Oh I'm not alone. Blank page happened on clean extract of frontaccounting-2.3.8.tgz.
After some probing, it seemed that the output buffer was not functioning well -- the buffer started but didn't flush at the end.
So I tried commenting the lines that use output buffer, i.e. those containing ob_start, ob_end_flush..
With output buffer off, I could see the installation screen and proceed with the installation.
But when I logged in, I see some random strange behaviours with the page. (sometimes blank, sometimes ok)
The bug has not been fixed yet and I'm still tracing the bug.
Hope the above helps anyone who are working hard too to fix the problem.
I'm using PHP 5.3.1.