LEGITIMATE OVERSIGHT IN ISLAMIC BANKS

Naima Ismail H. Aldaikey (), Abdul Rahim Ahmad and Mohamad Sabri Bin Haron
Additional contact information
Naima Ismail H. Aldaikey: Institute of Malaysian and International Studies Ikmas, National University of Malaysia, UKM
Abdul Rahim Ahmad: Centre of General Studies, National University of Malaysia
Mohamad Sabri Bin Haron: Centre of General Studies, National University of Malaysia

Post-Print from HAL

Abstract: Islamic banks and Islamic financial institutes was established to develop the Islamic economic, where one of its main tools from the financial and monetary perspective, but under a provisional system to ensure the legitimacy and correct path as well as the right goals and tools. According to that, a Legitimate (Sharia) Council do these active functions to achieve the obligation of bank and the establishment in the provisions and legal principles. The legitimate Oversight Council protects the banking functions through its system which includes Sharia rules that regulate the various banking activities with accordance of Islamic law and prohibiting banking activities which found opposing the provision of Sharia and Islamic law. It is recommended that to ensure full compliance with the provision of Islamic law and Sharia in financial activities, the Legitimate Oversight Council should exist in any Islamic bank to ensure the compliance of Islamic banking products and activities, and provide full integrity of financial transactions in terms of their Islamic character.

Keywords: Oversight Council; Sharia Council in Islamic Banks (search for similar items in EconPapers)
Date: 2016
New Economics Papers: this item is included in nep-sea
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01355958
References: Add references at CitEc
Citations:

Published in International Journal of Academic Research in Management and Business, 2016, 1 (1), pp.75-87

Downloads: (external link)
https://shs.hal.science/halshs-01355958/document (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01355958

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().