Shariah Governance Structure of Islamic Financial Institutions in Sri Lanka

Shariah Governance Structure of Islamic Financial Institutions in Sri Lanka

Shariah governance plays a key role in ensuring integrity of Islamic financial system. The structure and the process of Shariah governance has been proposed by the international standard setting bodies for Islamic Financial Institutions (IFIs) to follow and incorporate Shariah governance practices i...

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Main Authors: Hassan, Rusni, Ahamed Hilmy, Hayathu Mohamed
Format: Article
Language:English
Published: New Millennium Discoveries, UK 2019
Subjects:
HG3368 Islamic Banking and Finance
Online Access:http://irep.iium.edu.my/75398/
http://irep.iium.edu.my/75398/
http://irep.iium.edu.my/75398/1/75398%20-%20Shariah%20Governance%20Structure%20of%20Islamic%20Financial%20Institutions%20in%20Sri%20Lanka.pdf
id iium-75398
recordtype eprints
spelling iium-753982019-11-08T08:40:17Z http://irep.iium.edu.my/75398/ Shariah Governance Structure of Islamic Financial Institutions in Sri Lanka Hassan, Rusni Ahamed Hilmy, Hayathu Mohamed HG3368 Islamic Banking and Finance Shariah governance plays a key role in ensuring integrity of Islamic financial system. The structure and the process of Shariah governance has been proposed by the international standard setting bodies for Islamic Financial Institutions (IFIs) to follow and incorporate Shariah governance practices in their operations and financial products. This study aims to investigate the Shariah governance practice in Sri Lanka that practices dual financial system (conventional and Islamic finance) for the past twenty years, with a special focus on process and structure. The qualitative method is employed in this study whereby the primary data are gathered in the form of interview while secondary data are collected through research articles, annual reports, official websites, magazines and newspaper. This study found there are gaps and shortcomings in the Shariah governance practice at IFIs in Sri Lanka particularly in the structure and the process as compare to the international framework and guidelines issued by international standard setting body such as AAOIFI and IFSB. The main contribution of this study is to put forward recommendations to rectify the gaps and to further enhance the Shariah governance practices in Sri Lankan IFIs. New Millennium Discoveries, UK 2019-10 Article PeerReviewed application/pdf en http://irep.iium.edu.my/75398/1/75398%20-%20Shariah%20Governance%20Structure%20of%20Islamic%20Financial%20Institutions%20in%20Sri%20Lanka.pdf Hassan, Rusni and Ahamed Hilmy, Hayathu Mohamed (2019) Shariah Governance Structure of Islamic Financial Institutions in Sri Lanka. International Journal of Management and Applied Research (IJMAR), Vol 6 (4). pp. 243-256. ISSN 2056-757X http://ijmar.org/v6n4/19-016.html
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
Ahamed Hilmy, Hayathu Mohamed
Shariah Governance Structure of Islamic Financial Institutions in Sri Lanka
description Shariah governance plays a key role in ensuring integrity of Islamic financial system. The structure and the process of Shariah governance has been proposed by the international standard setting bodies for Islamic Financial Institutions (IFIs) to follow and incorporate Shariah governance practices in their operations and financial products. This study aims to investigate the Shariah governance practice in Sri Lanka that practices dual financial system (conventional and Islamic finance) for the past twenty years, with a special focus on process and structure. The qualitative method is employed in this study whereby the primary data are gathered in the form of interview while secondary data are collected through research articles, annual reports, official websites, magazines and newspaper. This study found there are gaps and shortcomings in the Shariah governance practice at IFIs in Sri Lanka particularly in the structure and the process as compare to the international framework and guidelines issued by international standard setting body such as AAOIFI and IFSB. The main contribution of this study is to put forward recommendations to rectify the gaps and to further enhance the Shariah governance practices in Sri Lankan IFIs.
format Article
author Hassan, Rusni
Ahamed Hilmy, Hayathu Mohamed
author_facet Hassan, Rusni
Ahamed Hilmy, Hayathu Mohamed
author_sort Hassan, Rusni
title Shariah Governance Structure of Islamic Financial Institutions in Sri Lanka
title_short Shariah Governance Structure of Islamic Financial Institutions in Sri Lanka
title_full Shariah Governance Structure of Islamic Financial Institutions in Sri Lanka
title_fullStr Shariah Governance Structure of Islamic Financial Institutions in Sri Lanka
title_full_unstemmed Shariah Governance Structure of Islamic Financial Institutions in Sri Lanka
title_sort shariah governance structure of islamic financial institutions in sri lanka
publisher New Millennium Discoveries, UK
publishDate 2019
url http://irep.iium.edu.my/75398/
http://irep.iium.edu.my/75398/
http://irep.iium.edu.my/75398/1/75398%20-%20Shariah%20Governance%20Structure%20of%20Islamic%20Financial%20Institutions%20in%20Sri%20Lanka.pdf
first_indexed 2023-09-18T21:46:41Z
last_indexed 2023-09-18T21:46:41Z
_version_ 1777413496442454016

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