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Shari'ah Governance in Islamic Banks
An in-depth and insightful study of Shari'ah governance from a theoretical and practical perspective.
Shari'ah governance has a profound influence on the day-to-day practice of Islamic Financial Institutions (IFIs) and each jurisdiction has adopted a different approach to developing a governance framework. Hasan Zulkifli reviews these pluralistic approaches and identifies best practice. With examples, case studies and practical discussions based on IFIs in Malaysia, the GCC countries of Bahrain, UAE, Qatar, Kuwait and Saudi Arabia and the UK.
Topics covered include
The theory behind corporate and Shari'ah governanceThe regulatory framework for Shari'ah governanceShari'ah governance approachesThe Shari'ah Board's role and how it retains its independence, transparency and competenceThe operational procedures of Shari'ah governanceThe effectiveness of the Shari'ah Board and how it could be improved

1110359123
Shari'ah Governance in Islamic Banks
An in-depth and insightful study of Shari'ah governance from a theoretical and practical perspective.
Shari'ah governance has a profound influence on the day-to-day practice of Islamic Financial Institutions (IFIs) and each jurisdiction has adopted a different approach to developing a governance framework. Hasan Zulkifli reviews these pluralistic approaches and identifies best practice. With examples, case studies and practical discussions based on IFIs in Malaysia, the GCC countries of Bahrain, UAE, Qatar, Kuwait and Saudi Arabia and the UK.
Topics covered include
The theory behind corporate and Shari'ah governanceThe regulatory framework for Shari'ah governanceShari'ah governance approachesThe Shari'ah Board's role and how it retains its independence, transparency and competenceThe operational procedures of Shari'ah governanceThe effectiveness of the Shari'ah Board and how it could be improved

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Shari'ah Governance in Islamic Banks

Shari'ah Governance in Islamic Banks

by Zulkifli Hasan
Shari'ah Governance in Islamic Banks
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Shari'ah Governance in Islamic Banks

Shari'ah Governance in Islamic Banks

by Zulkifli Hasan

Overview

An in-depth and insightful study of Shari'ah governance from a theoretical and practical perspective.
Shari'ah governance has a profound influence on the day-to-day practice of Islamic Financial Institutions (IFIs) and each jurisdiction has adopted a different approach to developing a governance framework. Hasan Zulkifli reviews these pluralistic approaches and identifies best practice. With examples, case studies and practical discussions based on IFIs in Malaysia, the GCC countries of Bahrain, UAE, Qatar, Kuwait and Saudi Arabia and the UK.
Topics covered include
The theory behind corporate and Shari'ah governanceThe regulatory framework for Shari'ah governanceShari'ah governance approachesThe Shari'ah Board's role and how it retains its independence, transparency and competenceThe operational procedures of Shari'ah governanceThe effectiveness of the Shari'ah Board and how it could be improved

Product Details

ISBN-13: 9780748645572
Publisher: Edinburgh University Press
Publication date: 07/26/2012
Series: Edinburgh Guides to Islamic Finance
Pages: 256
Product dimensions: 5.43(w) x 8.50(h) x (d)
Age Range: 18 Years

About the Author

Zulkifli Hasan is a Senior Lecturer in the Faculty of Shari'ah and Law, at the Islamic Science University of Malaysia. He has also worked extensively in the Islamic finance industry as an advocate and solicitor - as in-house counsel for Bank Muamalat Malaysia Berhad, and as a member of the Rules and Regulations Working Committee for the Association of Islamic Banking Institutions, Malaysia. He has published articles in numerous publications including Journal of International Banking Law and Regulation, Global Islamic Finance Magazine, Review of Business Research and Shari'ah Law Reports

Table of Contents

List of tables viii

List of figures x

List of statutes xi

Acknowledgements xiv

Introduction 1

1 Corporate governance: a conventional perspective 7

1.0 Introduction 7

1.1 Conceptual definition 8

1.2 Defining corporate governance in the financial-services sector 9

1.3 Role of corporate governance 10

1.4 Corporate governance systems 12

1.5 Corporate governance in the financial-services sector 16

1.6 Conclusion 18

2 Corporate governance in Islamic financial institutions 21

2.0 Introduction 21

2.1 Conceptual framework of corporate governance from an Islamic perspective 23

2.2 Role of corporate governance in IFIs 25

2.3 The development of corporate governance in IFIs 28

2.4 Corporate governance model from an Islamic perspective 32

2.5 Conclusion 39

3 The Shari'ah governance system in Islamic financial institutions 45

3.0 Introduction 45

3.1 Conceptual framework of Shari'ah governance systems 46

3.2 Objectives of the Shari'ah governance system 52

3.3 Institutionalisation of the Shari'ah board 55

3.4 Models of Shari'ah boards 59

3.5 Role of the Shari'ah board 62

3.6 International standard-setting agencies 67

3.7 Shari'ah governance process 74

3.8 Issues and challenges 85

3.9 Conclusion 94

4 Regulatory framework of the Shari'ah governance system in Malaysia, GCC countries and the UK 103

4.0 Introduction 103

4.1 The Shari'ah governance model from a regulatory perspective 104

4.2 Shari'ah governance systems in Malaysia, GCC countries and the UK 107

4.3 Regulatory issues 136

4.4 Conclusion 143

5 The state of Shari'ah governance practices in Islamic banks 149

5.0 Introduction 149

5.1 Research methodology 150

5.2 Searching the particularities of Shari'ah governance in Islamic banking 152

5.3 Shari'ah governance index 164

5.4 Conclusion 179

6 Shari'ah governance disclosure in Islamic banks 183

6.0 Introduction 183

6.1 The state of Shari'ah governance disclosure practices 184

6.2 Conclusion 223

7 The way forward 229

7.0 Introduction 229

7.1 The way forward 234

7.2 Epilogue 260

Appendix: Questionnaire 263

Abbreviations 277

Bibliography 281

Index 305

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