Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services is popular PDF and ePub book, written by Wafik Grais in 2006, it is a fantastic choice for those who relish reading online the Accounting genre. Let's immerse ourselves in this engaging Accounting book by exploring the summary and details provided below. Remember, Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services can be Read Online from any device for your convenience.
Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services Book PDF Summary
Abstract: The structures and processes established within an institution offering Islamic financial Services (IIFS) for monitoring and evaluating Shariah compliance rely essentially on arrangements internal to the firm. By being incorporated in the institutional structure, a Shariah supervisory board (SSB) has the advantage of being close to the market. Competent, independent, and empowered to approve new Shariah-conforming instruments, an SSB can enable innovation likely to emerge within the institution. The paper reviews the issues and options facing current arrangements for ensuring Shariah compliance by IIFS. It suggests a framework that draws on internal and external arrangements to the firm and emphasizes market discipline. In issuing its fatwas, an SSB could be guided by standardized contracts and practices that could be harmonized by a self-regulatory professionals' association. A framework with the suggested internal and external features could ensure adequate consistency of interpretation and enhance the enforceability of contracts before civil courts. The review of transactions would mainly be entrusted to internal review units, which would collaborate with external auditors responsible for issuing an annual opinion on whether the institution's activities has met its Shariah requirements. This process would be sustained by reputable entities such as rating agencies, stock markets, financial media, and researchers who would channel signals to market players. This framework would enhance public understanding of the requirements of Shariah and lead to more effective options available to stakeholders to achieve improvements in Islamic financial services.
Detail Book of Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services PDF
- Author : Wafik Grais
- Release : 21 September 2024
- Publisher : World Bank Publications
- ISBN : 978186723xxxx
- Genre : Accounting
- Total Page : 38 pages
- Language : English
- PDF File Size : 15,5 Mb
If you're still pondering over how to secure a PDF or EPUB version of the book Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services by Wafik Grais, don't worry! All you have to do is click the 'Get Book' buttons below to kick off your Download or Read Online journey. Just a friendly reminder: we don't upload or host the files ourselves.