The Role of Key Functions of Shariah Governance In Islamic Financial Institutions (IFIs)

دور الوظائف الأساسية للحوكمة الشرعية في المؤسسات المالية الإسلامية

Authors

  • Abdulrahman Alnofli Phd Student, Institute of Islamic Banking & Finance (IIiBF), International Islamic University Malaysia
  • Engku Rabiah Adawiah Engku Ali Prof., Institute of Islamic Banking & Finance (IIiBF), International Islamic University Malaysia

Keywords:

Governance, Sharīʿah, Supervision, Review, Audit

Abstract

A solid governance in Islamic financial institutions (IFIs) is reflected in their efficient and sound operations. Due to the significant role of Sharī‘ah governance in enhancing and developing the operations and transactions of IFIs according to Sharī‘ah rules and principles, every IFI must have a sound Sharī‘ah governance framework. The key players of this governance should be defined and mentioned clearly. This paper discusses the role of key functions of Sharī‘ah governance in IFIs such as the Sharī‘ah Supervisory Board (SSB), Sharī‘ah review and Sharī‘ah audit. Moreover, this paper provides brief information about models of Sharī‘ah governance worldwide. The main objective of this study is to provide a clear insight about the key elements of Sharī‘ah governance in IFIs. In order to give this clear insight of the Sharī‘ah governance models, this study describes radically different models of Sharī‘ah governance, and focuses on their similarities and differences.

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Published

31-01-2020

How to Cite

Alnofli, A., & Engku Ali, E. R. A. (2020). The Role of Key Functions of Shariah Governance In Islamic Financial Institutions (IFIs): دور الوظائف الأساسية للحوكمة الشرعية في المؤسسات المالية الإسلامية. International Journal of Fiqh and Usul Al-Fiqh Studies, 4(1), 98–107. Retrieved from https://journals.iium.edu.my/al-fiqh/index.php/al-fiqh/article/view/173

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English Articles