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This book provides an original account detailing the origins and components of a faith-based accounting system that was founded around 629 CE. By examining the historical development that the accounting systems underwent within the context of faith-based rules and values, the book explains what is meant by the term “faith-based accounting”, together with a discussion of its characteristics in relation to various product structures and the underlying Islamic finance principles. It provides important theoretical and practical contributions by explaining accounting as a value-based science rather than a value-free object or abstract. This book explores the way in which religious rules act as a directive for accounting and auditing practices in IFIs. Through which the concept of money and digital currency within the theory of money and how it is enacted in a faith-based context, amid differences of opinions among its actors, is examined. This is an important foundation to explain Islamic accounting and includes how this outcome would shape the faith-based view regarding the new phenomenon of digital currency (DC). Also featured is the concept of paper money within the theory of money and how it is enacted in a faith-based legal framework by identifying two core concepts of today’s Fiat money as being a single genus or multi-genera money. This book is not merely an academic work, nor is it a pure practitioner guide; rather, it is a robust work that combines both. It marries rigorous academic research and theories with practical industry experiences. The book provides a clear and concise guide to accounting in Islamic economics and finance and how Islamic financial institutions could meet the applicable faith-based rules in their accounting practices. .

Finance (Islamic law) --- Finance --- Islamic law --- Finance, Public—Islamic countries. --- Accounting. --- Banks and banking. --- Islamic Finance. --- Accounting/Auditing. --- Banking. --- Financial Accounting. --- Private International Law, International & Foreign Law, Comparative Law . --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Financial institutions --- Money --- Accountancy --- Business enterprises --- Commerce --- Commercial accounting --- Financial accounting --- Business --- Bookkeeping --- Accounting --- Bookkeeping . --- Private international law. --- Conflict of laws. --- Choice of law --- Conflict of laws --- Intermunicipal law --- International law, Private --- International private law --- Private international law --- Law --- Legal polycentricity --- Double entry bookkeeping --- Business education --- Civil law

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This book advocates for a transformative shift in economics, emphasising the need to manage finite resources equitably while safeguarding universal well-being. It introduces the Equitable Optimality economic theory, departing from materialistic views and championing a theory deeply rooted in moral economy, values, and ethics. By integrating spirituality, social justice, and ethics into economic analysis, this model contends that economics can serve the welfare of all, offering a unique lens for economic theory and policy. It challenges prevailing materialistic economic paradigms by proposing an interest-balanced/free financial economy. This economic theory prioritises profit-sharing, societal objectives, and equitable resource allocation, aiming to create a more inclusive society. However, practical implementation and comprehensive research are crucial for understanding its impact and overcoming transitional challenges. The Equitable Optimality economic theory provides a valuable perspective within economics, focusing on ethical foundations, acknowledging non-monetary values, and humanising economic agents. It does not aim to replace conventional economic theories but offers an alternative framework to inspire innovative approaches to economic models and policymaking. Its broader policy perspective aims to foster a more prosperous and harmonious society by integrating ethical considerations, equity and justice into economic decision-making and emphasising societal welfare.

Economics --- Moral and ethical aspects. --- Philosophy. --- Religious aspects --- Islam. --- Economic policy. --- Social policy. --- Economics. --- Finance. --- Economic development. --- Socio-Economic Policy. --- Political Economy and Economic Systems. --- Financial Economics. --- Economic Growth.

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Social policy --- Politics --- Economic order --- Economic growth --- Finance --- Economic policy and planning (general) --- Economic conditions. Economic development --- Economics --- financieel management --- economie --- economische politiek --- politiek --- welzijnsbeleid --- sociaal beleid --- economische groei --- economische ontwikkelingen

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Economics