Qur’anic Foundations for Accounting and Financial Governance: A Conceptual Exploration

Abstract

This paper proposes a conceptual exploration of the ethical and scriptural foundations of accounting and financial governance in the Qur’an and examines their relevance for contemporary practices. Drawing on a qualitative and thematic analysis of Qur’anic verses related to justice, contractual writing, accountability, managerial integrity, and fraud prevention, this study identifies a coherent normative architecture structured around ethical principles, scriptural prescriptions, and operational mechanisms. The analysis shows that key notions underpinning modern accounting and governance—such as transparency, traceability, verification, fiduciary responsibility, and sustainability—are deeply embedded in the Qur’anic worldview. By placing these principles in dialogue with contemporary accounting, auditing, and governance frameworks, our paper highlights significant areas of conceptual convergence while avoiding any claim of technical equivalence. The findings suggest that Qur’anic teachings provide a comprehensive ethical foundation capable of informing, enriching, and ethicalizing modern accounting and financial governance. Our study concludes that the Qur’an offers not a technical manual, but a normative and civilizational framework that can contribute meaningfully to current debates on accountability, justice, and sustainable governance, while opening avenues for future empirical and interdisciplinary research.

Keywords

• Qur’anic ethics
• Islamic accounting
• financial governance
• accountability
• contractual.

Muhasebe ve Finansal Yönetişimin Kur’ânî Temelleri: Kavramsal Bir İnceleme

Abstract

Bu makale, muhasebe ve finansal yönetişimin Kur’ân’daki etik ve metinsel temellerini kavramsal bir çerçevede incelemekte ve bu temellerin çağdaş uygulamalar açısından taşıdığı anlamı analiz etmektedir. Çalışma, adalet, sözleşmelerin yazımı, hesap verebilirlik, yönetsel dürüstlük ve hileyi önleme ile ilgili Kur’ân ayetlerinin nitel ve tematik analizine dayanmaktadır. Bulgular, etik ilkeler, metinsel hükümler ve operasyonel mekanizmalardan oluşan tutarlı bir normatif mimarinin varlığını ortaya koymaktadır. Analiz, şeffaflık, izlenebilirlik, doğrulanabilirlik, emanet (fiduciary) sorumluluğu ve sürdürülebilirlik gibi modern muhasebe ve yönetişimin temel kavramlarının Kur’ânî dünya görüşünde derin biçimde yer aldığını göstermektedir. Bu ilkeler çağdaş muhasebe, denetim ve yönetişim çerçeveleriyle karşılaştırıldığında, teknik eşdeğerlik iddiasında bulunulmaksızın önemli kavramsal örtüşmeler tespit edilmektedir. Çalışma, Kur’ân’ın teknik bir el kitabı sunmaktan ziyade, çağdaş muhasebe ve finansal yönetişim uygulamalarını etik açıdan besleyebilecek normatif ve medeniyet temelli bir çerçeve sunduğu sonucuna ulaşmaktadır. Ayrıca çalışma, hesap verebilirlik, adalet ve sürdürülebilir yönetişim alanlarında gelecekte yapılacak ampirik ve disiplinlerarası araştırmalar için yeni açılımlar önermektedir.

Keywords

• Kur’ânî etik
• İslami muhasebe
• finansal yönetişim
• hesap verebilirlik
• sözleşmelerin yazımı

الأسس القرآنية للمحاسبة والحوكمة المالية: دراسة تصورية

Abstract

تقدم هذه الدراسة مقاربة تصورية للأسس الأخلاقية والنصية للمحاسبة والحوكمة المالية في القرآن الكريم، مع تحليل مدى صلتها بالممارسات المعاصرة. وتعتمد الدراسة على تحليل نوعي موضوعاتي للآيات القرآنية المرتبطة بالعدل، وتوثيق العقود، والمساءلة، والنزاهة الإدارية، والوقاية من الغش. وتُبرز النتائج وجود بنية معيارية متكاملة تقوم على مبادئ أخلاقية، وتوجيهات نصية، وآليات تشغيلية. كما تُظهر الدراسة أن مفاهيم محورية في المحاسبة والحوكمة الحديثة، مثل الشفافية، وقابلية التتبع، والتحقق، والمسؤولية الائتمانية، والاستدامة، متجذرة بعمق في الرؤية القرآنية. ومن خلال وضع هذه المبادئ في حوار تحليلي مع الأطر المعاصرة للمحاسبة والتدقيق والحوكمة، تكشف الدراسة عن مجالات مهمة من التقارب المفاهيمي، دون الادعاء بوجود تطابق تقني مباشر. وتخلص الدراسة إلى أن القرآن الكريم لا يقدم دليلاً تقنياً، بل إطاراً معيارياً وحضارياً قادراً على إثراء وإضفاء البعد الأخلاقي على ممارسات المحاسبة والحوكمة المالية المعاصرة، مع فتح آفاق للبحوث المستقبلية ذات الطابع التجريبي والبيني.

Keywords

• الأخلاق القرآنية
• توثيق العقود
• المساءلة
• الحوكمة المالية
• المحاسبة الإسلامية

References

1. AAOIFI, Accounting and Auditing Organization for Islamic Financial Institutions. “About AAOIFI.” Access 21 September 2025. https://aaoifi.com/?lang=en
2. AAOIFI, Accounting and Auditing Organization for Islamic Financial Institutions. “Governance Standards”. Access 23 September 2025. https://aaoifi.com/governance-standards/?lang=en
3. Achtam, Puty Hasanah - Mirsal. “The Implementation of Islamic Business Ethics in the Behavior of Traditional Market Traders at Balai Panjang, Nagari Sungai Pua.” Musabab: Journal of Islamic Law and Social Practice 1/2 (2025), 121-141. https://journal.shafiyyah.org/index.php/musabab/article/view/46
4. Ahmad, Sajjad et al.“Integrating Islamic Ethics with Modern Governance: A Comprehensive Framework for Accountability Across Religious, Social, and Economic Dimensions.” Al-Irfan 8/15 (2023), 51-79. https://doi.org/10.58932/MULB0043
5. Ahmed, Dler Mousa et al. “The Role of Corporate Governance on Reducing Information Asymmetry: Mediating Role of International Standards for Accounting (IAS, IFRS).” Kurdish Studies 12/1 (2024), 1734-1745. https://doi.org/10.58262/ks.v12i1.119
6. Ahmad, Noor Lela et al. “The Significance of Islamic Ethics to Quality Accounting Practice”. International Journal of Academic Research in Business and Social Sciences 7/10 (2017), 693-703. https://doi.org/10.6007/IJARBSS/V7-I10/3425
7. Almulhim, Abdullah et al. “Islamic Accounting, Accountability and Governance”. Handbook of accounting, accountability and governance. 332-348. Cheltenham: Edward Elgar Publishing, 2023. https://doi.org/10.4337/9781800886544.00026
8. Amayreh, Ibrahim, et al. “The Impact of Board of Directors and Islamic Shariah on Company Internal Control: Evidence from Jordan.” International Journal of Economics and Financial Issues 14/1 (2024), 39-51. https://doi.org/10.32479/ijefi.15243

9. Arodha, Dianidza. “Ethical Corporate Governance Based on Islamic Perspective.” Accounting Journal of Ibrahimy. (AJI) 3/1 (2025), 10-20.
10. Atherton, Susan C. – Atherton. Charles A. “Fiduciary Principles: Corporate Responsibilities to Stakeholders.” Journal of Religion and Business Ethics .2/2 (2011), 1–15. https://via.library.depaul.edu/jrbe/vol2/iss2/5
11. Azwar, Azwar et al. “Public Financial Management from The Perspective of The Quran: An Analysis of Relevant Interpretations and Their Implications for Indonesia's Financial System”. International Journal of Islamic Economics and Finance Research 8/2 (2025), 20-41. https://doi.org/10.53840/ijiefer197
12. Bhatti, Maria - Bhatti, M. Ishaq. “Toward Understanding Islamic Corporate Governance Issues in Islamic Finance”. Asian Politics & Policy 2/1 (2010), 25-38. https://doi.org/10.1111/j.1943-0787.2009.01165.x
13. Darus, Mariah et al. “Ethical Governance through Maqasid Shariah Perspective: A Conceptual Framework”. International Journal of Academic Research in Business and Social Sciences 14/10 (2024), 920-932. https://doi.org/10.6007/IJARBSS/v14-i10/23148
14. Donaldson, Lex - Davis, James H. “Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns.” Australian Journal of Management 16/1 (1991), 49-65. https://doi.org/10.1177/031289629101600103
15. Efunniyi, Christianah Pelumi et al.“Strengthening Corporate Governance and Financial Compliance: Enhancing Accountability and Transparency”. Finance & Accounting Research Journal 6/8 (2024), 1597-1616. https://doi.org/10.51594/farj.v6i8.1509
16. Grais, Wafik - Matteo Pellegrini. Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services. World Bank Policy Research Working Paper No. 4054, 2006. https://ssrn.com/abstract=940711
17. Haniffa, Roszaini - Mohammad Hudaib. “A Conceptual Framework for Islamic Accounting: The Shari'a Paradigm”. Paper presented at Accounting, Commerce and Finance: The Islamic Perspective, International Conference IV. New Zealand, February 2001.
18. Hassan, Muhammad Kabir, - Rasem N. Kayed. “The Global Financial Crisis, Risk Management and Social Justice in Islamic Finance.” ISRA International Journal of Islamic Finance 1/1 (2009).33–58.
19. Husein, UmmeSalma Mujtaba. “Islam, Communication and Accounting”. Journal of Islamic Accounting and Business Research 9/2 (2018), 138-154. https://doi.org/10.1108/JIABR-01-2016-0008
20. IAASB, International Auditing and Assurance Standards Board. Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements. Vol. 1. New York: IFAC, 2013. https://www.ifac.org/
21. IASB. Conceptual Framework for Financial Reporting. London: IASB, 2018. https://www.ifrs.org,
22. Jules, Diane - Robyn Erskine. “The International Code of Ethics for Professional Accountants: Key Areas of Focus for SMEs and SMPs”. IFAC. Access 15 October 2025 https://www.ifac.org/knowledgegateway/supporting-internationalstandards/discussion/international-codeethics-professional-accountants-key-areasfocus-smes-andsmps
23. Kamaruddin, Muhammad Iqmal Hisham et al. “The Mediating Role of Financial Governance on the Relationship Between Financial Management, Islamic Work Ethic and Accountability In Islamic Social Enterprise (ISE)”. Social Enterprise Journal 17/3 (2021), 427-449. https://doi.org/10.1108/SEJ-11-2020-0113
24. Kamla, Rania. “Critical Insights into Contemporary Islamic Accounting”. Critical Perspectives on Accounting .20/8 (2009),921-932. https://doi.org/10.1016/j.cpa.2009.01.002
25. Kamla, Rania et al.,“Islam, Nature and Accounting: Islamic Principles and the Notion of Accounting for the Environment.” Accounting Forum. 30/3 (2006), 245-265. https://doi.org/10.1016/j.accfor.2006.05.003
26. Khalid, Azam Abdelhakeem - Sarea, Adel M. “Independence and Effectiveness in Internal Shariah Audit with Insights Drawn from Islamic Agency Theory.” International Journal of Law and Management. 63/3 (2021), 332-346. https://doi.org/10.1108/IJLMA-02-2020-0056
27. Lewis, Mervyn K. “Islam and Accounting”. Accounting Forum 25/2 (2001), 103-127. https://www.tandfonline.com/doi/abs/10.1111/1467-6303.00058
28. Miller, Andrew D. - Oldroyd, David. “Does Stewardship Still Have a Role?”. Accounting Historians Journal 45/1 (2018), 69-82. https://doi.org/10.2308/aahj-10585
29. Noaman, Nabiela et al. “Towards Good Governance of Heritage Management Systems: Possible Role of Accounting”. Corporate Ownership & Control 15/3 (2018), 239-259
30. OECD. Organisation for Economic Co-operation and Development. G20/OECD Principles of Corporate Governance. Paris : OECD.2023. https://www.oecd.org/
31. Pacioli, Luca. De las Cuentas y de las Escrituras: Título Noveno, Tratado XI de la Summa de Arithmetica, Geometria, Proportioni et Proportionalità. Venice: s.n., 1494.
32. Shivakumar, Lakshmanan. “The Role of Financial Reporting in Debt Contracting and in Stewardship.” Accounting and Business Research 43/4 (2013), 362-383. https://doi.org/10.2139/ssrn.2214852
33. The Qur’an: English Translation. trans. Saheeh International. Jeddah: Al-Muntada Al-Islami, 1997.
34. Zaky, Achmad - Warsono, Sony. “Understanding Islamic accounting: A Quranic approach”. Journal of Islamic Accounting and Business Research 14/7 (2023), 1048-1064. https://doi.org/10.1108/JIABR-06-2022-0143