Name : Cut Nadira Putri Kamal

NIM : 2101103010075

MIDTERM PROJECT – ACCOUNTING FOR MUDHARABAH

ISLAMIC ACCOUNTING COURSE
SEMESTER GENAP 2023/2024

PROJECT DESCRIPTION
This midterm project aims to allow students to experience in engaging with the Islamic financial
instrument such as mudharabah while most importantly being able to practice the accounting
for mudharabah. The project entails a mudharabah contract between the lecturer as the capital
provider (Rabbul maal) and students as project managers. Students must develop a business
project and manage it using funds from the lecturer. A detailed mudharabah contract, specifying
profit sharing rates, is to be signed. As the business progresses, each student must prepare
financial statements and document their role in the project.

SELF-REFLECTION REPORT FOR MUDHARABAH PROJECT

1. Describe about your project.
We engaged in a Mudharabah initiative for the "Nyam-Nyam Kenyang" project as part of
our Islamic Accounting class midterm assignment. Our venture focused on the
production and sale of iftar delicacies, including various risoles filled with chicken,
vegetables, mayonnaise, and eggs. Additionally, we aimed to offer a selection of side
dishes to complement the main dishes, satisfying post-fast cravings during the holy
month of Ramadan.
2. Describe your role in the project.
I was assigned several responsibilities within the project, including documenting all
necessary raw materials, drafting the Mudharabah contract for both parties to sign,
compiling financial reports and conduct financial analysis to evaluate profitability and
sustainability throughout the project, and providing excellent customer service by
collaborating with team members to sell and promote our iftar delicacies along the
bustling street adjacent to the campus area before iftar time.
3. How does the project assist you in understanding and practicing the course
materials?
The project provides a practical application of the course materials by allowing me to
directly engage with concepts learned in class. Through tasks such as drafting
Mudharabah contracts and preparing financial reports, I gain hands-on experience in
implementing Islamic accounting principles in a real-world context. Moreover,
collaborating with team members in various aspects of the project, such as market
research, menu development, and vendor management, enhances my understanding of
teamwork and organizational dynamics, which are integral to the course. Additionally,
by participating in marketing and promotion efforts and providing customer service, I
learn how to effectively communicate the value proposition of our iftar delicacies and
address customer needs and feedback. Overall, the project serves as a valuable platform
for applying theoretical knowledge, honing practical skills, and gaining insights into the
complexities of Islamic accounting and business practices.
4. How does the project enhance your accounting competency particularly the
Islamic accounting?
The project enhances my accounting competency, especially in Islamic accounting, by
providing practical experience in applying principles such as Mudharabah contracts and
Islamic financial standards. Through tasks like preparing financial reports and managing
costs, I gain hands-on understanding of Shariah-compliant accounting practices.
Additionally, collaborating with team members sharpens my problem-solving skills
within the ethical context of Islamic finance, contributing to a deeper understanding of
accounting principles in real-world scenarios.
5. How does the project enhance your entrepreneurial skill?
The project enhances my entrepreneurial skills by:
 Conducting market research sharpens my ability to identify opportunities and
understand consumer preferences.
 Developing a diverse menu fosters creativity and the ability to differentiate offerings.
 Managing costs, pricing strategies, and revenue projections improves financial
management skills.
 Overseeing supply chain and production processes enhances operational
effectiveness.
 Creating and implementing marketing strategies boosts brand awareness and sales.
 Providing excellent service and adapting offerings based on feedback strengthens
customer relationships.
6. What challenges did you face during the project?
We faced challenges with financial constraints and time management during the project.
To overcome financial constraints, we implemented strict budgeting and prioritized cost-
effective solutions without compromising quality. For time management, we utilized
efficient scheduling and delegation strategies, along with clear communication, to meet
deadlines effectively. Luckily, we encountered no significant issues with regulatory
compliance, as we maintained adherence to Islamic accounting principles throughout
the project.
7. What benefits do you get from the project?
Participating in the project has provided numerous advantages. It has allowed me to gain
practical experience, applying theoretical knowledge to real-world situations. This has
notably improved my skills in teamwork, problem-solving, and communication.
Furthermore, the project has facilitated networking opportunities, enabling connections
with team members, suppliers, and customers, potentially beneficial for future
endeavors. Navigating the complexities of business operations has deepened my
understanding of entrepreneurship and organizational dynamics, fostering resilience
and confidence through overcoming challenges. Moreover, the project has enhanced my
academic performance by enabling the application of theoretical concepts to practical
assignments and presentations.
8. Do you have any other comments/suggestions about this midterm project?
I have a couple of suggestions such as integrating theory with practice throughout the
project which is essential to reinforce learning outcomes and deepen understanding.
Additionally, celebrating achievements by breaking fast (iftar) together during the month
of Ramadan can foster team cohesion and motivation. Overall, these adjustments can
enhance the project's effectiveness and contribute to a more rewarding experience.
9. Attach the documentation (pictures) showing your involvement in the
project.

10.

Attach the financial reporting that you have prepared throughout the project.