Standardisation of Islamic banking practices: a regulatory perspective
Muhamed Zulkhibri and
Authors registered in the RePEc Author Service: Muhamed Zulkhibri Abdul Majid ()
Afro-Asian Journal of Finance and Accounting, 2014, vol. 4, issue 1, 1-25
The paper compares regulation and standard-setting process of Shari'ah-compliance for Islamic banking institutions in 13 Muslim and non-Muslim countries. The findings suggest that the regulation for Islamic banking institutions in most countries is formulated in the image of conventional banking. Some countries lack a proper legal framework with some notable issues including the lack of a dedicated Islamic banking law with few laws relating to corporate governance. However, most countries follow accounting standards of their domicile, International Accounting Standards (IAS) and Islamic accounting standards. The paper also suggests that due to various constraints facing Islamic banking practices, facilitating cluster or regional rules and practices may be the first step towards greater harmonisation.
Keywords: Islamic banking; regulation; supervision; Shari'ah compliance; Islamic finance; corporate governance; accounting standards; standardisation. (search for similar items in EconPapers)
References: Add references at CitEc
Citations Track citations by RSS feed
Downloads: (external link)
Access to full text is restricted to subscribers.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:ids:afasfa:v:4:y:2014:i:1:p:1-25
Access Statistics for this article
More articles in Afro-Asian Journal of Finance and Accounting from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Carmel O'Grady ().