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Balanced score card approach for better Shari’ah corporate governance

Islamic financial institutions have emerged due to the non-Shari’ah compliant nature of conventional financial from interest, uncertainty, gambling and prohibited activities from the Islamic perspective. In order to achieve the mission of Shari’ah compliance, organizations such as Accounting and A...

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Main Authors: Htay, Sheila Nu Nu, Syed, Ahmed Salman
Format: Article
Language:English
Published: Science Publications 2013
Subjects:
HG1501 Banking
Online Access:http://irep.iium.edu.my/32863/1/BALANCE_SCORE_CARD.pdf
http://irep.iium.edu.my/32863/
http://thescipub.com/abstract/10.3844/ajassp.2013.1553.1557
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spelling my.iium.irep.328632013-11-19T06:29:02Z http://irep.iium.edu.my/32863/ Balanced score card approach for better Shari’ah corporate governance Htay, Sheila Nu Nu Syed, Ahmed Salman HG1501 Banking Islamic financial institutions have emerged due to the non-Shari’ah compliant nature of conventional financial from interest, uncertainty, gambling and prohibited activities from the Islamic perspective. In order to achieve the mission of Shari’ah compliance, organizations such as Accounting and Auditing Organization for Islamic Financial Institutions, Islamic Financial Services Board and countries like Malaysia have provided Shari’ah governance guidelines. However, there are some court-cases regarding non-Shari’ah compliant issues and consequently, this has tarnished the reputation of the Islamic financial institutions. There is no guideline on Shari’ah performance measures available to find out to what extent Islamic financial institutions meet its mission. This study tries to fulfill the needs of the industry by providing the balanced score card for Shari’ah governance. This proposed score card is designed based on the concepts of accountability, responsibility, independence and competency of the Shari’ah board members. It suggests measures how any Islamic financial institutions discharge their fiduciary duty towards shareholders, depositors, participants of Islamic industry. The main drive towards Islamic financial institutions is to provide fair and just financial system free insurance, borrowers and society with the expectation of long-term success of the institutions within the Shari’ah framework. The proposed balanced score card is developed based on the opinions of 7 representatives from Islamic banks and 5 representatives from Takaful (Islamic Insurance) Operators. It is expected that this score card can be used as a platform for improving the Shari’ah corporate governance of Islamic financial institutions. Science Publications 2013-10 Article REM application/pdf en http://irep.iium.edu.my/32863/1/BALANCE_SCORE_CARD.pdf Htay, Sheila Nu Nu and Syed, Ahmed Salman (2013) Balanced score card approach for better Shari’ah corporate governance. American Journal of Applied Sciences , 10 (12). pp. 1553-1557. ISSN 1554-3641(O), 1546-9239 (P) http://thescipub.com/abstract/10.3844/ajassp.2013.1553.1557 10.3844/ajassp.2013.1553.1557
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic HG1501 Banking
spellingShingle HG1501 Banking
Htay, Sheila Nu Nu
Syed, Ahmed Salman
Balanced score card approach for better Shari’ah corporate governance
description Islamic financial institutions have emerged due to the non-Shari’ah compliant nature of conventional financial from interest, uncertainty, gambling and prohibited activities from the Islamic perspective. In order to achieve the mission of Shari’ah compliance, organizations such as Accounting and Auditing Organization for Islamic Financial Institutions, Islamic Financial Services Board and countries like Malaysia have provided Shari’ah governance guidelines. However, there are some court-cases regarding non-Shari’ah compliant issues and consequently, this has tarnished the reputation of the Islamic financial institutions. There is no guideline on Shari’ah performance measures available to find out to what extent Islamic financial institutions meet its mission. This study tries to fulfill the needs of the industry by providing the balanced score card for Shari’ah governance. This proposed score card is designed based on the concepts of accountability, responsibility, independence and competency of the Shari’ah board members. It suggests measures how any Islamic financial institutions discharge their fiduciary duty towards shareholders, depositors, participants of Islamic industry. The main drive towards Islamic financial institutions is to provide fair and just financial system free insurance, borrowers and society with the expectation of long-term success of the institutions within the Shari’ah framework. The proposed balanced score card is developed based on the opinions of 7 representatives from Islamic banks and 5 representatives from Takaful (Islamic Insurance) Operators. It is expected that this score card can be used as a platform for improving the Shari’ah corporate governance of Islamic financial institutions.
format Article
author Htay, Sheila Nu Nu
Syed, Ahmed Salman
author_facet Htay, Sheila Nu Nu
Syed, Ahmed Salman
author_sort Htay, Sheila Nu Nu
title Balanced score card approach for better Shari’ah corporate governance
title_short Balanced score card approach for better Shari’ah corporate governance
title_full Balanced score card approach for better Shari’ah corporate governance
title_fullStr Balanced score card approach for better Shari’ah corporate governance
title_full_unstemmed Balanced score card approach for better Shari’ah corporate governance
title_sort balanced score card approach for better shari’ah corporate governance
publisher Science Publications
publishDate 2013
url http://irep.iium.edu.my/32863/1/BALANCE_SCORE_CARD.pdf
http://irep.iium.edu.my/32863/
http://thescipub.com/abstract/10.3844/ajassp.2013.1553.1557
_version_ 1643610313799499776
score 13.211869

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