Sharia Governance of Islamic Financial Institutions: The Role of Sharia Supervisory Boards, Internal Audit and Advisory Firms

In "Sharia Governance of Islamic Financial Institutions," the authors set out to discuss current Sharia governance practices in Islamic banking, outline the challenges it presents, and supply a practical Sharia governance modelThe book: Provides regulators around the world with the means to identify [...]
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In "Sharia Governance of Islamic Financial Institutions," the authors set out to discuss current Sharia governance practices in Islamic banking, outline the challenges it presents, and supply a practical Sharia governance modelThe book: Provides regulators around the world with the means to identify the governance steps necessary to ensure the prudent development of the Islamic financial industry, and assess how the presence of IFIs may impact their supervisory operations and how Sharia compliance may affect financial stability.Shows company directors of IFIs how they can ensure that appropriate Sharia-compliant governance practices are implemented in line with corporate governance best practicesClarifies the role of the Sharia Supervisory Board (SSB), their rights and responsibilities, and the internal regulations which will allow them to accomplish their tasks efficientlyDemonstrates how management personnel can execute transactions in accordance with the guidance issued by their SSBSets out the role of the Sharia auditor, with guidance on reporting lines, scope of duties, authority, and practical ways of fulfilling their remitLooks at the newly emerging external Sharia advisory firms, which are expected to play a significant role in the coming years, but which have yet to be understood in terms of the services they provide and the way they may be regulatedThrough an effective treatment of each of these elements of Sharia Governance, and the way that the interact with one another, "Sharia Governance of Islamic Financial Institutions" provides the reader with a broad yet detailed overview, along with practical guidance on how a strong Sharia governance framework can be created successfully.