2012 Cambridge Business & Economics Conference
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History and Development of IFRS and AAOIFI and Their Future Challenge
By:
Ines Nur Latifah
(Student of Airlangga University, Surabaya, Indonesia)
+62899-372-1772
Chusnul Asfadillah
(Student of Airlangga University, Surabaya, Indonesia)
+62878-8432-3738
Raditya Sukmana
(Lecturer of Airlangga University, Surabaya, Indonesia)
+62878-5421-6776
ABSTRACT
Recently, mostly people are discussing about IFRS as an international accounting
standard. IFRS was growing in the couple countries of Europe on 2001 as the continuity of
International Accounting Standard (IAS). Now, many countries use IFRS, including EU,
GCC (Gulf Cooperation Council) Countries, Russia, India, Hong Kong, Australia, Malaysia,
South Africa, etc. By 2008, more than 115 countries adopted IFRS. United States which
currently using GAAP also accept IFRS.
Despite that fact, there is another accounting standard which has been put in attention
by many, namely AAOIFI (Accounting and Auditing Organization for Islamic Financial
Institution). AAOIFI was established on 1990 then it was registered on 1991. While the IFRS
is focusing on the general institution, this AAOIFI focus on the Islamic financial institution.
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Some of countries that ready to convergence into IFRS such as Indonesia, Malaysia, Pakistan,
etc are also start adopt AAOIFI although they haven’t fully adopted yet. Moreover, in
Kingdom of Bahrain, Dubai International Finance Centre, Jordan, Lebanon, Qatar, Sudan and
Syria are already issued guidelines based on AAOIFI.
Having these two accounting standards, it is then interesting to look at the history and
development of those two. These are the objectives of the paper. Moreover, challenges in the
future with the dynamic economic condition will also important to be elaborated. It is
expected that this paper will give benefit to the stockholders, public accountant, government,
private company, finance institution etc.
1. INTRODUCTION
Every company needs a standard for its financial reporting. Financial reporting is
definitely important because it can be seen as summary of company performance. Previously,
every nation has their own standard or they might follow or adopt the standard of big country
such as United States.
IFRS or International Financial Reporting Standards has been a trending topic since the
European Union decides to convergence their financial reporting standard to IFRS, leaving
the US GAAP (Generally Accepted Accounting Principles). IFRS was growing in the couple
countries of Europe on 2001 as the continuity of International Accounting Standard (IAS).
Now, it is over 115 countries around the world require or permit IFRS, including big
countries such as European Union, China, Japan, South Korea, Australia, Russia, etc. United
States who adopt US GAAP for years also accept IFRS. IFRS is a principle-based standard.
In other world, especially in Muslim countries, they might use more than one financial
reporting standard. There is a financial reporting standard issued by AAOIFI or Accounting
and Auditing Organization for Islamic Financial Institution based on sharia or Islamic law
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principle. AAOIFI was established on 1990 in order fulfill financial instrument on Islamic
worldwide and sharia (Islamic law) requirements. AAOIFI focus on Islamic institution. The
countries such as Kingdom of Bahrain, Dubai, Jordan, Lebanon, Qatar, Sudah, and Syria
adopt AAOIFI. Indonesia, Malaysia, Pakistan, that are ready convergence their accounting
standard with IFRS also adopt AAOIFI.
It is interesting to see the history and development of those two standards, AAOIFI and
IFRS, the similarities, and how they deal with the future challenges. This paper will break
down into four parts. First part is about introduction. Second part is about history and
development of AAOIFI and IFRS. Third part is mainly discussed about the similarities along
with how well they deal with their future challenge. Last part is the conclusion.
2.
HISTORY AND DEVELOPMENT
2.1. IFRS
Nowadays are the era of free trade and the national independence economies. Many
largest companies often do their business in foreign country rather than in their home
country. Companies now need home and foreign capital markets for their financing. Indeed,
recognizing to have same standard for financial reporting is very important. Thus, revolution
in financial reporting began.
In the previous many country used and have their own standard for financial reporting or
maybe follow the standard that big countries used, such as United States or Europe. Then,
there’s a rapid change. On 2001 there is a single set of rules that now is used over 115
countries under the named International Financial Reporting Standard (IFRS).
Actually, the concept of convergence has been aroused since the post World War II
where there was economic collapse. Every nation seemed agree to have one standard to
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minimize the miscommunication in the financial report and also to reducing differences
among the accounting principles.
IFRS has been known long time ago under the name IAS (International Accounting
Standard). IAS was issued since 1973-2000 by IASC (International Accounting Standards
Committee). IAS was issued in order to fix the global accounting standard thus there would
be better financial understanding of all companies. But then, on April 1, 2001 IASB
(International Accounting Standard Board) replace the IASC and took over responsibility to
build international accounting standard and named it IFRS.
The reason why this world needs an international accounting standard is quite simple.
The world is getting borderless. Many companies enlarge their territory across the border.
Thus, they need same standard in financial reporting to make or compare the valid report. It is
estimated that by 2013 there will be 310 of 500 largest companies using IFRS.
There are four underlying assumptions in IFRS (Kieso, 2011)
1. Economic Entity
Economic activity can be identified with particular unit of accountability. That means,
company must separate its activity from the owners and other business.
2. Going Concern
The company will have long life and will be operate for foreseeable future.
3. Monetary Unit Assumption
Money is used as common denominator of economic activity and provides
appropriate basic accounting measurement and analysis. It ignores price-level changes
such as inflation and deflation because it assumes that the unit of measure – currency
– remains stable, except if the dramatically change such as hyperinflation.
4. Accrual Basis
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The transactions in accounting are recorded when the events are recognized as they
occur, not when cash is paid or received.
2.2. AAOIFI
On history record, as Vernon Kam said on his book in 1990, double entry book keeping
was shown firstly in Italy. Kam believed that the former accounting were from Pacioli’s
book. In 1494, Venesia, Italy, Luca Pacioli introduced the book under the title Summa de
Arithmetica Geometria Proportioni et Proportionalita (Review of Arithmetic, Geometry, and
Proportions). Basically the book mainly discuss about arithmetic, geometry, and proportions.
But the book also has sub title Particularis de Computis et Scripturis (Particulars of
Reckonings and Their Recording) which discuss about the double entry accounting. Pacioli
stated that he wasn’t the first person who introduced double entry because he believed it had
been using at least 100 years ago in Venice.
Another record state that long time ago before Pacioli introduced his book, accounting
has been known. Mathematics and numbers were recognize since Islam era on ninth century.
Muhammad, as he said on his book Pengantar Akuntansi Syariah (Introduction to Syaria
Accounting : 2002), long time ago before double entry was used in Italy, Islam has known
about it.
Islam already has Baitul Mal. Since the first civilization of Islam, Baitul Mal has
been known. Baitul Mal is financial institution that serves as treasurer of the state and also to
ensure the social welfare. Moslem also has Kitabat al-Anwal (cash recording).
Hidayat (2010) stated on his book “An Introduction to the Sharia Economic” that
accounting has been known since the beginning of Islam era, as though listed in Al-Quran as
follows.
1. Chapter Al-Baqarah verse 282
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“O you who have believed, when you contract a debt for a specified term, write it down. And
let a scribe write [it] between you in justice. Let no scribe refuse to write as Allah has taught
him. So let him write and let the one who has the obligation dictate. And let him fear Allah ,
his Lord, and not leave anything out of it.”
2. Chapter adz-Dzaariyaat verse 49
“And of every thing We have created pairs: That ye may receive instruction.”
3. Chapter Yaasin verse 36
“Exalted is He who created all pairs - from what the earth grows and from
themselves and from that which they do not know.”
According to those three verses, it can be concluded that :
-
“write” refers to record in the transactions, it was called accounting.
-
“scribe” refers to accountant.
-
“pairs” refers to the balance or balance sheet, that also means double entry which is
accounting recording system
There are some factors behind the double entry appear on thirteenth century. Including
previous presentation wasn’t complete with the current conditions. Littleton stated that
accounting arose at that time because the requirements had been met. The requirements are
material and language. Material includes personal, capital, trade, and credit. Language
includes writing, money, and calculation.
Lately, the growth of Islamic financial market and institution lead to the need on different
accounting requirements. Thus is the background behind the need of Islamic accounting.
Islamic accounting is needed in order to fulfill financial instrument on Islamic worldwide and
sharia (Islamic law) requirements.
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On February 26 1990 the Accounting and Auditing Organization for Islamic Financial
Institution (AAOIFI) was created to ensure participant conform to the regulations in Islamic
finance.
Islamic accounting does not indicate that Islam mandate a particular from accounting.
The manifestation of Islamic implies that there are particular forms of accounting to suit the
need of Islamic requirements. Accounting regulation is the key element of Islamic accounting
proper development practice. Therefore, a well-regulated Islamic financial service would
meet the requirements of sharia then will be relevant to be practiced. The Islamic accounting
regulations also need to adapt to the modern accounting regulatory in order to make it
relevant.
There are three general principles in Islamic accounting (Muhammad, 2002).
1. Accountability
God said on Al-Isra verse 36,
“And do not pursue that of which you have no knowledge. Indeed, the hearing, the
sight and the heart - about all those [one] will be questioned.”
From the verse above, it can be concluded that accountability is not only to the
people who give mandate but importantly to the God. The implication of this verse in
accounting is that person who involve in accounting practice must be responsible with
the mandated and also related parties, forming in financial statements.
Moslem sees accountability as a mandate. Mandate is a result from the
transaction between people and the God since they are infants. The concept of
accountability is that everyone is accountable for his actions on the Day of Judgment.
Accountability also has another definition. It means people must accept all the duties
and liabilities as well as the benefits of any ownership or responsibility.
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Thus, accounting must serve service activity providing financial information
to the users and public at large and for the accountants should discharge their
accountability by providing information to enable society to follow God’s
commandments.
About the responsibility, the accountants in Islam are not only responsible to
human superiors, managements, clients, or stakeholders. They also have to
responsible with the God, the owner of everything. To neglect this fundamental aspect
of responsibility is betrayal and result in consequences in this world and the next.
2. Justice
Based on God’s commandement on An-Nisa (The Women) verse 135,
“O you who have believed, be persistently standing firm in justice, witnesses for Allah
, even if it be against yourselves or parents and relatives........”
An-Nisa verse 135 tells us about the ethics and values are inherently embedded in
human nature. Thus, we should be careful and don’t violate God’s provision and also
must obey legislation in the community, not detrimental to either party.
Justice in the accounting context has two meaning. First, it is related with
moral, which is honesty, the most important factors. Second, justice is more
fundamental. The second meaning intend to be booster to be better accounting
deconstructive.
In the context of accounting application it has two meaning, honesty and stand
on ethical values (sharia) and moral.
As stated in Al-Qur’an Chapter 21, verse 47
”We shall set up justice scales for the day of judgement, not a soul will be dealt
unjustly in the lease. And if there be (no more than) the weight of mustard seed, we
will bring it (to account); and enough are We to take account”
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3. Truth
God said on chapter Al-Mutaffifin (The Defrauding) verse 1-3,
“Woe to those who give less [than due], Who, when they ta ke a measure from people,
take in full. But if they give by measure or by weight to them, they cause loss.”
In accounting activity will always face the problems such recognition,
measuring and reporting. Truth principle will create justice or fairness in recognize,
measure and report the transactions.
The establishment of AAOIFI on 1990is commendable as a positive contribution
towards harmonization accounting practices of Islamic financial institutions. The standard
developments by AAOIFI are expected to facilitate the needs of the user of accounting
information of Islamic financial institution.
3.
THE SIMILARITIES AND HOW IFRS AND AAOIFI DEAL WITH THEIR
FUTURE CHALLENGES
It’s quite interesting to see these two accounting standards closely and to compare them.
Although they have different basic fundamental since AAOIFI based on Al-Qur’an, Muslim’s
holy book, meanwhile IFRS based on principle-standard by man thoughts, they have two
similar principles that can’t be found on the previous conventional accounting standard.
Although AAOIFI is mainly used in Islamic Finance Institutions, and IFRS is more widely
used in every institution. Those two similar principles are disclosure and fair value.
Surprisingly, IFRS have disclosure and using fair value in measuring fixed assets as
same as AAOIFI who was established on 1990. Moreover, the using of disclosure and fair
value seem to be challenging for both of those two accounting standard in recent condition.
Here is the more look towards disclosure and fair value between IFRS and AAOIFI and how
they deal with it.
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3.1.1. Disclosure in IFRS
According to the dictionary, disclosure means the act or process of revealing or
uncovering something. Big companies are supervised by society and government. Thus, it is
necessary to provide clear information by using disclosure. There are some purposes of using
disclosure, such as giving relevant information to investors and creditors, moreover, it is
important to draw decision and influence the judgment.
IASB stated that financial report should be understood by all of related people in business
whether they already have some basics towards economy of business or not. Disclosure
should be put on financial report to help the users catch the essence of financial reports.
There are three different places where we can find disclosure.
1. Within the main body of financial statement.
Financial statements are statement of financial position, income statement or
statement of comprehensive income, statement of cash flows, and statement of change
in equity (Kieso, 2011). Thus the user can find the related information through the
items that make up financial statement by read it directly.
2. In the notes
The notes are used when the main body of financial statement gives
incomplete information of company’s performance and position. Note can be fully or
partially narrative. It includes the description of policies in accounting and methods
used in measuring performance.
Notes can explain in qualitative terms information related to the specific
financial statement items. Moreover, notes provide quantitative nature supplemental
data to expand the information. They can explain restriction imposed by financial
arrangements agreements. The notes can be very important to knowing and
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understanding the position and performance of company, although notes may be hard
technically to understand in some cases.
IFRS requires specific disclosures to discus items in the financial statements.
For example items of property, plant, and equipment are disaggregated into classes
like land, building, etc.
3. As supplementary information
It includes details or amounts that that present different perspective from that
adopted in the financial statements (Kieso, 2011). It may be quantifiable information
with high in relevance but low in reability. It may also include the management’s
information of the financial information and the significant of information.
The effect of various uncertainties on financial condition, valuing assets and liabilities
methods, contracts and agreements should be disclosed as completely as possible by
company. To disclose this, the company may use;
1. Parenthitical Explanations
Equity
Preferred Shares (1,561 million of 10p each)
This additional statement information adds completeness. It has a benefit over a note
because it brings the additional information into the body of statements where the users less
likely to lose it.
2. Cross-reference and contra items
Cross-reference means a direct relationship between an assets and liability on the
statement of financial position.
Current Assets (in part)
Cash on deposit with sinking fund trustee for
Redemption of bonds payable – see current liabilities
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$400,000
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Current Liabilities (in part)
Bonds payable to be redeemed in 2012 – see current assets
$1,100,000
This point out that the company will redeem $1,100,000 of bonds payable recently for
the previous it was only settled for $800,000. Therefore it needs additional cash.
Another common procedure is to build contra or adjunct accounts. A contra account
reduces either an asset, liability or equity accounts. For example is accumulated depreciation
and allowance for doubtful accounts. By using accumulated depreciation account, the readers
or users are be able to see the original cost of the asset as well as the depreciation to date. An
adjunct account, reversely, increases an asset, liability, or equity account.
IAS (International Accounting Standard) No 1 also addresses some related issues in order
to specifics related to individual financial statements and notes. They are:
-
Offsetting
It is important to report separately assets and liabilities, income and expenses.
Otherwise, it may be difficult for users to understand the transactions that occurred in
the company.
-
Consistency
Comparability is one of the enhancing qualitative characteristics. As part of
the comparability, the companies should follow consistent principles and method
from one period to another period.
-
Fair Presentation
Fair presentation means the company should fully faithful representation of
transaction and events using the definitions and recognition criteria.
3.1.2. Disclosure in AAOIFI
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The purpose of standards is to achieve comparability and transparency through disclosure.
Moreover, it is important in sustaining or dealing investors and parties with risk that financial
institutions now take. Disclosure encouraged regulatory to make it legally binding in
financial institution to follow set of certain minimum disclosures.
God said in chapter Az-Zalzalah verse 7-8.
“So whoever does an atom's weight of good will see it, And whoever does an atom's
weight of evil will see it.”
That verse describes how important and it is such as obligation for us to give clearly and
truthfully information because God always watch and record our deed whether we do a good
a little or the opposite. Thus disclosure is necessary in reporting of financial statements
according to the guidelines in AAOIFI to make everything transparent, provide truth and
clear information, because giving full and true information is a must in Islam values.
AAOIFI has set out objectives and concepts of financial accounting for Islamic Banks
and Financial Institutions thus the varying accounting policies can be harmonized. The topics
covered by standards are as follows stated in Financial Accounting Standard (FAS):
-
FAS 1 relates to general presentation and disclosure in the financial statements of IFI
(Islamic Financial Institutions).
-
FAS 2-4 relates to different modes of sharia financing such as Murabaha, Mudaraba,
and Musharaka.
Murabaha is kind of sharia sale where between the seller and buyer agreed with profit
margin that can be made through a series of installment or as lump sum payment.
Since Islam forbidden riba (one of the example is interest), Murabaha is not interestbearing loan. Murabaha is an acceptable form of credit sale.
Mudaraba is contractual agreement special partnership where one person (investor)
contributes money and the other person work to manage the business.
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Musharaka is the contractual Islamic for establishing a joint venture partnership
consists of at least two parties to contribute capital to business and participate with
related profits and losses.
-
FAS 5 related with disclosure of bases for profit allocation between owner’s equity
and investment.
-
FAS 6 is specially covering equity and their equivalent.
-
FAS 7 and 8 mainly about Salam and Ijarah (leasing)
-
FAS 9 is about zakat (alms)
-
FAS 10 is related with Istisna’a
Istisna’a is a contract manufacturing a product which the manufacturer agrees to
produce specific product to be delivered at specific time with specific price.
-
FAS 11 are about provision and reserve.
-
FAS 12 is about general presentation and disclosure in the financial statement of
Islamic insurance companies.
Based on the standards above, here’s the thing that make disclosure in AAOIFI and IFRS
quite different. Since AAOIFI have social and religious responsibilities, thus AAOIFI add
more statements.
1. Statements of restricted investment accounts for deposit or investment made by
depositors based on mudarabah muqayyadah (bound investment) that can’t be
considered as balance sheet
2. Statement of Qard Hasan (interest free loan). This is to reflect the social
responsibilities of Islamic banks towards society by helping the needy with interest
free loans.
3. Statement of zakat and charity funds to reflect the religious obligations of the bank to
collect and pay zakat as well other kinds of charity (zakat, infaq, waqaf).
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3.2.1. Fair Value in IFRS
Historical cost is used widely in conventional accounting standard. But in IFRS, we
know the term fair value. Fair value is defined as a concept using in accounting and define as
“the amount for which an asset could be exchanged, a liability settled, or an equity instrument
granted could be exchanged, between knowledgeable, willing parties in an arm’s length
transaction” (Kieso, 2011).
Fair value is market-based. Fair value is an option for certain types of assets and
liabilities and in certain industries to get the information more useful comparing with
historical cost. The using of fair value in IFRS is not a must. Fair value basically is offered as
choice beside historical cost. But, for certain financial instrument, fair value is a must. This
condition occurs when fair value is intended to show the value of current financial asset or
instrument.
Thus, for financial instrument that prioritizes value when it is sold or if the user of
financial statements need the information about the value of the financial instrument, fair
value is the best option to use.
The reason why IFRS can’t absolutely using fair value is fair value could against
constraint cost-benefit for entity, which means the cost for presentation of financial
statements should be lower than the benefit. The low reliability of fair value will need more
justification, for example the using of appraisal, thus create the higher cost. Meanwhile, the
others are still arguing that measurement based on fair value increased subjectivity into
accounting report when fair value information is not available.
The principle of using fair value is a good idea but in fact it is hard to do especially when
the information about the fair value is not available in the market. In this situation, company
may use valuation models based on discounted expected cash flow to arrive at fair value
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measurements. A great deal of expertise and judgment is needed to measure
representationally faithful.
3.2.2. Fair Value in AAOIFI
Similar with IFRS, AAOIFI recognize fair value and doesn’t put aside historical cost. In
fact, asset recognition in Murabaha is still using historical cost. From Islamic point of view,
especially for the computation of zakat, current valuation is obligatory. Some transactions
such as Zakat, Mudarabah, and Musarakah financing, the using of fair value is a must.
Zakat is a collection Islamic obligation upon individual who owns property that meets
certain requirements and certain rate or nisab. Based on Al-Qur’an the rate or nisab for each
property has been stated and categorized like this.
-. Mineral
: 2.5%
- Deposit
: 20%
- Irrigated Land
: 5%
- Non-Irrigated Land
: 10%
- Cattle
: 1%-2.5%
God said on chapter As-Syuro verse 181-184
“Give just measure, and cause no loss (to others by fraud). And weigh with scales true
and upright. And withhold not things justly due to men, nor do evil in the land, working
mischief. And fear Him Who created you and (who created) the generations before (you.)”
The previous chapter tells us about the obligation for us as people who live in the world
to compute or measure according to the current valuation.
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Basis measurement of fair value in AAOIFI should follow the hierarchy that reflects the
significance of the input used in measuring fair values:
-
Fair value measure using quoted princes in active markets for identical instrument.
-
Fair value measure using directly or indirectly observable inputs.
-
Fair value measure using inputs that are not based on observable market data.
-
For investments valued using inputs that the information are not available in market
data, disclosure shall be made for significant estimates and judgments used in
determination of fair value including effect on the valuation due to possible changes
in key variables used for valuation.
4.
CONCLUSION
AAOIFI and IFRS are accounting standard that used within many countries. Despite they
have different basic fundamental, AAOIFI based on sharia values and IFRS using principal
base, they have some similarities and also face the same challenges with their own way. IFRS
focus on applying standard for regular company meanwhile AAOIFI only focus for Islamic
Financial Institutions.
It is valuable to see their history and development in order to know exactly their own
features. It is such an interesting fact when we look back and find out that they seem to be
convergence because they are merely similar except for the accountability and basic
fundamental.
References.
Al-Qur’an
Hidayat, Sutan E. (2011). Benefits and Challenges in Applying International Financial
Reporting Standards (IFRS) for Islamic Finance.
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Kieso, Donald S., Jerry J. Weygandt., & Terry D. Warfield. (2011). Intermediate Accounting
IFRS Edition Vol. 1. New Jersey: Quad/Graphics, Inc.
Muhammad. (2005). Pengantar Akuntansi Syariah. Jakarta: Salemba Empat.
Muhammad, Hidayat. (2010). An Introduction to the Sharia Economic. Jakarta: Zikrul
Hakim.
Rahman, A. R. A. (2010). An Introduction to Islamic Accounting Theory and Practice. Kuala
Lumpur: CERT.
Shabbir, Muhammad. (2012). Adequacy of Disclosure in Islamic Financial Institutions,
accessed
February
18,
2012,
[available
at
http://www.islamic-
banking.com/iarticle_5.aspx].
Triyuwono, Iwan. (2006). Perspektif, Metodologi dan Teori Akuntansi Syariah. Jakarta: PT
Rajagrafindo Persada.
Triyuwono, Iwan., Moh As’udi. (2001). Akuntansi Syariah Memformulasikan Konsep Laba
dalam Konteks Metafora Zakat. Jakarta: Salemba Empat.
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