Financial crimes

Siti Faridah Abdul Jabbar

Journal of Financial Crime, 2010, vol. 17, issue 3, 287-294

Abstract: Purpose - The purpose of this paper is to establish that financial crimes are unlawful (haram) in Islam and accordingly, the responsibilities of theSharia'sSupervisory Boards of Islamic financial institutions include the prevention and control of financial crimes. Design/methodology/approach - The paper presents an analogy (qiyas) of the injunctions in theQur'anandSunna. Findings - Financial crimes are prohibited in Islam as much as, if not more than, their prohibition by temporal laws. Practical implications - The responsibilities of theShari'aSupervisory Boards in ensuring “Shari'a‐compliance” on the part of the Islamic financial institutions include a wider ambit. It includes the prevention and control of financial crimes. Originality/value - The paper provides additional dimension toSharia'sgovernance framework for the Islamic financial services industry.

Keywords: Islam; Finance; Crimes; Insider trading (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:13590791011056255

DOI: 10.1108/13590791011056255

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