Islamic accounting

The Qur’an talks about accountancy in the sense that every human follower of Islam is meant to count his doings and maintain a record of it so as to be able to present it to God. The Qur’an even provides guidelines that are needed to be followed so as to maintain the right pattern of recording. The Islamic Law of Inheritance is the most crucial part of accounting in Islam; it is believed that the entire estate of the person after his/her death is to be equally distributed to each and every member of the family. Accounting in ancient times had many implications and the most knowledgeable people had laid specific paths to be followed as to the accounting of the estate of an individual and its measurement. Although only a marginal amount of people still follow it, every part of the Qur’an is still considered as sacred.