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Shari'a supervision of Islamic financial institutions

Author

Listed:
  • Samy Nathan Garas
  • Chris Pierce

Abstract

Purpose - The governance structure of Islamic financial institutions (IFIs) implements Islamic canon law ( Design/methodology/approach - The paper reviews a wide range of theoretical literatures especially recent proceedings of relevant conferences in the Gulf Cooperation Council (GCC) countries along with the standards of the Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI). A framework for understanding the role of the SSB is developed suggesting a set of objectives and functions for the SSB. Findings - The paper finds a lack of standardization among the IFIs concerning the position of the SSB within the corporate hierarchy. Moreover, the SSB is found to control the IFIs activities more than the other types of Research limitations/implications - The research focuses exclusively on the GCC countries and excludes the other Middle East and Far East countries where Social implications - The research provides guidelines for IFIs in defining the SSB role in their governance structure and recommends the SSB among the other forms of Originality/value - This study contributes to the literature gap about the governance of IFIs. It is one of the first studies that provide a conceptual foundation for the SSB role in the governance structure of IFIs.

Suggested Citation

  • Samy Nathan Garas & Chris Pierce, 2010. "Shari'a supervision of Islamic financial institutions," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 18(4), pages 386-407, November.
  • Handle: RePEc:eme:jfrcpp:v:18:y:2010:i:4:p:386-407
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