounting Standards in Pakistani Islamic Banks, NUML International Journal of Business & Management, Volume 13, Issue 2.
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