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Shari’ah advisors’ opinions on the need of shari’ah governance framework for Islamic capital market In Malaysia

Board of directors play the significant role for the success of any business organization since they set the strategic objectives and vision statement which are the leading direction for the companies to follow. Because of the essential role of the board of directors, the corporate governance system...

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Main Authors: Hassan, Rusni, Salman, Syed Ahmed
Format: Monograph
Language:English
Published: 2017
Subjects:
HG3368 Islamic Banking and Finance
Online Access:http://irep.iium.edu.my/58896/1/58896_Shari%E2%80%99ah%20advisors%E2%80%99%20opinions%20on%20the%20eeed_monograph.pdf
http://irep.iium.edu.my/58896/
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spelling my.iium.irep.588962020-11-09T06:56:51Z http://irep.iium.edu.my/58896/ Shari’ah advisors’ opinions on the need of shari’ah governance framework for Islamic capital market In Malaysia Hassan, Rusni Salman, Syed Ahmed HG3368 Islamic Banking and Finance Board of directors play the significant role for the success of any business organization since they set the strategic objectives and vision statement which are the leading direction for the companies to follow. Because of the essential role of the board of directors, the corporate governance system has been introduced to ensure that board of directors discharge their responsibilities to the best interests of the shareholders. The failure of the giant companies such as Lehman Brothers and Enron is the example of the poor corporate governance. Conventional corporate governance system is essential in the conventional business environment and the same concept applies to the Islamic financial institutions. They need good Shari’ah governance which can mold and direct them to comply with Shari’ah in all aspects. This research proposes the best Shari’ah governance practices to mold Islamic capital market activities. Currently, there is no Shari’ah governance standards specific to Islamic capital market. This market is the backbone of the Islamic financial institutions because it is the avenue for the investment and liquidity management where the Islamic financial institutions can rely. The structured interviews were conducted to explore the core factors which should be included in preparing the best Shari’ah governance practices for Islamic capital market. Thirteen Shari’ah advisors are interviewed and it is found that the main components that should be included are related to Islamic accountability and responsibility; independency and objectivity; competency; confidentiality and commitment; consistency; Shari’ah audit and review; transparency and disclosure; corporate responsibility and ethicality. In addition to that, five more specific questions were asked for each main component and all the findings have generally the minimum mean value of 4. Thus, it is important for the future policy makers, industrial players and Shari’ah advisors to know the distinguished factors which should be the main parts of Shari’ah governance practices. 2017-10-24 Monograph NonPeerReviewed application/pdf en http://irep.iium.edu.my/58896/1/58896_Shari%E2%80%99ah%20advisors%E2%80%99%20opinions%20on%20the%20eeed_monograph.pdf Hassan, Rusni and Salman, Syed Ahmed (2017) Shari’ah advisors’ opinions on the need of shari’ah governance framework for Islamic capital market In Malaysia. Research Report. UNSPECIFIED. (Unpublished)
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 HG3368 Islamic Banking and Finance
spellingShingle HG3368 Islamic Banking and Finance
Hassan, Rusni
Salman, Syed Ahmed
Shari’ah advisors’ opinions on the need of shari’ah governance framework for Islamic capital market In Malaysia
description Board of directors play the significant role for the success of any business organization since they set the strategic objectives and vision statement which are the leading direction for the companies to follow. Because of the essential role of the board of directors, the corporate governance system has been introduced to ensure that board of directors discharge their responsibilities to the best interests of the shareholders. The failure of the giant companies such as Lehman Brothers and Enron is the example of the poor corporate governance. Conventional corporate governance system is essential in the conventional business environment and the same concept applies to the Islamic financial institutions. They need good Shari’ah governance which can mold and direct them to comply with Shari’ah in all aspects. This research proposes the best Shari’ah governance practices to mold Islamic capital market activities. Currently, there is no Shari’ah governance standards specific to Islamic capital market. This market is the backbone of the Islamic financial institutions because it is the avenue for the investment and liquidity management where the Islamic financial institutions can rely. The structured interviews were conducted to explore the core factors which should be included in preparing the best Shari’ah governance practices for Islamic capital market. Thirteen Shari’ah advisors are interviewed and it is found that the main components that should be included are related to Islamic accountability and responsibility; independency and objectivity; competency; confidentiality and commitment; consistency; Shari’ah audit and review; transparency and disclosure; corporate responsibility and ethicality. In addition to that, five more specific questions were asked for each main component and all the findings have generally the minimum mean value of 4. Thus, it is important for the future policy makers, industrial players and Shari’ah advisors to know the distinguished factors which should be the main parts of Shari’ah governance practices.
format Monograph
author Hassan, Rusni
Salman, Syed Ahmed
author_facet Hassan, Rusni
Salman, Syed Ahmed
author_sort Hassan, Rusni
title Shari’ah advisors’ opinions on the need of shari’ah governance framework for Islamic capital market In Malaysia
title_short Shari’ah advisors’ opinions on the need of shari’ah governance framework for Islamic capital market In Malaysia
title_full Shari’ah advisors’ opinions on the need of shari’ah governance framework for Islamic capital market In Malaysia
title_fullStr Shari’ah advisors’ opinions on the need of shari’ah governance framework for Islamic capital market In Malaysia
title_full_unstemmed Shari’ah advisors’ opinions on the need of shari’ah governance framework for Islamic capital market In Malaysia
title_sort shari’ah advisors’ opinions on the need of shari’ah governance framework for islamic capital market in malaysia
publishDate 2017
url http://irep.iium.edu.my/58896/1/58896_Shari%E2%80%99ah%20advisors%E2%80%99%20opinions%20on%20the%20eeed_monograph.pdf
http://irep.iium.edu.my/58896/
_version_ 1683230334743740416
score 13.211869

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