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Problems of Shariah governance framework and different bodies: an empirical investigation of Islamic banks in Bangladesh

The study aims to explore the problems of the existing Shariah Governance Framework (SGF) and its concerned authorities in the context of Bangladesh. Thus, according to responses from 17 respondents, this study outlines that Bangladesh has an absence of a shortage of experts, experienced, knowledgea...

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Main Authors: Alam, Md. Kausar, Mustafa, Hasri, Uddin, Md. Salah, Islam, Md. Jahirul, Mohua, Marjea Jannat, Hassan, Md. Farjin
Format: Article
Language:English
Published: Korea Distribution Science Association 2020
Online Access:http://psasir.upm.edu.my/id/eprint/87301/1/Problems%20of%20Shariah%20governance%20framework%20and%20different%20bodies.pdf
http://psasir.upm.edu.my/id/eprint/87301/
http://koreascience.or.kr/article/JAKO202014862061640.page
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spelling my.upm.eprints.873012022-02-06T06:34:37Z http://psasir.upm.edu.my/id/eprint/87301/ Problems of Shariah governance framework and different bodies: an empirical investigation of Islamic banks in Bangladesh Alam, Md. Kausar Mustafa, Hasri Uddin, Md. Salah Islam, Md. Jahirul Mohua, Marjea Jannat Hassan, Md. Farjin The study aims to explore the problems of the existing Shariah Governance Framework (SGF) and its concerned authorities in the context of Bangladesh. Thus, according to responses from 17 respondents, this study outlines that Bangladesh has an absence of a shortage of experts, experienced, knowledgeable, and qualified Shariah people at all levels (i.e., the central bank, Islamic banks, Shariah Supervisory Boards (SSBs), and regulators). Therefore, Bangladesh does not have a separate Islamic banking act, Shariah audit firm, Shariah index institutions, and comprehensive SGF. The existing guideline has a limitation concerning its comprehensiveness, accountability, responsibility, and structure of SSBs. Islamic banks do not follow the instruction of the central bank in the formation of SSBs. As a result, there is an absence of competent and qualified SSB, which also results in the functions of Shariah departments as well as Shariah applications. Usually, the Board of Directors (BOD), management, executives, customers, and the public also have the conceptual gap about Islamic banks, SGF, and banking system compared to the regular prayers, faith, and belief. Concisely, Bangladesh requisites a comprehensive SGF, Islamic banking act, a standard accounting system, and a robust Shariah audit system for the overall development of Islamic banks and SGF. Korea Distribution Science Association 2020-03-30 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/87301/1/Problems%20of%20Shariah%20governance%20framework%20and%20different%20bodies.pdf Alam, Md. Kausar and Mustafa, Hasri and Uddin, Md. Salah and Islam, Md. Jahirul and Mohua, Marjea Jannat and Hassan, Md. Farjin (2020) Problems of Shariah governance framework and different bodies: an empirical investigation of Islamic banks in Bangladesh. Journal of Asian Finance, Economics and Business, 7 (3). 265 - 276. ISSN 2288-4637; ESSN: 2288-4645 http://koreascience.or.kr/article/JAKO202014862061640.page 10.13106/jafeb.2020.vol7.no3.265
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
description The study aims to explore the problems of the existing Shariah Governance Framework (SGF) and its concerned authorities in the context of Bangladesh. Thus, according to responses from 17 respondents, this study outlines that Bangladesh has an absence of a shortage of experts, experienced, knowledgeable, and qualified Shariah people at all levels (i.e., the central bank, Islamic banks, Shariah Supervisory Boards (SSBs), and regulators). Therefore, Bangladesh does not have a separate Islamic banking act, Shariah audit firm, Shariah index institutions, and comprehensive SGF. The existing guideline has a limitation concerning its comprehensiveness, accountability, responsibility, and structure of SSBs. Islamic banks do not follow the instruction of the central bank in the formation of SSBs. As a result, there is an absence of competent and qualified SSB, which also results in the functions of Shariah departments as well as Shariah applications. Usually, the Board of Directors (BOD), management, executives, customers, and the public also have the conceptual gap about Islamic banks, SGF, and banking system compared to the regular prayers, faith, and belief. Concisely, Bangladesh requisites a comprehensive SGF, Islamic banking act, a standard accounting system, and a robust Shariah audit system for the overall development of Islamic banks and SGF.
format Article
author Alam, Md. Kausar
Mustafa, Hasri
Uddin, Md. Salah
Islam, Md. Jahirul
Mohua, Marjea Jannat
Hassan, Md. Farjin
spellingShingle Alam, Md. Kausar
Mustafa, Hasri
Uddin, Md. Salah
Islam, Md. Jahirul
Mohua, Marjea Jannat
Hassan, Md. Farjin
Problems of Shariah governance framework and different bodies: an empirical investigation of Islamic banks in Bangladesh
author_facet Alam, Md. Kausar
Mustafa, Hasri
Uddin, Md. Salah
Islam, Md. Jahirul
Mohua, Marjea Jannat
Hassan, Md. Farjin
author_sort Alam, Md. Kausar
title Problems of Shariah governance framework and different bodies: an empirical investigation of Islamic banks in Bangladesh
title_short Problems of Shariah governance framework and different bodies: an empirical investigation of Islamic banks in Bangladesh
title_full Problems of Shariah governance framework and different bodies: an empirical investigation of Islamic banks in Bangladesh
title_fullStr Problems of Shariah governance framework and different bodies: an empirical investigation of Islamic banks in Bangladesh
title_full_unstemmed Problems of Shariah governance framework and different bodies: an empirical investigation of Islamic banks in Bangladesh
title_sort problems of shariah governance framework and different bodies: an empirical investigation of islamic banks in bangladesh
publisher Korea Distribution Science Association
publishDate 2020
url http://psasir.upm.edu.my/id/eprint/87301/1/Problems%20of%20Shariah%20governance%20framework%20and%20different%20bodies.pdf
http://psasir.upm.edu.my/id/eprint/87301/
http://koreascience.or.kr/article/JAKO202014862061640.page
_version_ 1724075586790359040
score 13.211869

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