Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services:
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) ha...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2006
|
| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | 1 Online-Ressource (38 Seiten)) |
Internformat
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| 520 | 3 | |a 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 | |
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Datensatz im Suchindex
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| spelling | Grais, Wafik Verfasser aut Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services Grais, Wafik Washington, D.C The World Bank 2006 1 Online-Ressource (38 Seiten)) txt rdacontent c rdamedia cr rdacarrier 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 Online-Ausg Accounting Auditing Bank Banking Banking Supervision Banks Banks and Banking Reform Capital Markets Corporate Law Debt Markets E-Business Emerging Markets Energy External Auditors Finance Finance and Financial Sector Development Financial Institutions Financial Literacy Financial Markets Financial Service Islamic Finance Law and Development Private Sector Development Public Sector Corruption and Anticorruption Measures Pellegrini, Matteo Sonstige oth Grais, Wafik Sonstige oth Grais, Wafik Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4054 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Grais, Wafik Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services Accounting Auditing Bank Banking Banking Supervision Banks Banks and Banking Reform Capital Markets Corporate Law Debt Markets E-Business Emerging Markets Energy External Auditors Finance Finance and Financial Sector Development Financial Institutions Financial Literacy Financial Markets Financial Service Islamic Finance Law and Development Private Sector Development Public Sector Corruption and Anticorruption Measures |
| title | Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services |
| title_auth | Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services |
| title_exact_search | Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services |
| title_exact_search_txtP | Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services |
| title_full | Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services Grais, Wafik |
| title_fullStr | Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services Grais, Wafik |
| title_full_unstemmed | Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services Grais, Wafik |
| title_short | Corporate Governance And Shariah Compliance In Institutions Offering Islamic Financial Services |
| title_sort | corporate governance and shariah compliance in institutions offering islamic financial services |
| topic | Accounting Auditing Bank Banking Banking Supervision Banks Banks and Banking Reform Capital Markets Corporate Law Debt Markets E-Business Emerging Markets Energy External Auditors Finance Finance and Financial Sector Development Financial Institutions Financial Literacy Financial Markets Financial Service Islamic Finance Law and Development Private Sector Development Public Sector Corruption and Anticorruption Measures |
| topic_facet | Accounting Auditing Bank Banking Banking Supervision Banks Banks and Banking Reform Capital Markets Corporate Law Debt Markets E-Business Emerging Markets Energy External Auditors Finance Finance and Financial Sector Development Financial Institutions Financial Literacy Financial Markets Financial Service Islamic Finance Law and Development Private Sector Development Public Sector Corruption and Anticorruption Measures |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-4054 |
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