Shari’ah advisors’ opinions on the eeed of shari’ah governance framework for Islamic capital market In Malaysia

Board of directors play the significant role for the success of any business organization since they set the strategic objectives and vision statement which are the leading direction for the companies to follow. Because of the essential role of the board of directors, the corporate governance system...

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Main Authors:	Hassan, Rusni, Salman, Syed Ahmed
Format:	Monograph
Language:	English
Published:	2017
Subjects:	HG3368 Islamic Banking and Finance
Online Access:	http://irep.iium.edu.my/58896/ http://irep.iium.edu.my/58896/1/Full%20Report%20RMC.docx

id	iium-58896
recordtype	eprints
spelling	iium-588962017-12-31T16:25:08Z http://irep.iium.edu.my/58896/ Shari’ah advisors’ opinions on the eeed of shari’ah governance framework for Islamic capital market In Malaysia Hassan, Rusni Salman, Syed Ahmed HG3368 Islamic Banking and Finance Board of directors play the significant role for the success of any business organization since they set the strategic objectives and vision statement which are the leading direction for the companies to follow. Because of the essential role of the board of directors, the corporate governance system has been introduced to ensure that board of directors discharge their responsibilities to the best interests of the shareholders. The failure of the giant companies such as Lehman Brothers and Enron is the example of the poor corporate governance. Conventional corporate governance system is essential in the conventional business environment and the same concept applies to the Islamic financial institutions. They need good Shari’ah governance which can mold and direct them to comply with Shari’ah in all aspects. This research proposes the best Shari’ah governance practices to mold Islamic capital market activities. Currently, there is no Shari’ah governance standards specific to Islamic capital market. This market is the backbone of the Islamic financial institutions because it is the avenue for the investment and liquidity management where the Islamic financial institutions can rely. The structured interviews were conducted to explore the core factors which should be included in preparing the best Shari’ah governance practices for Islamic capital market. Thirteen Shari’ah advisors are interviewed and it is found that the main components that should be included are related to Islamic accountability and responsibility; independency and objectivity; competency; confidentiality and commitment; consistency; Shari’ah audit and review; transparency and disclosure; corporate responsibility and ethicality. In addition to that, five more specific questions were asked for each main component and all the findings have generally the minimum mean value of 4. Thus, it is important for the future policy makers, industrial players and Shari’ah advisors to know the distinguished factors which should be the main parts of Shari’ah governance practices. 2017-10-24 Monograph NonPeerReviewed application/pdf en http://irep.iium.edu.my/58896/1/Full%20Report%20RMC.docx Hassan, Rusni and Salman, Syed Ahmed (2017) Shari’ah advisors’ opinions on the eeed of shari’ah governance framework for Islamic capital market In Malaysia. Research Report. UNSPECIFIED. (Unpublished)
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG3368 Islamic Banking and Finance
spellingShingle	HG3368 Islamic Banking and Finance Hassan, Rusni Salman, Syed Ahmed Shari’ah advisors’ opinions on the eeed of shari’ah governance framework for Islamic capital market In Malaysia
description	Board of directors play the significant role for the success of any business organization since they set the strategic objectives and vision statement which are the leading direction for the companies to follow. Because of the essential role of the board of directors, the corporate governance system has been introduced to ensure that board of directors discharge their responsibilities to the best interests of the shareholders. The failure of the giant companies such as Lehman Brothers and Enron is the example of the poor corporate governance. Conventional corporate governance system is essential in the conventional business environment and the same concept applies to the Islamic financial institutions. They need good Shari’ah governance which can mold and direct them to comply with Shari’ah in all aspects. This research proposes the best Shari’ah governance practices to mold Islamic capital market activities. Currently, there is no Shari’ah governance standards specific to Islamic capital market. This market is the backbone of the Islamic financial institutions because it is the avenue for the investment and liquidity management where the Islamic financial institutions can rely. The structured interviews were conducted to explore the core factors which should be included in preparing the best Shari’ah governance practices for Islamic capital market. Thirteen Shari’ah advisors are interviewed and it is found that the main components that should be included are related to Islamic accountability and responsibility; independency and objectivity; competency; confidentiality and commitment; consistency; Shari’ah audit and review; transparency and disclosure; corporate responsibility and ethicality. In addition to that, five more specific questions were asked for each main component and all the findings have generally the minimum mean value of 4. Thus, it is important for the future policy makers, industrial players and Shari’ah advisors to know the distinguished factors which should be the main parts of Shari’ah governance practices.
format	Monograph
author	Hassan, Rusni Salman, Syed Ahmed
author_facet	Hassan, Rusni Salman, Syed Ahmed
author_sort	Hassan, Rusni
title	Shari’ah advisors’ opinions on the eeed of shari’ah governance framework for Islamic capital market In Malaysia
title_short	Shari’ah advisors’ opinions on the eeed of shari’ah governance framework for Islamic capital market In Malaysia
title_full	Shari’ah advisors’ opinions on the eeed of shari’ah governance framework for Islamic capital market In Malaysia
title_fullStr	Shari’ah advisors’ opinions on the eeed of shari’ah governance framework for Islamic capital market In Malaysia
title_full_unstemmed	Shari’ah advisors’ opinions on the eeed of shari’ah governance framework for Islamic capital market In Malaysia
title_sort	shari’ah advisors’ opinions on the eeed of shari’ah governance framework for islamic capital market in malaysia
publishDate	2017
url	http://irep.iium.edu.my/58896/ http://irep.iium.edu.my/58896/1/Full%20Report%20RMC.docx
first_indexed	2023-09-18T21:23:21Z
last_indexed	2023-09-18T21:23:21Z
_version_	1777412028730703872

Shari’ah advisors’ opinions on the eeed of shari’ah governance framework for Islamic capital market In Malaysia

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