Foundations Of Shari Ah Governance Of Islamic Banks

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Foundations of Shari'ah Governance of Islamic Banks

Karim Ginena,Azhar Hamid
Foundations of Shari ah Governance of Islamic Banks Book PDF

Author : Karim Ginena,Azhar Hamid
Publisher : John Wiley & Sons
Page : 402 pages
File Size : 41,6 Mb
Release : 2015-04-06
Category : Business & Economics
ISBN : 9781118460771

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Foundations of Shari'ah Governance of Islamic Banks by Karim Ginena,Azhar Hamid Pdf

A practical guide for robust sharī'ah governance of the Islamic banking industry Debate in the market on the extent of sharī'ah compliance of Islamic banks, their products, and activities has piqued stakeholders' interest. In Foundations of Sharī'ah Governance of Islamic Banks, Karim Ginena and Azhar Hamid explore the depths of sharī'ah governance to unravel its mysterious dimensions, and equip academics and practitioners with a solid understanding of the subject, which has become a serious challenge and thus deserves dedicated attention. The authors make a strong case for the need to contain the sharī'ah risk that Islamic banks experience, and present a compelling argument for how this should be done. Ginena and Hamid propose a robust sharī'ah governance model that comprehensively tackles thisrisk, and helps improve the extent of sharī'ah compliance of market players. The authors detail the internal, external, and institutional arrangements needed to promote responsible sharī'ah governance, and critically analyze current laws, regulations, and industry practices on the topic. The chapters of the book do the following: Examine the roots, characteristics and objectives of sharī'ah and its relation to financial dealings; Probe the role of regulators in sharī'ah governance, explore the different approaches adopted by banking supervisors, and provide examples of relevant legal and regulatory measures; Explain to bank directors and management the fiduciary duty they assume with respect to sharī'ah compliance, and detail how they could discharge this responsibility in line with best practices; Elaborate on the purpose of the Sharī'ah Supervisory Board (SSB), its responsibilities, competence criteria, internal regulations, and key governance guidelines; additionally, they explore different SSB models; Describe the internal sharī'ah control system including its six components, and examine the internal sharī'ah audit function as well as different stages of conducting a sharī'ah audit; Clarify the role of a sharī'ah auditor, with guidance on reporting lines, scope of duties, authority, and practical ways on fulfilling tasks, such as a sample sharī'ah risk assessment grid and audit checklists; Discuss the newly emerging external sharī'ah advisory firms that are expected to play a key role in the coming years and the services they provide. Through an effective treatment of each of these elements, and the way that they interact with one another, the book offers a fresh take on how robust sharī'ah governance of Islamic banks can be successfully accomplished. It is a comprehensive resource for academics, regulators, directors, lawyers, auditors, consultants, employees, and customers of Islamic banks interested in learning more about these challenges. This essential reading persuasively extends the discourse on the subject and addresses critical sharī'ah issues that have policy implications for decision makers in jurisdictions aiming to attract the fast-growing Islamic finance industry or increase their market share.

Foundations of Shari'ah Governance of Islamic Banks

Karim Ginena
Foundations of Shari ah Governance of Islamic Banks Book PDF

Author : Karim Ginena
Publisher : Unknown
Page : 408 pages
File Size : 46,7 Mb
Release : 2015
Category : Electronic
ISBN : OCLC:1137162211

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Foundations of Shari'ah Governance of Islamic Banks by Karim Ginena Pdf

A practical guide for robust sharī'ah governance of the Islamic banking industry Debate in the market on the extent of sharī'ah compliance of Islamic banks, their products, and activities has piqued stakeholders' interest. In Foundations of Sharī'ah Governance of Islamic Banks , Karim Ginena and Azhar Hamid explore the depths of sharī'ah governance to unravel its mysterious dimensions, and equip academics and practitioners with a solid understanding of the subject, which has become a serious challenge and thus deserves dedicated attention. The authors make a strong case for the need to contain the sharī'ah risk that Islamic banks experience, and present a compelling argument for how this should be done. Ginena and Hamid propose a robust sharī'ah governance model that comprehensively tackles thisrisk, and helps improve the extent of sharī'ah compliance of market players. The authors detail the internal, external, and institutional arrangements needed to promote responsible sharī'ah governance, and critically analyze current laws, regulations, and industry practices on the topic. The chapters of the book do the following: Examine the roots, characteristics and objectives of sharī'ah and its relation to financial dealings; Probe the role of regulators in sharī'ah governance, explore the different approaches adopted by banking supervisors, and provide examples of relevant legal and regulatory measures; Explain to bank directors and management the fiduciary duty they assume with respect to sharī'ah compliance, and detail how they could discharge this responsibility in line with best practices; Elaborate on the purpose of the Sharī'ah Supervisory Board (SSB), its responsibilities, competence criteria, internal regulations, and key governance guidelines; additionally, they explore different SSB models; Describe the internal sharī'ah control system including its six components, and examine the internal sharī'ah audit function as well as different stages of conducting a sharī'ah audit; Clarify the role of a sharī'ah auditor, with guidance on reporting lines, scope of duties, authority, and practical ways on fulfilling tasks, such as a sample sharī'ah risk assessment grid and audit checklists; Discuss the newly emerging external sharī'ah advisory firms that are expected to play a key role in the coming years and the services they provide. Through an effective treatment of each of these elements, and the way that they interact with one another, the book ...

Edinburgh Companion to Shari'ah Governance in Islamic Finance

Syed Nazim Ali
Edinburgh Companion to Shari ah Governance in Islamic Finance Book PDF

Author : Syed Nazim Ali
Publisher : Edinburgh University Press
Page : 480 pages
File Size : 51,6 Mb
Release : 2020-03-18
Category : Electronic
ISBN : 9781474436014

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Edinburgh Companion to Shari'ah Governance in Islamic Finance by Syed Nazim Ali Pdf

Written by a group of prominent shari'ah scholars, academics and practitioners in the field of Islamic finance, this book contains 17 in-depth case studies of shari'ah governance practices and experiences as well as critical analysis of these practices. It serves as a standalone comprehensive reference work on shari'ah governance, containing an overview of its Islamic legal foundations, its evolution and development over the years, current practices and debates on shari'ah governance standards and future prospects for shari'ah governance in the global Islamic finance market.

The Foundations of Islamic Banking

Mohamed Ariff,Munawar Iqbal
The Foundations of Islamic Banking Book PDF

Author : Mohamed Ariff,Munawar Iqbal
Publisher : Edward Elgar Publishing
Page : 297 pages
File Size : 42,9 Mb
Release : 2011-01-01
Category : Business & Economics
ISBN : 9781849807937

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The Foundations of Islamic Banking by Mohamed Ariff,Munawar Iqbal Pdf

After barely half a century of experience, Islamic banking has become established as a new niche industry across the world offering new and sophisticated financial products designed to be compliant with the principles of Islamic legal principles and common law. This comprehensive book explores the theory, principles and practices underpinning this rapidly expanding sector of banking. Expert contributors ¿ including eminent scholars and senior practitioners in the field ¿ examine the roots of the principles of ethical Islamic financial transactions, which have evolved over several millennia, on issuesincluding usury, interest rates, financial contracting for funding enterprises, for mortgages, for leasing and other financial transactions. Regulatory and governance issues are discussed, and the practice and operation of Islamicfinancial institutions are explained via three distinct case studies. Importantly, the final chapter looks at what steps are being taken to provide professional accreditation to Islamic banking professional personnel, and prescribes requirements for training in this growing industry.

Shari'ah Governance in Islamic Banks

Zulkifli Hasan
Shari ah Governance in Islamic Banks Book PDF

Author : Zulkifli Hasan
Publisher : Edinburgh University Press
Page : 329 pages
File Size : 41,7 Mb
Release : 2012-07-26
Category : Social Science
ISBN : 9780748645596

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Shari'ah Governance in Islamic Banks by Zulkifli Hasan Pdf

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 governance; The regulatory framework for Shari'ah governance; Shari'ah governance approaches; The Shari'ah Board's role and how it retains its independence, transparency and competence; The operational procedures of Shari'ah governance; The effectiveness of the Shari'ah Board and how it could be improved

Shariah Governance in Islamic Banking Institutions

Shafiullah Jan,Muhammad Ismail
Shariah Governance in Islamic Banking Institutions Book PDF

Author : Shafiullah Jan,Muhammad Ismail
Publisher : Taylor & Francis
Page : 191 pages
File Size : 41,6 Mb
Release : 2023-07-04
Category : Business & Economics
ISBN : 9781000899344

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Shariah Governance in Islamic Banking Institutions by Shafiullah Jan,Muhammad Ismail Pdf

Shariah governance assumes the primary instrument through which Islamic Banking Institutions (IBIs) ensure the Islamicity of their products, services, operations, and internal environments. It is considered to be one the fundamental elements that differentiates IBIs from their traditional counterparts. Shariah Governance in Islamic Banking Institutions provides a critical overview of the key aspects pertaining to Shariah governance within Islamic financial institutions and presents a detailed analysis of its conceptual background. The authors have identified the unique issues that have emerged due to the integration of Shariah, namely the involvement of the Shariah supervisory board (SSB), in the corporate governance arrangements of Islamic banks. These issues relate to disclosure, transparency, independency, consistency, confidentiality, competency, and reputation. The book details the doctrines of Shariah pronouncements in Islamic banks, the importance of having a central advisory board at a regulatory level in the standardization of Islamic banking practices, as well as the competence required for Shariah supervisory board members. It provides a critical analysis of the Shariah governance framework in Pakistan and introduces the authors’ vision of an ideal Shariah governance framework. Furthermore, the chapters offer guidance in promoting effective policies for improving Shariah governance. This is one of the core challenges facing Islamic banks, namely, to ensure compliance with faith and provide legitimacy to the business of IBIs, and as such, the book will appeal to both the research and professional communities.

Research in Corporate and Shari'ah Governance in the Muslim World

Toseef Azid,Ali Abdullah Alnodel,Muhammad Azeem Qureshi
Research in Corporate and Shari ah Governance in the Muslim World Book PDF

Author : Toseef Azid,Ali Abdullah Alnodel,Muhammad Azeem Qureshi
Publisher : Emerald Group Publishing
Page : 407 pages
File Size : 46,5 Mb
Release : 2019-05-20
Category : Business & Economics
ISBN : 9781789730098

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Research in Corporate and Shari'ah Governance in the Muslim World by Toseef Azid,Ali Abdullah Alnodel,Muhammad Azeem Qureshi Pdf

Research in Corporate and Shari'ah Governance in the Muslim World: Theory and Practice aims to address a critical disciplinary gap between Islamic theory and the practice of the corporate sector in the Muslim World. Adopting a critical approach, the book sheds light on the impact of corporate governance on the economies of the Muslim world.

Corporate Governance in Islamic Financial Institutions

Hussein Elasrag
Corporate Governance in Islamic Financial Institutions Book PDF

Author : Hussein Elasrag
Publisher : Hussein Elasrag
Page : 130 pages
File Size : 49,5 Mb
Release : 2018-05-27
Category : Business & Economics
ISBN : 9788828329237

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Corporate Governance in Islamic Financial Institutions by Hussein Elasrag Pdf

The book is of value in describing governance in Islamic institutions and how there are many issues under the investigation process, especially issues related to the Shari'ah Supervisory board and its functionality. One of the objectives of this paper is to discuss, and create greater awareness of, some of the crucial issues related to corporate governance in Islamic financial institutions. A second, but in fact more important, objective is to provide, in the light of this discussion, certain essential guidelines to improve corporate governance in these institutions and thereby enable them to not only maintain their momentum of growth and international acceptance but also safeguard the interests of all stakeholders. The book gives particular attention to the mechanisms for corporate governance, including the Board of Directors, Senior Management, shareholders, depositors, and regulatory and supervisory authorities. It also focuses on the effective management of risks and, in particular, on creating a supporting environment through moral uplift, social, legal and institutional checks, greater transparency, internal controls, and Shari'a as well as external audit. The book also indicates briefly the shared institutions that are needed for effective corporate governance.

Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services

Wafik Grais,Matteo Pellegrini
Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services Book PDF

Author : Wafik Grais,Matteo Pellegrini
Publisher : World Bank Publications
Page : 38 pages
File Size : 42,9 Mb
Release : 2006
Category : Accounting
ISBN : 8210379456XXX

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Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services by Wafik Grais,Matteo Pellegrini Pdf

Abstract: The structures and processes established within an institution offering Islamic financial Services (IIFS) for monitoring and evaluating Shariah compliance rely essentially on arrangements internal to the firm. By being incorporated in the institutional structure, a Shariah supervisory board (SSB) has the advantage of being close to the market. Competent, independent, and empowered to approve new Shariah-conforming instruments, an SSB can enable innovation likely to emerge within the institution. The paper reviews the issues and options facing current arrangements for ensuring Shariah compliance by IIFS. It suggests a framework that draws on internal and external arrangements to the firm and emphasizes market discipline. In issuing its fatwas, an SSB could be guided by standardized contracts and practices that could be harmonized by a self-regulatory professionals' association. A framework with the suggested internal and external features could ensure adequate consistency of interpretation and enhance the enforceability of contracts before civil courts. The review of transactions would mainly be entrusted to internal review units, which would collaborate with external auditors responsible for issuing an annual opinion on whether the institution's activities has met its Shariah requirements. This process would be sustained by reputable entities such as rating agencies, stock markets, financial media, and researchers who would channel signals to market players. This framework would enhance public understanding of the requirements of Shariah and lead to more effective options available to stakeholders to achieve improvements in Islamic financial services.

Corporate Governance in Institutions Offering Islamic Financial Services

Wafik Grais,Matteo Pellegrini
Corporate Governance in Institutions Offering Islamic Financial Services Book PDF

Author : Wafik Grais,Matteo Pellegrini
Publisher : World Bank Publications
Page : 46 pages
File Size : 46,9 Mb
Release : 2006
Category : Account Holders
ISBN : 8210379456XXX

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Corporate Governance in Institutions Offering Islamic Financial Services by Wafik Grais,Matteo Pellegrini Pdf

This paper reviews institutions offering Islamic financial services (IIFS) corporate governance challenges and suggests options to address them. It first points out the importance of corporate governance for IIFS, where it would require a distinct treatment from conventional corporate governance and highlights three cases of distress of IIFS. It then dwells on prevailing corporate governance arrangements addressing IIFS' needs to ensure the consistency of their operations with Islamic finance principles and the protection of the financial interests of a stakeholders' category, namely depositors holding unrestricted investment accounts. It raises the issues of independence, confidentiality, competence, consistency, and disclosure that may bear on pronouncements of consistency with Islamic finance principles. It also discusses the agency problem of depositors holding unrestricted investment accounts. The paper argues for a governance framework that combines internal and external arrangements and relies significantly on transparency and disclosure of market relevant information.

Research in Corporate and Shari'ah Governance in the Muslim World

Toseef Azid,Ali Abdullah Alnodel,Muhammad Azeem Qureshi
Research in Corporate and Shari ah Governance in the Muslim World Book PDF

Author : Toseef Azid,Ali Abdullah Alnodel,Muhammad Azeem Qureshi
Publisher : Emerald Group Publishing
Page : 456 pages
File Size : 47,6 Mb
Release : 2019-05-20
Category : Business & Economics
ISBN : 9781789730074

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Research in Corporate and Shari'ah Governance in the Muslim World by Toseef Azid,Ali Abdullah Alnodel,Muhammad Azeem Qureshi Pdf

Research in Corporate and Shari'ah Governance in the Muslim World: Theory and Practice aims to address a critical disciplinary gap between Islamic theory and the practice of the corporate sector in the Muslim World. Adopting a critical approach, the book sheds light on the impact of corporate governance on the economies of the Muslim world.

Corporate Governance in Islamic Finance

Hussein Elasrag
Corporate Governance in Islamic Finance Book PDF

Author : Hussein Elasrag
Publisher : Hussein Elasrag
Page : 75 pages
File Size : 52,6 Mb
Release : 2022-02-25
Category : Business & Economics
ISBN : 9782614446610

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Corporate Governance in Islamic Finance by Hussein Elasrag Pdf

This book is one of few papers that highlight the importance of studying corporate governance for institutions offering Islamic financial services. The book is of value in describing governance in Islamic institutions and how there are many issues under the investigation process, especially issues related to the Shari'ah Supervisory board and its functionality. One of the objectives of this book is to discuss, and create greater awareness of, some of the crucial issues related to corporate governance in Islamic financial institutions. A second, but in fact more important, objective is to provide, in the light of this discussion, certain essential guidelines to improve corporate governance in these institutions and thereby enable them to not only maintain their momentum of growth and international acceptance but also safeguard the interests of all stakeholders.

Fundamentals of Islamic Finance and Banking

Syeda Fahmida Habib
Fundamentals of Islamic Finance and Banking Book PDF

Author : Syeda Fahmida Habib
Publisher : John Wiley & Sons
Page : 312 pages
File Size : 47,9 Mb
Release : 2018-07-19
Category : Business & Economics
ISBN : 9781119371038

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Fundamentals of Islamic Finance and Banking by Syeda Fahmida Habib Pdf

A comprehensive and fully up-to-date introductory textbook to Islamic finance and banking Islamic finance and banking is being used increasingly globally — especially in the regions of Middle East and North Africa, South East and South Asia. To cater to the need of trained Islamic finance staff, a large number of Educational institutions are beginning to offer courses, majors and minors in Islamic finance and banking. The major challenge faced by these institutions are suitable textbooks for both undergrad and post-grad levels and especially with the relevant instructor resources (PPTs, test bank, practice activities and answer keys). Luckily, Fundamentals of Islamic Finance and Banking is here to cover the most important topics related to Islamic finance and banking (IF&B) that are relevant for students of business, finance and banking. Offers an historical background of Islamic finance Covers the principles of Sharia Law as pertinent to finance and banking Provides in-depth discussion of the six key Islamic banking products: Murabaha, Mudaraba, Musharaka, Ijara, Salam and Istisna Discusses the Islamic insurance (Takaful) Gives an overview of Islamic investment, especially Sukuks Concludes with the global standing of the Islamic Finance and Banking industry Would-be colleges and universities offering this subject as a course within their finance and/or banking program can’t be without this invaluable guide.

Islamic Finance

Tina Harrison,Essam B. Ibrahim
Islamic Finance Book PDF

Author : Tina Harrison,Essam B. Ibrahim
Publisher : Springer
Page : 192 pages
File Size : 40,6 Mb
Release : 2016-09-20
Category : Business & Economics
ISBN : 9783319309187

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Islamic Finance by Tina Harrison,Essam B. Ibrahim Pdf

This book demonstrates how the global market for Islamic financial services has shown strong growth in recent years and shown remarkable resilience during the global financial crisis. Drawing on a range of international perspectives from the Gulf Cooperation Council countries, Malaysia, Pakistan, Australia and Europe, this book explores the characteristics and performance of Islamic finance and banking and discusses future prospects. It offers a comprehensive theoretical framework for Shariah governance in Islamic financial institutions, explores Shariah-compliant equities, as well as issues in productivity, technology and efficiency. It includes a number of comparative studies on Islamic and conventional banks, Islamic and conventional unit trusts, and Islamic and conventional banks’ product mixes. The challenges and opportunities for the expansion of Islamic finance and banking into Europe are explored through the contexts of the UK, Germany and Italy.

A Critique of Creative Shari'ah Compliance in the Islamic Finance Industry

Ahmad A Alkhamees
A Critique of Creative Shari ah Compliance in the Islamic Finance Industry Book PDF

Author : Ahmad A Alkhamees
Publisher : Martinus Nijhoff Publishers
Page : 301 pages
File Size : 42,5 Mb
Release : 2017-08-16
Category : Law
ISBN : 9789004344433

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A Critique of Creative Shari'ah Compliance in the Islamic Finance Industry by Ahmad A Alkhamees Pdf

In A Critique of Creative Shari‘ah Compliance in the Islamic Finance Industry Ahmad Alkhamees provides a sustained analysis of the gap between the theory and practise of Islamic finance, and suggests a regulatory mechanism for regulators in Islamic and secular countries.