In search of the perceptions of theShari'ahscholars onShari'ahgovernance system

Zulkifli Hasan

International Journal of Islamic and Middle Eastern Finance and Management, 2014, vol. 7, issue 1, 22-36

Abstract: Purpose - – This purpose of this article is to examine theShari'ahscholars' perception of theShari'ahgovernance system in Islamic financial institutions (IFIs) particularly of its six major areas, namely, issues ofShari'ahgovernance; internal framework; roles and functions ofShari'ahboard; attributes ofShari'ahboard members on independence, competency and transparency and confidentiality; operational procedures and assessment of theShari'ahboard's performance. Design/methodology/approach - – The study conducted semi-structured interviews withShari'ahscholars who are members of theShari'ahboards in various IFIs. All interview questions were generated, structured and arranged in a way that all the data could be analysed easily through a coding and thematic approach. Findings - – The study discovers the different points of view demonstrated by theShari'ahscholars who were interviewed on several issues, and they have also conceded that there are serious gaps and weaknesses prevalent in all the six major areas ofShari'ahgovernance. This position acknowledges that there are shortcomings and weaknesses to the existing governance framework which need further enhancement and improvement. Practical implications - – The study offers a useful source of information that may provide relevant guidelines to policymakers and practitioners for future development ofShari'ahgovernance practices in IFIs. Originality/value - – The study provides fresh data and significant information pertaining to theShari'ahscholars' perspective on theShari'ahgovernance system. This analysis ofShari'ahscholars' opinions of theShari'ahgovernance system can also serve to enhance the literature on the topic.

Keywords: Shari'ah governance; Shari'ah scholars (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:eme:imefmp:v:7:y:2014:i:1:p:22-36

DOI: 10.1108/IMEFM-07-2012-0059

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