Perakaunan Baitul Mal: Pengajaran Dari Tamadun Awal Islam

Abstract

This paper reviews the ‘accounting’ practices in Islamic history and how it provides an understanding on the manner accounting and reporting practices of contemporary Islamic wealth may be developed. The historical perspective of the meticulous separation on the distribution and utilization of different types of Islamic wealth provides an insight on how the commingling of different funds was avoided. Similarities of such practices to that fund accounting are raised. Issues on how inter-fund transactions in contemporary Islamic wealth management in institutions such as the State Islamic Religious Councils (SIRCs) in Malaysia may have been influenced by the historical practices in managing the wealth of such organizations is also discussed. To better understand the practices, this paper reviews historical literatures using ‘accounting’ lenses. The insights gained from the review of management, accounting and governance practices during the Prophet Muhammad (peace be upon him) (pbuh) time and the companions’ era on the various sourcesof wealth, provides contemporary Islamic wealth managers in Malaysia a guide as to how Shari’ah compliant accounting and reporting practices should be developed. Keywords: Baitul mal, fund accounting, inter-fund transactions, State Islamic Religious Councils (SIRCs).