Guiding principles in developing Shari'ah governance framework for Islamic capital market

Shari’ah compliance is the foundation of the Islamic financial markets, including Islamic capital market. From the beginning, the Islamic capital market (ICM) was developed to support the other two Islamic financial markets such as Islamic Banking and Takaful. Later on, it became the investment av...

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Main Authors:	Hassan, Rusni, Salman, Syed Ahmed
Format:	Article
Language:	English English
Published:	Serials Publications 2017
Subjects:	HG3368 Islamic Banking and Finance
Online Access:	http://irep.iium.edu.my/72818/ http://irep.iium.edu.my/72818/ http://irep.iium.edu.my/72818/2/72818_Guiding%20principles%20in%20developing%20Shari%27ah.pdf http://irep.iium.edu.my/72818/9/72818_Guiding%20principles%20in%20developing%20Shari%27ah_SCOPUS.pdf

id	iium-72818
recordtype	eprints
spelling	iium-728182019-07-15T01:16:58Z http://irep.iium.edu.my/72818/ Guiding principles in developing Shari'ah governance framework for Islamic capital market Hassan, Rusni Salman, Syed Ahmed HG3368 Islamic Banking and Finance Shari’ah compliance is the foundation of the Islamic financial markets, including Islamic capital market. From the beginning, the Islamic capital market (ICM) was developed to support the other two Islamic financial markets such as Islamic Banking and Takaful. Later on, it became the investment avenue for investors looking for Shari’ah compliant investment and financing. Presently, the Shari’ah governance framework and regulations have been implemented for Islamic banks and Takaful. On the contrary, there is lack of similar framework of Shari’ah Governance for the Islamic capital market. Malaysia having positioned itself as a hub of Islamic finance should introduce a Shari’ah governance framework for the Islamic capital market. Thus, the objective of this paper is to provide the principles on which the theoretical Shari’ah governance framework for the Islamic capital market can be developed. These principles are Islamic accountability and responsibility, independence and objectivity, competence, confidentiality and commitment, consistency, Shari’ah audit and review, transparency and disclosure, corporate social responsibility and ethicality. In addition, this paper discusses the Shari’ah governance practices in Indonesia, Bahrain, Pakistan, Kuwait and Malaysia. This write-up will be of interest to individual players, regulators, investors and the public. Serials Publications 2017 Article PeerReviewed application/pdf en http://irep.iium.edu.my/72818/2/72818_Guiding%20principles%20in%20developing%20Shari%27ah.pdf application/pdf en http://irep.iium.edu.my/72818/9/72818_Guiding%20principles%20in%20developing%20Shari%27ah_SCOPUS.pdf Hassan, Rusni and Salman, Syed Ahmed (2017) Guiding principles in developing Shari'ah governance framework for Islamic capital market. International Journal of Economic Research, 14 (6). pp. 27-38. ISSN 0972-9380 http://serialsjournals.com/abstract/88187_3.pdf
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HG3368 Islamic Banking and Finance
spellingShingle	HG3368 Islamic Banking and Finance Hassan, Rusni Salman, Syed Ahmed Guiding principles in developing Shari'ah governance framework for Islamic capital market
description	Shari’ah compliance is the foundation of the Islamic financial markets, including Islamic capital market. From the beginning, the Islamic capital market (ICM) was developed to support the other two Islamic financial markets such as Islamic Banking and Takaful. Later on, it became the investment avenue for investors looking for Shari’ah compliant investment and financing. Presently, the Shari’ah governance framework and regulations have been implemented for Islamic banks and Takaful. On the contrary, there is lack of similar framework of Shari’ah Governance for the Islamic capital market. Malaysia having positioned itself as a hub of Islamic finance should introduce a Shari’ah governance framework for the Islamic capital market. Thus, the objective of this paper is to provide the principles on which the theoretical Shari’ah governance framework for the Islamic capital market can be developed. These principles are Islamic accountability and responsibility, independence and objectivity, competence, confidentiality and commitment, consistency, Shari’ah audit and review, transparency and disclosure, corporate social responsibility and ethicality. In addition, this paper discusses the Shari’ah governance practices in Indonesia, Bahrain, Pakistan, Kuwait and Malaysia. This write-up will be of interest to individual players, regulators, investors and the public.
format	Article
author	Hassan, Rusni Salman, Syed Ahmed
author_facet	Hassan, Rusni Salman, Syed Ahmed
author_sort	Hassan, Rusni
title	Guiding principles in developing Shari'ah governance framework for Islamic capital market
title_short	Guiding principles in developing Shari'ah governance framework for Islamic capital market
title_full	Guiding principles in developing Shari'ah governance framework for Islamic capital market
title_fullStr	Guiding principles in developing Shari'ah governance framework for Islamic capital market
title_full_unstemmed	Guiding principles in developing Shari'ah governance framework for Islamic capital market
title_sort	guiding principles in developing shari'ah governance framework for islamic capital market
publisher	Serials Publications
publishDate	2017
url	http://irep.iium.edu.my/72818/ http://irep.iium.edu.my/72818/ http://irep.iium.edu.my/72818/2/72818_Guiding%20principles%20in%20developing%20Shari%27ah.pdf http://irep.iium.edu.my/72818/9/72818_Guiding%20principles%20in%20developing%20Shari%27ah_SCOPUS.pdf
first_indexed	2023-09-18T21:43:14Z
last_indexed	2023-09-18T21:43:14Z
_version_	1777413279316967424

Guiding principles in developing Shari'ah governance framework for Islamic capital market

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