COMMENNTS STAKEHOLDERS MODEL OF GOVERNANCE IN ISLAMIC ECONOMIC SYSTEM - Dr. Umer Chapra

M Umer Chapra

Islamic Economic Studies, 2004, vol. 11-2, 65-69

Abstract: The main thrust of this valuable paper written by two highly qualified and respected scholars is that “the stakeholder theory of corporate governance finds strong roots in the Islamic economic system”. This leads the authors to argue that all stakeholders should participate in corporate decisions; that managers have a fiduciary duty to serve the interests of all stakeholders; and that the objective of the firm ought to be promotion of the interests of all stakeholders rather than those of just the shareholders. The paper then discusses property rights and contractual obligations in Islam and the rules of behavior prescribed by Islam to ensure that these rights and obligations are duly honored.

Date: 2004
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