The Role of Shariah Board in Islamic Banks: Evidence from Pakistan, Bahrain, Qatar and Bangladesh

Authors

  • Dr. Talat Hussain e Department of Islamic Banking, University of Management and Technology, Lahore
  • Tariq Azez Doctoral Candidate Islamic Studies, University of Sargodha, Sargodha

Keywords:

Shariah Board, Islamic Banks Pakistan, Bahrain, Qatar, Bangladesh

Abstract

This study theoretically explains Shari’ah role in supervising the Islamic banks in countries including Bahrain, Pakistan, Qatar and Bangladesh. This study will discuss the roles and responsibilities of the Islamic banks working under their central banks. The criteria of this study is appointment of the Shari’ah board, qualification of the Shari’ah board, role of the Shari’ah board and Shari’ah governance, legal structure and remuneration of the Shari’ah board members. This study is qualitative study and in this we have explained individually country wise their role and comparison between them. At the end it is suggested that Shari’ah board in Bangladesh is not strong enough, there should be more defined rules and responsibilities of Shari’ah board and also there should be proper defined criteria for hiring of Shari’ah board.

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Grassa, Rihab. "Shariah supervisory systems in Islamic finance institutions across the OIC member countries: An investigation of regulatory frameworks." Journal of Financial Regulation and Compliance (2015).

Hassan, Muhammad, Muhammad Rizwan, and H. Sohail. "Corporate governance, Shariah advisory boards and Islamic banks’ performance." Pakistan Journal of Islamic Research 18, no. 1 (2017): 173-184.

IFSB, I. "Guiding principles on Shari'ah governance systems for institutions offering Islamic financial services." Islamic Financial Services Board. Kuala Lumpur (2009).

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Grassa, Rihab. "Shariah supervisory systems in Islamic finance institutions across the OIC member countries: An investigation of regulatory frameworks." Journal of Financial Regulation and Compliance (2015).

IFSB, I. "Guiding principles on Shari'ah governance systems for institutions offering Islamic financial services." Islamic Financial Services Board. Kuala Lumpur (2009).

Hassan, Muhammad, Muhammad Rizwan, and H. Sohail. "Corporate governance, Shariah advisory boards and Islamic banks’ performance." Pakistan Journal of Islamic Research 18, no. 1 (2017): 173-184.

Haron, Hasnah Binti Hj, and Azam Abdelhakeem Khalid. "The role of shariah supervisory board on internal Shariah audit effectiveness: Evidence from Bahrain." Academy of Accounting and Financial Studies Journal (2018).

Grassa, Rihab. "Shariah supervisory systems in Islamic finance institutions across the OIC member countries: An investigation of regulatory frameworks." Journal of Financial Regulation and Compliance (2015).

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Published

2021-12-31