Although the Islamic finance is making continuous progress, yet the Islamic banks still face criticism from keen observers that they have adopted such techniques of financing which closely resemble interest-based finance. The difficulty with Islamic banks is that they feel hesitant to adopt...

The paper is a case study of zakah accounting and auditing system as in vogue in Pakistan. Although there is no professional document from which to infer the accounting and auditing standards, yet the paper tries to infer the accounting and auditing standards from the Zakah Manual. The author...