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n details in this chapter. This chapter attempts to review previous literatures on the topic of Islamic Accounting Theory and provides recent finding related to the degree of awareness of customers toward Islamic financial services. This chapter attempts provide recent study and articles about Islamic accounting theory that explain the nature of Islamic banks system.

Previous literatures and studies have revealed that the first recent research in Islamic banking filed was conducted in Egypt under cover, without projecting an Islamic picture, for fear of being seen as a demonstration of Islamic fundamentalism, which was abhorrence to the political government (Siddiqi l988). These studies remain until l967 where nine Islamic banks open in the country (Ready l98l). These banks was neither charging nor paying interest, investing mainly by participating in trade and industry, directly or in partnership with others, and shared the profits with their depositors (Siddiqi l988). For that reason, Islamic banks functioned basically as saving-investment firms rather than as commercial banks that based on charging interests. The Nasir Social Bank, established in Egypt in l97l, was declared an interest-free commercial bank, although its charter did not refer to Islam or Shariah (Islamic law).

Islamic banks appeared on the earth scene as dynamic players over the past two decades. Nevertheless, a lot of the values that based on Islamic banking usually accepted all over the world, for centuries more willingly than decades. The essential principle of Islamic banking is the ban of Riba (interest), while the essential occupant of Islamic banking - the prohibition of riba, a word that encompasses not only the perception of usury, but also that of interest - has rarely been recognized as appropriate beyond the Islamic world, a lot of its guiding values have. The majority of these values are rooted in simple ethics and general sense, which form the bases of numerous religions, including Islam.

Interest or “Usury” was forbidden in both the Old and New Testaments of the Bible, whereas Shakespeare and many other writers, mainly those writing in the 19th century, have attacked the barbarity of the carry out. Much of the ethics championed by Victorian writers such as Dickens - ranging from the fair division of wealth through to man's elementary right to work - is obviously present in contemporary Islamic society. "Although the western media oftenrecommend that Islamic banking in its current form is a recent occurrence, in fact, the essential practices and principles date back to the early part of the seventh century." (Islamic Finance: A Euromoney Publication, 1997)

It is obvious that Islamic finance was accomplished predominantly in the Muslim world during the Middle Ages, encouragement trade and business behavior. In Spain and the Mediterranean and Baltic States, Islamic trades became vital middlemen for trading actions. It is claimed that several concepts, techniques, and tools of Islamic finance were later adopted by European financiers and businessmen.

As Islamic finance is intertwined within its religion, the basis of the religion affects the finance in two important ways:

Islam aims at building a本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。