Keywords
How to Cite
Abstract
This paper discusses the transformation of Islamic accounting innovation in facing challenges and creating opportunities in the digitalization era. In the context of an increasingly digitally connected business, implementing Islamic accounting innovation through information technology plays an essential role for Islamic financial companies. Previous research has shown the positive impact of adopting information technology in Islamic accounting practices, including improving operational efficiency, transparency, and quality of service to customers. However, challenges still need to be addressed, such as the complexity of Islamic accounting principles, data security, and the need for skilled human resources. This study aims to analyze the challenges and opportunities in the transformation of Islamic accounting innovation in the era of digitalization and create a strategic framework to overcome the challenges and take advantage of the opportunities. This study will identify various challenges financial companies face in implementing Islamic accounting innovations in the digitalization era through a comprehensive literature review. In addition, this study will also identify emerging opportunities in terms of utilizing technology to enhance Islamic accounting practices. The results of this study will provide valuable insights for Islamic financial companies in dealing with accounting changes and innovations in the digitalization era. By understanding the challenges and creating an appropriate strategic framework, companies can optimize the benefits of transforming Islamic accounting innovation and strengthen their position in the increasingly competitive Islamic finance industry
References
Ahmad, Syed Magfur, and Abdullah Al Mamun, ‘Opportunities of Islamic FinTech: The Case of Bangladesh and Turkey’, CenRaPS Journal of Social Sciences, 2020 <https://api.semanticscholar.org/CorpusID:234389891>
Akyıldız, Seçil, ‘An Overview of Qualitative Research and Focus Group Discussion’, International Journal of Academic Research in Education, 2021 <https://api.semanticscholar.org/CorpusID:236566327>
Al-refaee, Khalil, ‘The Effect of Using Information Technology on Increasing the Efficiency of Internal Auditing Systems in Islamic Banks Operating in Jordan’, 4.9 (2013), 110–18
Alshater, Muneer M, M Kabir Hassan, Adel Sarea, and Hussein Mohammad Samhan, ‘Islamic Accounting Research between 1982 and 2020: A Hybrid Review’, Journal of Islamic Accounting and Business Research, 13.8 (2022), 1176–96 <https://doi.org/10.1108/JIABR-04-2021-0132>
Arinatul Oktaviana, Hanindya, ‘Implementasi Akuntansi Syariah Sebagai Upaya Meningkatkan Pengelolaan Keuangan Mikro Kecil Menengah’, Jurnal Perbankan Syariah Indonesia (JPSI), 1.1 (2022), 31–42 <https://doi.org/10.57171/jpsi.v1i1.4>
Arwani, Agus, ‘CHALLENGES AND PROSPECT TO ISLAMIC ACCOUTANTS TAKE ON INDUSTRIAL REVOLUTION 4.0’, 2020 <https://api.semanticscholar.org/CorpusID:224986898>
Aslikhah, ‘Values of Islamic Accounting Philosophy and Application to Micro, Small and Medium Enterprises in Digital Economy’, MALIA (TERAKREDITASI), 2021 <https://api.semanticscholar.org/CorpusID:251746587>
Bonsón, Enrique, and Michaela Bednárová, ‘Blockchain and Its Implications for Accounting and Auditing’, Meditari Accountancy Research, 2019 <https://api.semanticscholar.org/CorpusID:208108372>
Darmansyah, Bayu Arie Fianto, Achsania Hendratmi, and Primandanu Febriyan Aziz, ‘Factors Determining Behavioral Intentions to Use Islamic Financial Technology’, Journal of Islamic Marketing, 12.4 (2021), 794–812 <https://doi.org/10.1108/JIMA-12-2019-0252>
Din, Sajid Mohy Ul, Shabra Khalid Mehmood, Arfan Shahzad, Israr Ahmad, Alla Andronikovna Davidyants, and Ayman Abu-Rumman, ‘The Impact of Behavioral Biases on Herding Behavior of Investors in Islamic Financial Products’, Frontiers in Psychology, 11 (2021) <https://api.semanticscholar.org/CorpusID:231791738>
Firmansyah, Egi Arvian, and Mokhamad Anwar, ‘ISLAMIC FINANCIAL TECHNOLOGY (FINTECH): ITS CHALLENGES AND PROSPECT’, Proceedings of the Achieving and Sustaining SDGs 2018 Conference: Harnessing the Power of Frontier Technology to Achieve the Sustainable Development Goals (ASSDG 2018), 2019 <https://api.semanticscholar.org/CorpusID:169863009>
Gulin, Danimir, Mirjana Hladika, and Ivana Valenta, ‘Digitalization and the Challenges for the Accounting Profession’, Information Systems & Economics EJournal, 2019 <https://api.semanticscholar.org/CorpusID:213988623>
Hamzah, Zulfadli, Yuswar Basri, and . Zulhelmy, ‘THE INFLUENCE OF ISLAMIC LEADERSHIP AND ISLAMIC WORK ETHICS ON EMPLOYEE PERFORMANCE OF ISLAMIC BANKS IN RIAU PROVINCE MEDIATED BY ISLAMIC ORGANIZATIONAL CULTURE’, International Journal of Islamic Business & Management, 5.1 (2021), 23–34 <https://doi.org/10.46281/ijibm.v5i1.1136>
Jan, Amin, Maran Marimuthu, Rohail Hassan, and Mehreen, ‘Sustainable Business Practices and Firm’s Financial Performance in Islamic Banking: Under the Moderating Role of Islamic Corporate Governance’, Sustainability, 2019 <https://api.semanticscholar.org/CorpusID:214135146>
Khmous, Duha Farouq, and Mustafa Besim, ‘Impact of Islamic Banking Share on Financial Inclusion: Evidence from MENA’, International Journal of Islamic and Middle Eastern Finance and Management, 13 (2020), 655–73 <https://api.semanticscholar.org/CorpusID:225417870>
Makurin, Andrii, ‘Development of Accounting in the Conditions of Introduction of Modern Information Technologies’, Accounting and Finance, 2020, 52–58 <https://api.semanticscholar.org/CorpusID:219452869>
Mhlanga, David, ‘Industry 4.0 in Finance: The Impact of Artificial Intelligence (AI) on Digital Financial Inclusion’, International Journal of Financial Studies, 2020 <https://api.semanticscholar.org/CorpusID:225434920>
Mohammed, Nor Farizal, Fadzlina Mohd Fahmi, and Asyaari Elmiza Ahmad, ‘The Need for Islamic Accounting Standards: The Malaysian Islamic Financial Institutions Experience’, Journal of Islamic Accounting and Business Research, 2019 <https://api.semanticscholar.org/CorpusID:158548989>
Muryanto, Y Taruono, ‘The Urgency of Sharia Compliance Regulations for Islamic Fintechs: A Comparative Study of Indonesia, Malaysia and the United Kingdom’, Journal of Financial Crime, 2022 <https://api.semanticscholar.org/CorpusID:249358095>
Najafi, Amir, Sedigeh Soleimanpur, and Zoheir Morady, ‘The Impact of Information Technology Methods on Accounting Information Quality’, Journal of Information and Organizational Sciences, 2022 <https://api.semanticscholar.org/CorpusID:251143598>
Pratama, Bima Cinintya, Inta Gina Setiawiani, Siti Fatimah, and Herman Felani, ‘Penerapan Praktek Dan Teori Akuntansi Syariah Berdasarkan Prinsip Syariah’, Akuisisi: Jurnal Akuntansi, 13.2 (2017), 83–91 <https://doi.org/10.24127/akuisisi.v13i2.181>
Prihatiningrum, Divya, and Wiwit Hariyanto, ‘Analysis of Accounting Information Systems in Islamic Perspective’, Indonesian Journal of Islamic Studies, 2021 <https://api.semanticscholar.org/CorpusID:247268003>
Razali Ade Syahputra Hasibuan, Ulfi Kartika Oktaviana, ‘Technological Innovation in Influence the Financial Performance of Sharia Banking In Indonesia’, Jurnal Ilmiah Ekonomi Islam, 9.01 (2023), 283–91
Sahrullah, S, A Abubakar, and ..., ‘Analisis Penerapan Prinsip Akuntansi Berdasarkan Surah Al-Baqarah Ayat 282’, SEIKO: Journal of …, 5.c (2022), 325–36 <https://www.journal.stieamkop.ac.id/index.php/seiko/article/view/2024%0Ahttps://www.journal.stieamkop.ac.id/index.php/seiko/article/download/2024/1331>
San-Jose, Leire, and Jon Cuesta, ‘Are Islamic Banks Different? The Application of the Radical Affinity Index’, International Journal of Islamic and Middle Eastern Finance and Management, 2019 <https://api.semanticscholar.org/CorpusID:96503671>
Setiyawati, Hari, and Caturida Meiwanto Doktoralina, ‘The Importance of Quality Accounting Information Management in Regional Governments in Indonesia’, Management Science Letters, 9.12 (2019), 2083–92 <https://doi.org/10.5267/j.msl.2019.6.025>
Sharairi, M H, A Qasim, and G A El-Refae, ‘Development of Islamic Accounting Standards: Implementations and Challenges’, Academy of Accounting and Financial Studies Journal, 26.S2 (2022), 1–18
Swandaru, Randi, and Aishath Muneeza, ‘Can Fraud in Islamic Financial Institutions Be Prevented Using High Standards of Shariah Governance?’, International Journal of Law and Management, 2022 <https://api.semanticscholar.org/CorpusID:253931196>
Unal, Ibrahim Musa, and Ahmet Faruk Aysan, ‘Fintech, Digitalization, and Blockchain in Islamic Finance: Retrospective Investigation’, FinTech, 1.4 (2022), 388–98 <https://doi.org/10.3390/fintech1040029>
Wong, Wai Peng, Hwee Chin Tan, Kim Hua Tan, and Ming‐Lang Tseng, ‘Human Factors in Information Leakage: Mitigation Strategies for Information Sharing Integrity’, Ind. Manag. Data Syst., 119 (2019), 1242–67 <https://api.semanticscholar.org/CorpusID:198474624>
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.