Corporate governance: comparative analysis between conventional and Islamic models

Gouvernance d'entreprise: analyse comparative entre les modèles conventionnels et Islamiques

Reda Mouna () and Oumaima Mouna ()
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Reda Mouna: FSJEST - Faculté des sciences juridiques, Economiques et Sociales de Tanger
Oumaima Mouna: ENCGT - Ecole Nationale de Commerce et de Gestion - Tanger

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Abstract: The objective of this paper is a comparison between the Corporate Governance models—conventional and Islamic—establishing their theoretical grounds and aiming to clarify points of convergence and divergence. After an initial alignment inherent to corporations, that is, value creation, the analysis demonstrates a significant divergence between the Shura and Shareholder model on the ownership nature, participation in the decision- making process, and the selection and responsibility of managers. A convergence between the conventional and Islamic stakeholder model is evident since the Islamic-oriented model adapts the conventional stakeholder model according to the precepts of the Shari'ah as guidelines, however, maintaining the principles and foundations of the model. Both conventional and Islamic stakeholder models have nuanced differences with the Shura model, aligning on inclusion as an objective but diverging on its modality. They share a double structure of governance, which in the Shura model is circular while for the stakeholder model it is mixed—horizontal and vertical. Simultaneously, the shareholder and stakeholder models differentiate on inclusion and the importance of extra- financial objectives. This work offers an analysis of four prevalent models, establishing their theoretical grounds for future empirical studies and application by practitioners.

Keywords: Maqasid-based Governance; Shura Governance Model; Stakeholder Model; Shareholder Model; Corporate Governance (search for similar items in EconPapers)
Date: 2026-01-27
New Economics Papers: this item is included in nep-cfn, nep-hme, nep-inv and nep-isf
Note: View the original document on HAL open archive server: https://hal.science/hal-05479434v1
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Published in International Journal of Accounting, Finance, Auditing, Management and Economics, 2026, 7 (2), pp.184-201. ⟨10.5281/zenodo.18289105⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05479434

DOI: 10.5281/zenodo.18289105

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