Publication:
Challenges facing Shariah committees in the Malaysian Islamic financial Institutions
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Date
2016
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Abstract
An effective system of rules, practices and processes by which Islamic Financial Institutions (IFIs) are directed and controlled to ensure their business operations are Shariah-compliant, which has important implications on their reputation, Shariah governance and the future growth of Islamic finance industry. Sixteen Chairmen of the Shariah Committees of Islamic financial institutions in Malaysia were interviewed on the challenges faced in carrying out their responsibilities and theri views on effective Shariah Committees. This paper summarizes the various challenges faced by Shariah committees in Islamic financial institutions in Malaysia.
Keywords
Shariah governance , Shariah Committee , Islamic financial institutions , Independence , Competence , Consistency
Citation
Ramadili Mohd, S. M., Muhamad Sori, Z., & Mohd Rasid, M. E. S. (2016). Challenges facing Shariah committees in the Malaysian Islamic financial Institutions. Journal of Islamic Islamic Economics, Banking and Finance, 12(2), pp. 59-71.
Publisher
Islami Bank Training and Research Academy
DOI
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Person
Shamsher Mohamad Ramadili Mohd
shamsher@inceif.org
Director, BNP-Paribas-INCEIF Centre for Islamic Asset and Wealth Management
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Person
Zulkarnain Muhamad Sori
zulkarnain@inceif.org
Deputy Director, BNP-Paribas-INCEIF Centre for Islamic Asset and Wealth Management