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Harmonizing Shari’ah Rulings In Islamic Finance: Strategies And Challenges

ABSTRACT The main objective of this paper is to discuss the ways and challenges in harmonizing shari’ah rulings in Islamic finance industry. The issue of harmonization is pertinent to be resolved because of disagreement over certain shari’ah issue to certain extent has hindered industry’s robust...

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Main Author: Amir Shaharuddin
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Published: Universiti Sains Islam Malaysia 2017
Subjects:
Islamic Finance, Shari’ah governance, harmonization.
Online Access:http://ddms.usim.edu.my:80/jspui/handle/123456789/14426
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spelling my.usim-144262017-03-21T07:24:33Z Harmonizing Shari’ah Rulings In Islamic Finance: Strategies And Challenges Amir Shaharuddin Islamic Finance, Shari’ah governance, harmonization. ABSTRACT The main objective of this paper is to discuss the ways and challenges in harmonizing shari’ah rulings in Islamic finance industry. The issue of harmonization is pertinent to be resolved because of disagreement over certain shari’ah issue to certain extent has hindered industry’s robust growth in global market. This paper critically reviews previous efforts and proposes a new harmonization framework at national and international levels. Apart from that, it is also identifies the main challenges in harmonizing shari’ah rulings. The challenges identified are the absence of inclusive participation in issuing shari’ah standard, lack of regulatory support, discrepancy level of industry development between countries, differences of shari’ah governance framework and difficulty to win over all shari’ah scholars collectively. This paper will be valuable addition to the existing literature in the effort towards enhancing the governance of shari’ah matter in Islamic finance industry. 2017-03-21T07:24:33Z 2017-03-21T07:24:33Z 2015 1823-075X http://ddms.usim.edu.my:80/jspui/handle/123456789/14426 JMIFR - Vol.12, No.1, 2015; Universiti Sains Islam Malaysia
institution Universiti Sains Islam Malaysia
building USIM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universit Sains Islam i Malaysia
content_source USIM Institutional Repository
url_provider http://ddms.usim.edu.my/
topic Islamic Finance, Shari’ah governance, harmonization.
spellingShingle Islamic Finance, Shari’ah governance, harmonization.
Amir Shaharuddin
Harmonizing Shari’ah Rulings In Islamic Finance: Strategies And Challenges
description ABSTRACT The main objective of this paper is to discuss the ways and challenges in harmonizing shari’ah rulings in Islamic finance industry. The issue of harmonization is pertinent to be resolved because of disagreement over certain shari’ah issue to certain extent has hindered industry’s robust growth in global market. This paper critically reviews previous efforts and proposes a new harmonization framework at national and international levels. Apart from that, it is also identifies the main challenges in harmonizing shari’ah rulings. The challenges identified are the absence of inclusive participation in issuing shari’ah standard, lack of regulatory support, discrepancy level of industry development between countries, differences of shari’ah governance framework and difficulty to win over all shari’ah scholars collectively. This paper will be valuable addition to the existing literature in the effort towards enhancing the governance of shari’ah matter in Islamic finance industry.
format
author Amir Shaharuddin
author_facet Amir Shaharuddin
author_sort Amir Shaharuddin
title Harmonizing Shari’ah Rulings In Islamic Finance: Strategies And Challenges
title_short Harmonizing Shari’ah Rulings In Islamic Finance: Strategies And Challenges
title_full Harmonizing Shari’ah Rulings In Islamic Finance: Strategies And Challenges
title_fullStr Harmonizing Shari’ah Rulings In Islamic Finance: Strategies And Challenges
title_full_unstemmed Harmonizing Shari’ah Rulings In Islamic Finance: Strategies And Challenges
title_sort harmonizing shari’ah rulings in islamic finance: strategies and challenges
publisher Universiti Sains Islam Malaysia
publishDate 2017
url http://ddms.usim.edu.my:80/jspui/handle/123456789/14426
_version_ 1645153638189891584
score 13.222552

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