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IMPACTS OF ISLAMIC ACCOUNTING SYSTEM ON SOCIETY ACCOUNTING SYSTEM IN THE ERA OF HAZRAT ABU BAKAR AND HAZRAT UMAR FAROOQ

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03 Pages : 28-35

http://dx.doi.org/10.31703/ger.2023(VIII-I).03      10.31703/ger.2023(VIII-I).03      Published : Mar 2023

Impacts of Islamic Accounting System on Society: Accounting System in the ERA of Hazrat Abu Bakar and Hazrat Umar Farooq

Abstract

    During the time of Hazrat Abu Bakr and Hazrat Umar Farooq, the Islamic accounting system had a considerable impact on society. This system is founded on the values of transparency, responsibility, and moral behaviour, which support justice, fairness, and social welfare. In the era of Hazrat Abu Bakr and Hazrat Umar Farooq, the Islamic accounting system was crucial in preserving the social order's economic stability.The system made sure that financial transactions were carried out accurately, honestly, and reliably, which contributed to a rise in public confidence. As a result, a society that was richer and more stable allowed both businesses and people to prosper. The Islamic accounting system's emphasis on responsibility was one of its most notable effects. The Islamic accounting system's emphasis on social welfare had a significant impact as well. This made society more just and egalitarian as everyone had access to basic needs. To sum up, the Islamic accounting system has had a significant influence on society, especially during the time of Hazrat Abu Bakr and Hazrat Umar Farooq.

    Accounting System, Sharia, Society, Responsibility, Social Welfare

    (1) Imran Ullah Khattak
    PhD Islamic Studies, Allama Iqbal open university Islamabad, Pakistan.
    (2) Hassan Shakeel Shah
    Associate Professor, University of Management and Technology, Lahore, Punjab, Pakistan.
    (3) Zafar Iqbal
    MPhil Scholar, Kohat University of Science and Technology (KUST), Kohat, KP, Pakistan.
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Cite this article

APA

    APA : Khattak, I. U., Shah, H. S., & Iqbal, Z. (2023). Impacts of Islamic Accounting System on Society: Accounting System in the ERA of Hazrat Abu Bakar and Hazrat Umar Farooq. Global Economics Review, VIII(I), 28-35. https://doi.org/10.31703/ger.2023(VIII-I).03

CHICAGO

    CHICAGO : Khattak, Imran Ullah, Hassan Shakeel Shah, and Zafar Iqbal. 2023. "Impacts of Islamic Accounting System on Society: Accounting System in the ERA of Hazrat Abu Bakar and Hazrat Umar Farooq." Global Economics Review, VIII (I): 28-35 doi: 10.31703/ger.2023(VIII-I).03

HARVARD

    HARVARD : KHATTAK, I. U., SHAH, H. S. & IQBAL, Z. 2023. Impacts of Islamic Accounting System on Society: Accounting System in the ERA of Hazrat Abu Bakar and Hazrat Umar Farooq. Global Economics Review, VIII, 28-35.

MHRA

    MHRA : Khattak, Imran Ullah, Hassan Shakeel Shah, and Zafar Iqbal. 2023. "Impacts of Islamic Accounting System on Society: Accounting System in the ERA of Hazrat Abu Bakar and Hazrat Umar Farooq." Global Economics Review, VIII: 28-35

MLA

    MLA : Khattak, Imran Ullah, Hassan Shakeel Shah, and Zafar Iqbal. "Impacts of Islamic Accounting System on Society: Accounting System in the ERA of Hazrat Abu Bakar and Hazrat Umar Farooq." Global Economics Review, VIII.I (2023): 28-35 Print.

OXFORD

    OXFORD : Khattak, Imran Ullah, Shah, Hassan Shakeel, and Iqbal, Zafar (2023), "Impacts of Islamic Accounting System on Society: Accounting System in the ERA of Hazrat Abu Bakar and Hazrat Umar Farooq", Global Economics Review, VIII (I), 28-35

TURABIAN

    TURABIAN : Khattak, Imran Ullah, Hassan Shakeel Shah, and Zafar Iqbal. "Impacts of Islamic Accounting System on Society: Accounting System in the ERA of Hazrat Abu Bakar and Hazrat Umar Farooq." Global Economics Review VIII, no. I (2023): 28-35. https://doi.org/10.31703/ger.2023(VIII-I).03