IUGJEBS Vol 24, No1, 2016, pp 1-15

ISSN 2410-5198

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The Extent of Applying the Accounting Financial Standard

(Lease & Lease Ended in Possession) in the Islamic Banks in Palestine

Abstract The study aims to identify the extent of applying the Financial Accounting Standard (FAS) No. (8)- leasing and lease ended in

possession- in Islamic banks operating in Palestine. To achieve the objectives of the study, the researchers conducted a study analysis

that covers three main aspects: knowing how important is the formula of lease ended in possession by using some indicators,

highlighting the executive conditions terms of the lease ended in possession contract format and their compatibility with the limits that

control them, and finally identifying the extent of applying the FAS No. (8) by an analytical study of the financial statements and the

notes attached.

The study showed that the lease ended in possession is considered as one of funding formula used by Islamic banks, but it is not so

important. The study also showed the incompatibility of some of the terms of the contract with the limits that control them and,

finally, the study found that the Islamic banks operating in Palestine are not applying the Financial Accounting Standard No. 8. The

study recommended that the Islamic banks should use the other formulas and not only Al Murabaha, and it is important to apply the

Financial Accounting Standard (8). It also recommended that Al Sharia Supervisory Board should review the terms of the lease ended

in possession in accordance with the limits that control this formula.

Keywords: The Accounting Financial Standard, Lease, Islamic Banks, Palestine.

* shelles@iugaza.edu.ps

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