An examination of the Shariah committee role in Islamic financial institutions

Mohamed Eskandar Shah Mohd Rasid; Shamsher Mohamad Ramadili Mohd; Zulkarnain Muhamad Sori

An examination of the Shariah committee role in Islamic financial institutions

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Date

2015

Authors

Mohamed Eskandar Shah Mohd Rasid

Shamsher Mohamad Ramadili Mohd

Zulkarnain Muhamad Sori

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Abstract

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.

Keywords

Shariah , Corporate governance , Islamic finance , Islamic financial institutions (IFIs) , Malaysia

Citation

Muhamad Sori, Z, Ramadili Mohd, S. M., & Mohd Rasid, M. E. S. (2015). An examination of the Shariah committee role in Islamic financial institutions. In Mohammad Noor Hisham Osman, Siti Zaidah Turmin, Ahmed Razman Abdul Latiff & Zulkarnain Muhamad Sori (Eds.), Selected studies in accounting & finance (pp. 57-82). Serdang, Selangor: UPM Press.

URL

https://ikr.inceif.edu.my/handle/INCEIF/2789

Publisher

UPM Press

Available in physical copy only (Call number: HF 5630 S464)

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