The system of corporate control, effective and efficient governance that is consistent with Shariah guidance has been an important agenda for Islamic Financial Institutions since the existence of Islamic Finance in Malaysia. This is especially important in light of rapid growth in Islamic Finance industry not only in Malaysia but globally. For example, the global total assets of the industry as of end 2014 has exceeding USD2.0 trillion or a compounded annual growth rate (CAGR) of 17.4% between 2009 and 2014 (Ernst & Young, 2014). The well-functioning Islamic Finance industry can only be sustained if there is good corporate governance practice by IFIs that comply with Shariah guidance.