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Shariah supervisory boards of Islamic banks in Bangladesh: expected duties and performed roles and functions

Purpose The main aim of this research is to ascertain the expected duties and performed roles and functions of the Shariah supervisory boards (SSBs) of Islamic banks in Bangladesh. Design/methodology/approach A semi structured face-to-face interview was applied to accomplish the research objectives....

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Main Authors: Alam, Md. Kausar, Ab Rahman, Suhaimi, Tabash, Mosab I., Thakur, Oli Ahad, Hosen, Sharif
Format: Article
Language:English
Published: Emerald Publishing Limited 2021
Online Access:http://psasir.upm.edu.my/id/eprint/95063/1/Shariah%20supervisory%20boards%20of%20Islamic%20banks%20in%20Bangladesh.pdf
http://psasir.upm.edu.my/id/eprint/95063/
https://www.emerald.com/insight/content/doi/10.1108/JIABR-02-2020-0035/full/html#:~:text=The%20SSBs%20members%20perform%20roles,finally%2C%20delivering%20Shariah%20resolutions%20on
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spelling my.upm.eprints.950632023-01-04T08:58:01Z http://psasir.upm.edu.my/id/eprint/95063/ Shariah supervisory boards of Islamic banks in Bangladesh: expected duties and performed roles and functions Alam, Md. Kausar Ab Rahman, Suhaimi Tabash, Mosab I. Thakur, Oli Ahad Hosen, Sharif Purpose The main aim of this research is to ascertain the expected duties and performed roles and functions of the Shariah supervisory boards (SSBs) of Islamic banks in Bangladesh. Design/methodology/approach A semi structured face-to-face interview was applied to accomplish the research objectives. In total, data was collected from 17 respondents with a combination of regulators, SSBs, Shariah department executives and experts from the central bank and Islamic banks in Bangladesh. Findings This study finds that the expectations of Islamic banks toward SSB members are to provide opinions on Shariah issues, guidelines and decisions regarding the modern banking, practices and delivering of fatwas on the contemporary issues offered by the management to fulfil the demand of the numerous stakeholders. In addition, they can develop Shariah governance (SG) policies and implement those guidelines, approve and develop new products, observe and monitor banking functions, identify problems and outline solutions as well as they should ensure Shariah principles and compliance. The SSBs members perform roles and functions in monitoring and reviewing overall banking activities and functions; reviewing products, services and contracts; preparing SG guidelines; ensuring Shariah principles and compliance; providing opinions on existing SG practices and finally, delivering Shariah resolutions on the overall functions. Research limitations/implications This study significantly contributed to the national regulatory bodies by providing suggestions that the existing SG system should be improved to enhance the overall monitoring of SSB and ensure more Shariah compliance in the overall operations of the Islamic banks in Bangladesh. Originality/value This is the first research to the best of authors’ knowledge that explores the expected duties and performed roles and functions of the Islamic banks concerning Bangladesh. This study also contributes to the agency, legitimacy and stakeholder theories by outlining the expected and performed roles of SSBs to the Islamic banks and stakeholders. Emerald Publishing Limited 2021-03-04 Article PeerReviewed text en http://psasir.upm.edu.my/id/eprint/95063/1/Shariah%20supervisory%20boards%20of%20Islamic%20banks%20in%20Bangladesh.pdf Alam, Md. Kausar and Ab Rahman, Suhaimi and Tabash, Mosab I. and Thakur, Oli Ahad and Hosen, Sharif (2021) Shariah supervisory boards of Islamic banks in Bangladesh: expected duties and performed roles and functions. Journal of Islamic Accounting and Business Research, 12 (2). 258 - 275. ISSN 1759-0817; ESSN: 1759-0825 https://www.emerald.com/insight/content/doi/10.1108/JIABR-02-2020-0035/full/html#:~:text=The%20SSBs%20members%20perform%20roles,finally%2C%20delivering%20Shariah%20resolutions%20on 10.1108/JIABR-02-2020-0035
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 Purpose The main aim of this research is to ascertain the expected duties and performed roles and functions of the Shariah supervisory boards (SSBs) of Islamic banks in Bangladesh. Design/methodology/approach A semi structured face-to-face interview was applied to accomplish the research objectives. In total, data was collected from 17 respondents with a combination of regulators, SSBs, Shariah department executives and experts from the central bank and Islamic banks in Bangladesh. Findings This study finds that the expectations of Islamic banks toward SSB members are to provide opinions on Shariah issues, guidelines and decisions regarding the modern banking, practices and delivering of fatwas on the contemporary issues offered by the management to fulfil the demand of the numerous stakeholders. In addition, they can develop Shariah governance (SG) policies and implement those guidelines, approve and develop new products, observe and monitor banking functions, identify problems and outline solutions as well as they should ensure Shariah principles and compliance. The SSBs members perform roles and functions in monitoring and reviewing overall banking activities and functions; reviewing products, services and contracts; preparing SG guidelines; ensuring Shariah principles and compliance; providing opinions on existing SG practices and finally, delivering Shariah resolutions on the overall functions. Research limitations/implications This study significantly contributed to the national regulatory bodies by providing suggestions that the existing SG system should be improved to enhance the overall monitoring of SSB and ensure more Shariah compliance in the overall operations of the Islamic banks in Bangladesh. Originality/value This is the first research to the best of authors’ knowledge that explores the expected duties and performed roles and functions of the Islamic banks concerning Bangladesh. This study also contributes to the agency, legitimacy and stakeholder theories by outlining the expected and performed roles of SSBs to the Islamic banks and stakeholders.
format Article
author Alam, Md. Kausar
Ab Rahman, Suhaimi
Tabash, Mosab I.
Thakur, Oli Ahad
Hosen, Sharif
spellingShingle Alam, Md. Kausar
Ab Rahman, Suhaimi
Tabash, Mosab I.
Thakur, Oli Ahad
Hosen, Sharif
Shariah supervisory boards of Islamic banks in Bangladesh: expected duties and performed roles and functions
author_facet Alam, Md. Kausar
Ab Rahman, Suhaimi
Tabash, Mosab I.
Thakur, Oli Ahad
Hosen, Sharif
author_sort Alam, Md. Kausar
title Shariah supervisory boards of Islamic banks in Bangladesh: expected duties and performed roles and functions
title_short Shariah supervisory boards of Islamic banks in Bangladesh: expected duties and performed roles and functions
title_full Shariah supervisory boards of Islamic banks in Bangladesh: expected duties and performed roles and functions
title_fullStr Shariah supervisory boards of Islamic banks in Bangladesh: expected duties and performed roles and functions
title_full_unstemmed Shariah supervisory boards of Islamic banks in Bangladesh: expected duties and performed roles and functions
title_sort shariah supervisory boards of islamic banks in bangladesh: expected duties and performed roles and functions
publisher Emerald Publishing Limited
publishDate 2021
url http://psasir.upm.edu.my/id/eprint/95063/1/Shariah%20supervisory%20boards%20of%20Islamic%20banks%20in%20Bangladesh.pdf
http://psasir.upm.edu.my/id/eprint/95063/
https://www.emerald.com/insight/content/doi/10.1108/JIABR-02-2020-0035/full/html#:~:text=The%20SSBs%20members%20perform%20roles,finally%2C%20delivering%20Shariah%20resolutions%20on
_version_ 1754531208003321856
score 13.211869

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