Investment Accounts Practice in Oman’s Islamic Banks: A Comparative Study With AAOIFI’s Standards
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Date
2022-05
Authors
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Journal ISSN
Volume Title
Publisher
The British University in Dubai (BUiD)
Abstract
Research Questions/Issue: What is the current practice of PSIAs in IBWs in Oman compared to AAOIFI’s standards?
Purpose:The main purpose of this research is to reveal the PSIAs practice in Oman’s IBWs in
comparison with AAOIFI’s standards, particularly concerning the sharia and disclosure
issues.
Research Methodology: With the purpose of studying this research issue, the researcher
gathered the relevant data of two full-fledged Islamic banks and five Islamic windows located
in Oman, using their annual reports and published contract in the year 2021. Therefore, a
combination of content and ratio analysis,and comparative approach were used to investigate
the issue of research.
Research Findings/Insights: The main findings found in this research generally that there
were positive disclosure practices regarding the equity and assets distribution . However, there
was a lack of information concerning the kind of contractual relationship that links between
the different stakeholders involved in PSIAs.In addition, the practice of PSIAs was found to
big extent compatible with AAOIFI’s standards.
Theoretical/Academic Implications: the found results to some extent bridge the gap
between the theory and practice in the issue of PSIAs, providing some suggestions to reduce
this gap between the two sides.
Keywords: IBWs in Oman,Profit Share Investment Accounts, AAOIFI’s Standards, Islamic
banks, GCC countries
Description
Keywords
AAOIFI’s standards, islamic banks, Profit Share Investment Accounts (PSIA), Oman, GCC countries