Islamic Financial

Report in Indonesia
Presented by Faricha Maf'ula, MIFP

ISLAMIC ECONOMICS 2022 INTERNATIONAL SUMMER COURSE UMLA

 Today's topic

01 OVERVIEW OF ISLAMIC FINANCE IN INDONESIA

02 ACCOUNTING STANDARDS FOR IFI

03 ACCOUNTING STANDARDS IN INDONESIA

04 TYPE OF ISLAMIC REPORT

05 COMPARISON BETWEEN IFRS, PSAK, AAOIFI

06 CONCLUSION

ISLAMIC ECONOMICS 2022 INTERNATIONAL SUMMER COURSE UMLA

 OVERVIEW OF ISLAMIC FINANCE IN INDONESIA

December 2021

1992 12 full-fledged
Islamic Bank
Bank Muamalat
21 Islamic window
bank
164 Islamic rural
2022
bank
State of the Global Islamic
Economy Report

ISLAMIC ECONOMICS 2022 INTERNATIONAL SUMMER COURSE UMLA

 TYPES OF ISLAMIC FINANCE IN INDONESIA

NON-BANKING FINANCIAL
BANKING INDUSTRY ISLAMIC CAPITAL MARKET
INSTITUTION

Islamic bank Islamic Stocks Islamic insurance

Islamic rural bank Sukuk Islamic Pension
Islamic Investment Fund
Fund / Islamic Islamic
Mutual Fund microfinance

ISLAMIC ECONOMICS 2022 INTERNATIONAL SUMMER COURSE UMLA

 ACCOUNTING STANDARDS FOR IFI

IFRS AAOIFI PSAK SHARIA

General purposes, not Specific for Islamic Standards for Islamic

specific for Islamic
Financial Institution.
Financial Institution Financial Institution
and nonfinancial
institutions that
perform sharia-
compliant transactions

ISLAMIC ECONOMICS 2022 INTERNATIONAL SUMMER COURSE UMLA

TRANSACTIONS AND ENTITIES IN SOME COUNTRIES
Accounting standards for general
Country Accounting standards for IFIs
ACCOUNTING FOR ISLAMIC FINANCIAL entities

Dubai IFRS AAOIFI

National standards not based on

Indonesia National standards based on IFRS
AAOIFI

MFRS (National standards based on National standards based on

Malaysia
IFRS) IFRS

National Islamic standards

Pakistan IFRS
adapted from AAOIFI

National Islamic standards not

Banks and other insurance companies
based on AAOIFI and other (No
Saudi Arabia using IFRS; other entities using local
separate standards for Islamic
standards issued by SOCPA
Accounting)

ISLAMIC ECONOMICS 2022 INTERNATIONAL SUMMER COURSE UMLA

 ACCOUNTING STANDARDS IN INDONESIA

Indonesia adopts a dual accounting system that separates between

conventional and Islamic accounting.

CONVENTIONAL
FINANCIAL PSAK
INSTITUTION Statements of Accounting Standards
Fully adopt IFRS

ISLAMIC FINANCIAL
INSTITUTION PSAK Syariah
Indonesia developed PSAK Syariah based
on DSAS, with approval from DSN-MUI to
assure sharia compliance, to create
accounting standards for sharia-compliant
transactions.

ISLAMIC ECONOMICS 2022 INTERNATIONAL SUMMER COURSE UMLA

GENERALLY ACCEPTED SHARIA
ACCOUNTING PRINCIPLES

ISLAMIC ECONOMICS 2022 INTERNATIONAL SUMMER COURSE UMLA

 TYPES OF ISLAMIC REPORT
IFRS
(1) Statements of Financial Position;
(2) Statement of Comprehensive Income;
(3) cash flow statements;
(4) statements of shareholders' equity;
(5) Notes to the Account (Financial
Statements)
ISLAMIC ECONOMICS 2022 INTERNATIONAL SUMMER COURSE UMLA
AAOIFI
(1) Statement of financial position;
(2) Income statement;
(3) Statement of changes in owners’
equity;
(4) Statements of cash flows;
(5) Statements of sources and uses of
funds in the Zakah and charity fund;
(6) Statements of sources and uses of
funds in the qard6 fund;
(7) Notes to the consolidated financial
statements
 ISLAMIC FINANCIAL STATEMENT IN INDONESIA
BASED ON PSAK SYARIAH

1. STATEMENT OF FINANCIAL POSITION

2. STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
3. STATEMENT OF CHANGES IN EQUITY
4. STATEMENT OF CASH FLOWS
5. STATEMENT OF SOURCES AND DISTRIBUTION
OF ZAKAT FUNDS
6. STATEMENT OF SOURCES AND USES OF
QARDHUL HASAN FUNDS
7. NOTES TO THE FINANCIAL STATEMENTS

ISLAMIC ECONOMICS 2022 INTERNATIONAL SUMMER COURSE UMLA

 CONCLUSION

The main role of Islamic financial institutions is responsible for ensuring that the IFIs code of
conduct in business must be in accordance with the principles of the Shari’ah (S).
Indonesia adopts a dual accounting system that separates conventional and Islamic
accounting.
Looking at history, Indonesia referred to AAOIFI standards to develop its Islamic accounting
standards. After more than ten years of Islamic accounting in Indonesia, Indonesia applies
national Islamic accounting not based on AAOIFI FAS
DSAS tries to develop a more comprehensive set of Islamic accounting standards, which is not
limited to only IFIs.

ISLAMIC ECONOMICS 2022 INTERNATIONAL SUMMER COURSE UMLA

 faricha_mafula@umla.ac.id

+62852-5715-4493

ISLAMIC ECONOMICS 2022 INTERNATIONAL SUMMER COURSE UMLA

 THANK YOU

ISLAMIC ECONOMICS 2022 INTERNATIONAL SUMMER COURSE UMLA