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Sharهah Governance in Islamic Financial Institutions in Kazakhstan: Reality and Challenges الحوكمة الشرعية في المؤسسات المالية الإسلامية في كازاخستان: واقع وتحديات

Author

Listed:
  • Nurzhan Stambakiyev

    (Phd student, Assistant lecturer Egyptian university of Islamic Culture “Nur-Mubarak” Almaty, Kazakhstan)

  • Monzer Kahf

    (Professor, Sabahuttin Zaim University, Istanbul, Turkey)

Abstract

This study aims to examine challenges of application of Shariah supervision in Islamic financial institutions in Kazakhstan which is considered as a fundamental building block for the integrity of Islamic financial institutions. The study relied on primary sources such as interviews and texts of laws in addition to some secondary sources. The interviewed were selected from three parties: four from the financial institutions; four from the Shariah boards and consulting companies; and two from a neutral part whose work does not intersect with either of the previous two, so that the data collected will be more objective. The study concluded that there are several challenges facing the application of Shariah supervision which are summarized as follows: Lack of local human resources in the field of Shariah supervision; difference of languages between local financial institutions and Shariah boards and consulting companies; Lack of Shariah governance framework. تهدف الدراسة إلى تقييم واقع الرقابة الشرعية في مؤسسات مالية إسلامية في كازاخستان للوقوف على التحديات التي تعترض فعالية هذه المهنة التي تُعد مكوناً رئيساً في الالتزام الشرعي للمؤسسات المالية الإسلامية. اعتمدت الدراسة على المصادر الأولية من المقابلات ونصوص القوانين، كما قامت بمناقشة وتحليل المصادر الثانوية. وتمّ عند تصميم عينة البحث اختيار الأفراد الممارسين للعمل في مجال البحث، كما وقع الاختيار على المقابَلين في ثلاث جهات هي: المؤسسات المالية؛ والهيئات الشرعية والشركات الاستشارية؛ وجهة محايدة لا تتقاطع أعمالها مع أي من الجهتين السابقتين لتحقيق أقصى حد ممكن من الموضوعية. ومن أهمّ النتائج التي توصل إليها البحث أنّ أهمّ التحديات التي تواجه تفعيل الرقابة الشرعية تتلخّص في عدم توافر العلماء الشرعيين؛ واختلاف لغة التعامل بين المؤسسات المالية المحلية وأعضاء الهيئات والشركات الاستشارية الشرعية؛ وعدم وجود تشريعات للحوكمة الشرعية.

Suggested Citation

  • Nurzhan Stambakiyev & Monzer Kahf, 2020. "Sharهah Governance in Islamic Financial Institutions in Kazakhstan: Reality and Challenges الحوكمة الشرعية في المؤسسات المالية الإسلامية في كازاخستان: واقع وتحديات," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 33(3), pages 189-212, October.
    • Handle: RePEc:abd:kauiea:v:33:y:2020:i:3:no:10:p:189-212
    DOI: 10.4197/Islec.33-3.10
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    More about this item

    Keywords

    Shariah governance; Kazakhstan; Islamic banking. الرقابة الشرعية، الحوكمة الشرعية، المؤسسات المالية الإسلامية، المصارف الإسلامية، كازاخستان.;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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