IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/67695.html
   My bibliography  Save this paper

Governance from Islamic economic perspective: A Shari’ah governance framework

Author

Listed:
  • Uddin, Md Akther

Abstract

This paper attempts to give a brief overview of existing Shari’ah Governance framework in Malaysia, compare with AAOIFI and IFSB standards and guidelines, identify current issues, and recommend measures to improve existing practices. The study finds that a great number of research have been carried out to study Shari’ah Governance framework in Malaysia, Indonesia, GCC, MENA, UK, and other OIC member countries. It can be concluded that the plurality in Shari’ah Governance practice across regions and countries may ensure success and support innovation in the short run, but, in order to establish credibility and promote Islamic Finance as a comprehensive financial system in the long run uniformity is desirable. A sustainable and viable Shari’ah Governance framework, which will not only provide credibility to IFIs but also ensure transparency, trust, ethical behavior, underlying faith and belief and ethics and also help protecting the stakeholders right and fulfill the broader principle of Maqasid al-Shari’ah (foundational goals of the Shari’ah).

Suggested Citation

  • Uddin, Md Akther, 2015. "Governance from Islamic economic perspective: A Shari’ah governance framework," MPRA Paper 67695, University Library of Munich, Germany, revised 17 Oct 2015.
    • Handle: RePEc:pra:mprapa:67695
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/67695/1/MPRA_paper_67695.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Iqbal, Zamir & Mirakhor, Abbas, 2004. "Stakeholders Model Of Governance In Islamic Economic System," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 11, pages 44-63.
    2. Iqbal, Zamir & Mirakhor, Abbas, 2004. "Stakeholders Model of Governance in Islamic Economic System," MPRA Paper 56027, University Library of Munich, Germany.
    3. Aishath Muneeza & Rusni Hassan, 2011. "Legal Obstacles in Shari’ah Corporate Governance of Islamic Financial Institutions in Malaysia العقبات القانونية في الحوكمة الشرعية للمؤسسات المالية الإسلامية في ماليزيا," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 24(2), pages 177-180, July.
    4. Abu-Tapanjeh, Abdussalam Mahmoud, 2009. "Corporate governance from the Islamic perspective: A comparative analysis with OECD principles," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 20(5), pages 556-567.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Shibani, Osama & De Fuentes, Cristina, 2017. "Differences and similaritites between corporate governance principles in Islamic banks and Conventional banks," Research in International Business and Finance, Elsevier, vol. 42(C), pages 1005-1010.
    2. Abdullah, Wan Amalina Wan & Percy, Majella & Stewart, Jenny, 2015. "Determinants of voluntary corporate governance disclosure: Evidence from Islamic banks in the Southeast Asian and the Gulf Cooperation Council regions," Journal of Contemporary Accounting and Economics, Elsevier, vol. 11(3), pages 262-279.
    3. Khaled Aljifri & Sunil Kumar Khandelwal, 2013. "Financial Contracts In Conventional And Islamic Financial Institutions: An Agency Theory Perspective," Review of Business and Finance Studies, The Institute for Business and Finance Research, vol. 4(2), pages 79-88.
    4. Hakeem, Muhammad Mohsin, 2019. "Innovative solutions to tap “Micro, Small and Medium Enterprises” (MSME) market A way forward for Islamic banks," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 27, pages 38-52.
    5. Daing Maruak Sadek & Khilmy Abd Rahim & Zakaria Abas, 2018. "Islamic Corporate Governance In Islamic Financial Institutions," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 8(4), pages 1-10, April.
    6. Ezzedine Ghlamallah, 2023. "Sustainable Development And Islamic Economics Paradigms Compared," Post-Print hal-04363875, HAL.
    7. Syed Ahmed Salman, 2022. "Towards Developing a Shariah Governance Framework for Waqf Institutions: A Case of Majlis Agama Islam Melaka," GATR Journals jfbr206, Global Academy of Training and Research (GATR) Enterprise.
    8. Daing Maruak Sadek & Khilmy Abd Rahim & Zakaria Abas, 2018. "A Comparison between Corporate Governance and Corporate Governance in Islamic Perspective," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 8(4), pages 220-229, April.
    9. Wael Moustafa Hassan, 2013. "Efficiency of the Middle East Banking Sector ¨CA Non Parametric Approach: A Comparative Analysis between Islamic and Conventional Banks," Business and Management Research, Business and Management Research, Sciedu Press, vol. 2(4), pages 116-128, December.
    10. Cedrix Ngandop Djeutcheu, 2019. "Ownership Structure and Islamic Banks Performance: An Empirical and Multiregional Tests Before, During and after the Last Global Financial Crisis," International Journal of Economics and Financial Issues, Econjournals, vol. 9(2), pages 202-218.
    11. Azid, Toseef & Asutay, Mehmet & Burki, Umar, 2007. "Theory Of The Firm, Management And Stakeholders: An Islamic Perspective," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 15, pages 1-30.
    12. Simona Franzoni & Asma Ait Allali, 2024. "Corporate governance of Islamic banks: a sustainable model to protect the participatory depositor?," Journal of Banking Regulation, Palgrave Macmillan, vol. 25(1), pages 42-48, March.
    13. Abdul Aziz, Ahmad Faizal, 2012. "Shariah Governance: Challenges Ahead," MPRA Paper 47772, University Library of Munich, Germany.
    14. Ishaq Bhatti & Maria Bhatti, 2011. "Development of Legal Issues of Corporate Governance for Islamic Banking," Chapters, in: Mohamed Ariff & Munawar Iqbal (ed.), The Foundations of Islamic Banking, chapter 6, Edward Elgar Publishing.
    15. Mr. Saeed Al-Muharrami & Mr. Daniel C Hardy, 2013. "Cooperative and Islamic Banks: What can they Learn from Each Other?," IMF Working Papers 2013/184, International Monetary Fund.
    16. Achraf Haddad & Anis El Ammari & Abdelfattah Bouri, 2021. "Impact of Audit Committee Quality on the Financial Performance of Conventional and Islamic Banks," JRFM, MDPI, vol. 14(4), pages 1-24, April.
    17. Chaudhry Ghafran & Sofia Yasmin, 2020. "Ethical Governance: Insight from the Islamic Perspective and an Empirical Enquiry," Journal of Business Ethics, Springer, vol. 167(3), pages 513-533, December.
    18. Naiwei Chen & Min-Teh Yu, 2023. "Sharia compliance, national governance, and value of cash in Organization of Islamic Cooperation countries," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-10, December.
    19. GholamReza Karami & Tahere Karimiyan & Mohammad Sadegh Ghaznavi, 2016. "Board Size, Non-Executive Board Members and Financial Performance in Non-Usury Banks in Iran," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 6(6), pages 49-58, June.
    20. Al Mannai, Muna & Ahmed, Habib, 2019. "Exploring the workings of Shari’ah supervisory board in Islamic finance: A perspective of Shari’ah scholars from GCC," The Quarterly Review of Economics and Finance, Elsevier, vol. 74(C), pages 97-108.

    More about this item

    Keywords

    Governance; Shari’ah Governance; Corporate Governance; Islamic Banks;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • P0 - Political Economy and Comparative Economic Systems - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:67695. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.