This paper aims to critically analyse the application of present value (PV) practised in the concept of time value of money (TVM) from the perspective of maqāṣid al-Sharī‘ah (objective of Islamic law) explained by Ibn ‘Ashur. The analysis is important as this concept has been adopted in the practice of Islamic accounting measurement.,This paper uses qualitative research approach. The authors first review literature related to TVM in Islamic perspective to understand the extent to which the scholarly articles have been discussing this topic. Furthermore, the authors conduct face-to-face interviews with the experts to comprehend the means of TVM application in the recent Islamic accounting practices. The tawhid (monotheistic) paradigm is further used with special reference to the concept of maqāṣid al-Sharī‘ah of Ibn ‘Ashur to critically analyse the practice of TVM in Islamic accounting measurement.,This study identifies the opposing views among the experts on the topic of TVM from the Islamic perspective. That is, the experts’ opinion on this issue can be classified into two. Firstly, a view that rejects TVM and proposes the concept of economic value of time. Secondly, an opinion that recognises TVM with the basis of bay’ al-mu’ajjal (deferred sale). This paper further critically analyses these two opposing opinions. The discussion is established based on the theory of maqāṣid al-Sharī‘ah as explained by Ibn ‘Ashur and the excerpts from interviewing the experts. This work draws a conclusion that such PV-based measurement of TVM does not meet the Islamic principles explained in the theory of Ibn ‘Ashur’s maqāṣid al-Sharī‘ah. Thus, the practice of PV measurement in Islamic accounting is debatable.,This study does not establish a positivism discussion. It is thus the generalisation of this work is not applicable to the Islamic perspective in general. Rather, it is limited to Ibn ‘Ashur’s maqāṣid al-Sharī‘ah.,An analysis of PV measurement adoption in Islamic accounting from maqāṣid al-Sharī‘ah perspective is practically important to raise the awareness that such practice is debatable in Islamic principles. That is, such debate opens new arena for academics, industry professionals and other related stakeholders to further discuss an ideal practice of Islamic accounting.,This paper is among the pioneers that analyses the concept of TVM, in particular relation to PV measurement in Islamic accounting practice from the perspective of Ibn ‘Ashur’s maqāṣid al-Sharī‘ah.

中文翻译：

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货币在伊斯兰会计实践中的时间价值：来自伊斯兰教法的批判性分析

本文旨在从伊本·阿舒尔（Ibn'Ashur）解释的伊斯兰教法的目标—伊斯兰教法的目标—伊斯兰教法的目标—货币时间价值（TVM）的概念中批判性地分析现值（PV）的应用。由于这一概念已在伊斯兰会计计量的实践中得到采用，因此分析很重要。本文采用定性研究方法。作者首先从伊斯兰的角度回顾与TVM相关的文献，以了解学术文章讨论该主题的程度。此外，作者与专家进行了面对面的访谈，以了解TVM在最近的伊斯兰会计实践中的应用方法。tawhid（一神论）范式被进一步使用，并特别参考了伊本·阿瑟（Ibn'Ashur）的伊斯兰教义的概念。从伊斯兰的角度看TVM的话题。也就是说，专家对此问题的看法可以分为两种。首先，一种观点拒绝TVM，提出时间的经济价值概念。其次，以Bay'al-mu'ajjal（递延销售）为基础认可TVM的观点。本文进一步批判地分析了这两种相反的观点。讨论建立在伊斯兰教义理论的基础上，如伊本·阿舒尔（Ibn'Ashur）以及采访专家的节选所解释的那样。这项工作得出的结论是，这种基于PV的TVM测量不符合伊本·阿瑟（Ibn'Ashur'smaqāṣidal-Sharī'ah）理论中解释的伊斯兰原理。因此，在伊斯兰会计中PV计量的实践值得商.。本研究并未建立实证主义讨论。因此，这项工作的概括性不适用于一般的伊斯兰观点。相反，它仅限于伊本·阿瑟（Ibn'Ashur）的伊斯兰教法。从伊斯兰教法的角度对伊斯兰会计采用的PV计量进行分析对于提高人们的认识到这种做法在伊斯兰教义上值得商bat是非常重要的。也就是说，此类辩论为学者，行业专业人士和其他相关利益相关者打开了一个新的舞台，以进一步讨论伊斯兰会计的理想做法。