A survey onShari'ahgovernance practices in Malaysia, GCC countries and the UK

Purpose - The purpose of this paper is to understand currentShari'ahgovernance practices with the purpose of promoting greater understanding of some of the crucial issues and to provide relevant information in guiding the future development ofShari'ahgovernance system. The paper illustrates the state ofShari'ahgovernance practices in Malaysia, GCC countries (Kuwait, Bahrain, United Arab Emirates, Qatar and Saudi Arabia) and the UK by highlighting five main elements of good corporate governance that consist of independence, competency, transparency, disclosure and consistency. Design/methodology/approach - Since the availability of secondary data onShari'ahgovernance practices is very limited, a detailed survey questionnaire is generated for sourcing primary data from Islamic Financial Institutions (IFIs). The study utilizes descriptive analysis approach in extracting and analyzing the data and factual input derived from the questionnaire feedback. Findings - The survey findings affirm that there are significant differences and diverseShari'ahgovernance practices in the case countries. This position acknowledges that there are shortcomings and weaknesses to the existing governance framework which needs further enhancement and improvement. Practical implications - The paper is a very useful source of information that may provide relevant guidelines in guiding the future development ofShari'ahgovernance practices in IFIs. Originality/value - This paper provides fresh data and recent information on the actualShari'ahgovernance practices of IFIs in three jurisdictions.