Publication:
Is the Shariah governance framework effective?
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153
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Date
2015
SDG:
Abstract
Islamic financial institutions (IFIs) have enjoyed rapid growth globally and the total global assets of the industry as of end-2014 exceeded USD2.0 trillion or a compounded annual growth rate (CAGR) of 17.4% between 2009 and 2014. Like other sectors, IFIs are expected to practice good governance to inspire public and stakeholder confidence and trust. To this end, the government introduced the Islamic Financial Services Act 2013 to provide greater regulatory clarity and focus on good governance and social responsibility. Likewise, leading markets like Hong Kong, the Philippines, Singapore and the UK have initiated regulatory reforms with the aim to build well-governed Islamic banking and capital markets.
Keywords
Islamic financial system , Islamic finance , Good governance , Islamic banking , Islamic capital markets
Citation
Muhamad Sori, Z., & Ramadili Mohd, S. M. (2015). Shariah governance framework effective? Banking Insight, (December 2015), 62-66.
Publisher
AICB
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