Foundations of Sharī‘ah Governance of Islamic Banks

Ginena, Karim; Hamid, Azhar

doi:10.1002/9781119053507

Cited by 65 publications

(91 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Briefly, known as nominal approach, there are Islamic central banks in which the whole system becomes Islamic, in having friendly Islamic regulations in particular, such as in Iran and Sudan (Ginena et al 2015, Hasan 2012, Al-Sayed 2013. However, the rest of central banks operate in the conventional system in which such central banks vary in terms of their supportive friendly regulations and regardless of that, IFIs are required to adopt.…”

Section: Standards Setting Agenciesmentioning

confidence: 99%

“…These can be divided into three. First, as in Malaysia, its proactive jurisdiction is unique in having an active SSB at the regulatory level while there is no external sharia auditing, and the role of frequent sharia audits by the banking supervisor (Ginena et al 2015, Hasan 2012, Al-Sayed 2013. Second, as in Oman, the committed approach of sharia governance concerns with the necessary legal framework to recognize, regulate, and supervise Islamic banks in addition to having internal sharia governance arrangements and an SSB ant the bank and regulatory level (Ginena et al 2015, Hasan 2012, AlSayed 2013.…”

Section: Standards Setting Agenciesmentioning

confidence: 99%

“…First, as in Malaysia, its proactive jurisdiction is unique in having an active SSB at the regulatory level while there is no external sharia auditing, and the role of frequent sharia audits by the banking supervisor (Ginena et al 2015, Hasan 2012, Al-Sayed 2013. Second, as in Oman, the committed approach of sharia governance concerns with the necessary legal framework to recognize, regulate, and supervise Islamic banks in addition to having internal sharia governance arrangements and an SSB ant the bank and regulatory level (Ginena et al 2015, Hasan 2012, AlSayed 2013. Third, the engaged approach to sharia governance constitutes of the legal framework's recognition to Islamic banking through the enactment of law, the basis of prudent regulatory and supervisory policies and procedures for the industry (Ginena et al 2015, Hasan 2012, Al-Sayed 2013.…”

Section: Standards Setting Agenciesmentioning

confidence: 99%

“…Second, as in Oman, the committed approach of sharia governance concerns with the necessary legal framework to recognize, regulate, and supervise Islamic banks in addition to having internal sharia governance arrangements and an SSB ant the bank and regulatory level (Ginena et al 2015, Hasan 2012, AlSayed 2013. Third, the engaged approach to sharia governance constitutes of the legal framework's recognition to Islamic banking through the enactment of law, the basis of prudent regulatory and supervisory policies and procedures for the industry (Ginena et al 2015, Hasan 2012, Al-Sayed 2013. Having said this, each jurisdiction differs on articulating their legal framework because while some established laws that permit Islamic banks, others made amendments in the laws to allow the operation of Islamic banks (Ginena et al 2015).…”

Section: Standards Setting Agenciesmentioning

confidence: 99%

“…Third, the engaged approach to sharia governance constitutes of the legal framework's recognition to Islamic banking through the enactment of law, the basis of prudent regulatory and supervisory policies and procedures for the industry (Ginena et al 2015, Hasan 2012, Al-Sayed 2013. Having said this, each jurisdiction differs on articulating their legal framework because while some established laws that permit Islamic banks, others made amendments in the laws to allow the operation of Islamic banks (Ginena et al 2015). Examples of this type include UAE and Qatar.…”

Section: Standards Setting Agenciesmentioning

confidence: 99%

See 4 more Smart Citations

Evaluating Qatar Central Bank’s Governance on Islamic Banks in Qatar

Alsayed

2017

SHS Web Conf.

View full text Add to dashboard Cite

This paper aims to evaluate the governance of Qatar Central bank (QCB) on Islamic banks (IBs). Related-data will be taken from secondary sources. It is expected that QCB efficiently governs IBs in a way fulfills its unique nature. However, evidence suggests a number of issues in QCB governance towards IBs when looking at various dimensions. In Islamic Financial product dimension, QCB has no clear indications for enforcing its tawaruq-related regulations. This results on the extreme usage of tawaruq by IBs. In the social dimension, while it is suggested by early Islamic economists promoting equity products, such products are very slightly used by IBs in Qatar. The absence of QCB's regulations to promote such social aspects has led to the concentration of debt-based products. In terms of Sharia governance (SG) dimension, a number of issues have been raised such as the absence of cross-boarding regulations and the proper definition for the qualifications of sharia scholars. It is recommended, thus, to enforce tawaruq regulations properly, to create social-oriented regulations, to fix CG related issues discussed in this paper, and to unify Islamic financial contracts among IBs.

show abstract

Section: Standards Setting Agenciesmentioning

confidence: 99%

Section: Standards Setting Agenciesmentioning

confidence: 99%