The Role of Shariah Board in Islamic Banks: Evidence from Pakistan, Bahrain, Qatar and Bangladesh
Keywords:
Shariah Board, Islamic Banks Pakistan, Bahrain, Qatar, BangladeshAbstract
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.
References
Wardhany, Nurhastuty, and Shaista Arshad. "The role of Shariah board in Islamic banks: A case study of Malaysia, Indonesia, and Brunei Darussalam." In 2nd ISRA Colloquium. 2012.
Oz, Erdem, M. M. Ali, Z. R. Khokher, and R. Rosman. Shariah non-compliance risk in the banking sector: impact on capital adequacy framework of Islamic banks. Working Paper Series: WP-05/03/2016. IFSB, 2016.
Nurfalah, Irfan, and Aam Slamet Rusydiana. "THE REGIME SWITCHING OF CYCLE INSTABILITY OF ISLAMIC BANKING AND THE ECONOMY: EVIDENCE FROM INDONESIA, MALAYSIA, AND PAKISTAN." Journal of Islamic Monetary Economics and Finance 7, no. 2 (2021): 233-262.
Abdullah, Md Faruk, and A. Rahman. "Shari’ah governance of Islamic banks in Bangladesh issues and challenges." Journal of Islamic Economics, Banking and Finance 13, no. 3 (2017): 82-94.
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).
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).
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.
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).
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).
IFSB, I. "Guiding principles on Shari'ah governance systems for institutions offering Islamic financial services." Islamic Financial Services Board. Kuala Lumpur (2009).
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).
Hossain, Basharat. "Islamization of monetary policy of 27 OIC Muslim countries in Asia: the successes, the barriers and the future directions." Global Review of Islamic Economics and Business 7, no. 2 (2020): 091-104.
