Tare da karuwar bashi a wannan lokaci, mun ga raguwar ka'idojin lissafin kuɗi da suka ba da gudummawa ga rashin tabbas da rashin amincewa da tsarin baki ɗaya. Tare da wannan karuwar bashi, an sami karuwar rikodin kadarori da basussuka "a wajen takardar ma'auni" (off-balance sheet), yawancinsu kuma kayan hada-hadar kuɗi da ake kira derivatives. Wannan ya bada damar riƙe kadarori da basussuka masu haɗari ba tare da masu saka jari da masu sa ido ko masu tsara dokoki sun gani ba. Girman wannan al'amari ya bayyana a bankin Citigroup, wanda aka ceto kwanan nan, kuma shi ne babban banki a duniya, wanda har zuwa watan Yunin 2008 yana da kadarori na waje da takardar ma'auni na dala tiriliyan 1.2. Pauline Wallace, abokiyar aiki a PriceWaterhouseCoopers LLP, ta bayyana wannan lissafin a wajen takardar ma'auni daidai lokacin da ta ce: "Masu sihiri sukan zo bukukuwa, su kuma su sa abubuwa su ɓace. Haɗarin yana nan a wani wuri, amma ba a taɓa sanin inda yake ba28."

Along with the run up in credit over this past period we have seen a deterioration in accounting standards that have contributed to uncertainty and a lack of confidence in the system in general. Mirroring the growth in credit has been a growth in “off-balance sheet” recording of assets and liabilities, many of which are derivatives. This has enabled the holding of risky assets and liabilities beyond the gaze of investors and regulators alike. The extent of this could be seen in the recently bailed out Citigroup, the largest bank in the world, which as of June 2008 had 1.2 Trillion dollars of off-balance sheet holdings. Pauline Wallace, a partner at PriceWaterhouseCoopers LLP accurately portrayed this off-balance sheet accounting when she said: “Magicians come to parties, and they make things seem to disappear. The risk is somewhere, but you never knew where28”.

Holdings a cikin asusun waje na kasuwanci sun haɗa da kwangilolin futures, forwards da wasu alkawuran bayar da lamuni – duk da cewa shari'ar Musulunci ta haramta shiga yawancin waɗannan kwangiloli gaba ɗaya, ɓoye su a zahiri wata matsala ce ta ninki biyu, domin hakan ya saɓa wa buƙatar bayyana lissafin dukkan kadarori da nauyi a fili. Kamar kasuwannin yammacin duniya, al'ummar Musulmi tana ba da muhimmanci sosai ga samar da rahotannin kuɗi na lokaci-lokaci kuma daidai, don daidaita ayyukan kamfani da bayar da rahoton riba da matsayin kuɗi. Shari'ar Musulunci ta wajabta a rika shirya asusun kamfani akai-akai, kuma raba riba tsakanin masu zuba jari yana dogara ne a kan ingantaccen bayanin waɗannan asusu. Rashin rubuta kowace kadara ko nauyi a cikin rahotannin kuɗi ba a yarda da shi ba kwata-kwata. Baya ga tallafin gwamnati, masu ba da lamuni na Amurka waɗanda suka shiga matsala suna kuma neman dakatar da dokokin lissafin "mark to market" a matsayin hanyar ceto. Waɗannan dokoki suna buƙatar cibiyoyi su kimanta kadarorin jinginarsu bisa farashin da aka yi ciniki da shi a baya-bayan nan. Duk da haka, sassauta waɗannan dokokin kwanan nan ba zai sa asarar ta ɓace ba. Maimakon haka, zai ba masu ba da lamuni damar yin kamar babu asarar, ta hanyar cutar da duk wanda ke zuba jari a waɗannan kamfanoni, tare da raunana amincewa da tsarin baki ɗaya. Bankuna yanzu za su iya nuna cewa kadarorin jinginarsu suna da daraja mafi girma, cewa takardun ma'auni nasu suna da isasshen jari. Ba za su buƙaci tara ƙarin jari don ba da sabbin lamuni ba. Amma, kamar yadda mutumin da ba ya jin zafi yake fuskantar haɗarin mummunan rauni, irin wannan mataki yana ƙarfafa cibiyoyin kuɗi su ɗauki haɗari mafi girma, wanda a ƙarshe zai haifar da ƙarin fatara da asara mai yawa.

Off-balance sheet holdings include futures, forwards and certain loan commitments – whilst Islamic law forbids outright the entering into many of these contracts, the effective hiding of them is doubly a problem as it runs counter to the requirement for transparency of accounting for all assets and liabilities. Like western markets Islamic society places enormous importance on the provision of timely and accurate financial statements for the regulation of company practice and reporting of earnings and financial position. Islamic law mandates that company accounts be prepared regularly and the distribution of earnings amongst investors is based upon the accurate provision of same. The non recording of any assets or liabilities in the financial statements is simply not allowed. In addition to the government bailouts, distressed US lenders are also now looking to the suspension of “mark to market” accounting rules as a means of salvation. These rules require institutions to value their mortgage assets according to the most recently traded price. However, the recent relaxing of these rules will not make the losses go away. Rather it will simply allow lenders to pretend that the losses do not exist to the expense of anyone investing in these companies and confidence in the system. Banks can now pretend that their mortgage assets for example have greater value, and that their balance sheets are well capitalised. They would not need to raise more capital in order to fund new loans. But, just as a person with no sensitivity to pain runs the risk of catastrophic injury, such a move actually encourages financial institutions to take greater risks, which, in the end, will produce more bankruptcies and greater losses.

Maimakon barin kamfanoni su rinjayi masu gudanarwa kan yadda ya kamata a yi amfani ko a guji amfani da ka'idojin lissafin kudi, shari'ar Musulunci ta wajabta aiwatar da darajar kasuwa a daidaito wajen tantance matsayin kudi. Masu saka jari da ke shiga ko barin kamfani ba za su iya yin hakan bisa "mark to model" ko wasu kiyasi na abin da wadanda kudin alawus dinsu ya dogara da mafi girman darajar ke so su saka ba. Akwai tasiri mai yawa daga manyan masu kudi na kamfanoni a kan manufofin gwamnati a Yamma, al'amarin da ba zai taso a Musulunci ba, domin idan aka zabi sabon Khalifa, ba za a iya canza tsarin kamfani, kafuwarsa, da dokokin lissafin kudi ba. Ci gaba da yin gyara-gyara ga dokokin kamfanoni na fallasa gazawar da ke cikin tsarin da bai dace da manufarsa ba, kuma yana rasa gaskiya da bayyana gaskiya da masu saka jari ke nema.

Rather than letting corporations dictate to regulators how accounting standards should or should not be applied, the Shariah law requires consistent application of market values in determining financial position. Investors joining or leaving a company cannot do so on the basis of “mark to model” or other estimates of what those whose bonus is dependant on the highest value, want to include. There is too much influence on government policy from corporate elites in the West, a matter that cannot arise in Islam as with the election of a new Caliph, the company structure, formation and accounting laws cannot be changed. The constant tinkering with the corporate laws expose the inherent failures of a system that is not fit for purpose and lacks the true transparency investors crave.