Foundations of Shari'ah Governance of Islamic Banks.
Azhar. Hamid
Bok Engelsk 2015 · Electronic books.
| Omfang | 1 online resource (405 pages)
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| Utgave | 1st ed.
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| Opplysninger | Cover -- Title Page -- Copyright -- Contents -- Part I By Karim Ginena -- Chapter 1 The Roots, Characteristics, and Objectives of Sharī'ah and the Islamic Economic System -- 1.1 Sharī'ah, the Qurān, and Sunnah -- 1.2 What is Fiqh? -- 1.3 Performing Ijtihād and Differences in Juristic Opinions -- 1.4 Sharī'ah Rulings -- 1.4.1 Obligation-Creating Sharīah Rulings -- 1.4.2 Declaratory Sharīah Rulings -- 1.5 The Subject of a Sharīah Ruling -- 1.6 Characteristics of Sharīah -- 1.7 Objectives of Sharīah -- 1.8 The Islamic Economic System and its Characteristics -- 1.9 Objectives of Sharī'ah Relating to Property -- Chapter 2 Corporate and Sharī'ah Governance of Islamic Banks -- 2.1 Corporate Governance Gains Prominence -- 2.2 Hisba System and an Islamic Perspective on Corporate Governance -- 2.3 OECD and Islamic Principles of Corporate Governance -- 2.4 Importance of Corporate Governance to Banking Sector -- 2.5 The Financial Crisis and Corporate Governance Challenges -- 2.6 Developing Countries and Corporate Governance Issues -- 2.7 Corporate Governance Concerns for Islamic Banks -- 2.8 IFSB and AAOIFI Issue Guidance -- 2.9 Adapted Corporate Governance Understanding -- 2.12 Sharīah Governance Model -- 2.13 Importance of Sharī'ah Governance -- 2.14 Sharī'ah Supervision vs Governance -- 2.15 Sharī'ah Risk Definition -- 2.16 Sharī'ah Risk and Possible Implications -- 2.17 Sharī'ah Risk - Causes and Events -- 2.18 Sharī'ah Risk Management -- 2.19 Sharī'ah Compliance Responsibility of BOD and Senior Management -- Appendix 2.1: Operational Risk - Loss Event Types -- Chapter 3 Legal and Regulatory Aspects of Sharī'ah Governance -- 3.1 Institutional Arrangements -- 3.2 Sharī'ah and Common Law Encounters in English Courts -- 3.2.1 The Islamic Investment Company of the Gulf (Bahamas) Ltd v Symphony Gems N.V. & -- others.. - 3.2.2 Shamil Bank of Bahrain E.C. v Beximco Pharmaceuticals Ltd & -- Others -- 3.2.3 Investment Dar Co KSCC v Blom Developments Bank Sal -- 3.3 Lessons Learned from Cases and the Desirability of a Secular Interpretation of Sharī'ah -- 3.4 Malaysia: A Common Law Jurisdiction of Choice? -- 3.5 Role of Banking Supervisors in Sharī'ah Governance -- 3.6 Regulatory Approaches to Sharī'ah Governance -- 3.6.1 Hands-off -- 3.6.2 Nominal -- 3.6.3 Engaged -- 3.6.4 Proactive -- 3.6.5 Committed -- Appendix 3.1: Legal and Regulatory Framework for IFSI in Jurisdictions with Known IIFS presence -- Chapter 4 The Internal Sharī'ah Control System -- 4.1 Internal Sharīh Control - Definition and Objectives -- 4.2 Sharīah Control System Components -- 4.2.1 Sharīah Control Culture -- 4.2.2 Sharīah Risk Identification and Assessment -- 4.2.3 Sharīah Control Activities -- 4.2.4 Sharīah Associated Information and Communication -- 4.2.5 Sharīah Monitoring of Activities -- 4.2.6 Evaluation of Internal Sharī'ah Control System by Banking Supervisors -- 4.3 Internal Sharī'ah Audit Function -- 4.3.1 Purpose, Responsibility, and Authority -- 4.3.2 ISAF in Practice -- 4.3.3 Importance of Independence and Objectivity -- 4.3.4 Planning for Sharī'ah Audit -- 4.3.5 Engagement Program Execution -- 4.3.6 Communicating Findings -- 4.3.7 Following Up and Post-Engagement -- 4.3.8 Sharī'ah Audit Quality Assurance Program -- 4.4 Proficiency and Due Professional Care of ISAF Staff -- 4.5 Professional Sharī'ah Audit Body -- 4.6 Sharī'ah Governance Manual -- Appendix 4.1: Sample Sharī'ah Governance Manual (Also available on the book companion website at www.wiley.com/go/shariahgovernance) -- Appendix 4.2: Sample Sharī'ah Audit Checklists (Also Available on the Book Companion Website at www.Wiley.Com/Go/Shariahgovernance) -- Part II By Azhar Hamid -- Chapter 5 The Sharī'ah Supervisory Board.. - 5.1 The Sharī'ah Supervisory Board Defined -- 5.2 Multiple Titles for the SSB -- 5.3 Importance and Purpose of the Sharī'ah Supervisory Board -- 5.4 History of SSBs in Modern Islamic Banking -- 5.4.1 Accounting and Auditing Organization for Islamic Financial Institutions -- 5.4.2 Islamic Financial Services Board -- 5.4.3 Organization of Islamic Conference Fiqh Academy -- 5.5 Key Governance Guidelines: Independence, Objectivity, Confidentiality, Consistency, Transparency, and Disclosure -- 5.5.1 Independence -- 5.5.2 Objectivity -- 5.5.3 Confidentiality -- 5.5.4 Consistency -- 5.5.5 Transparency and Disclosure -- 5.6 Regulating SSBs -- 5.6.1 GCC Jurisdictions -- 5.6.2 Non-GCC Jurisdictions -- 5.7 SSB Location Within the Organizational Chart -- 5.8 SSB Models -- 5.8.1 SSB at IB Model -- 5.8.2 SSB at Central Bank and IB Model -- 5.8.3 Central Authority and SSB at IB Model -- 5.8.4 Market-Driven SSB at IB Model -- 5.9 An SSB-Free Model? -- 5.9.1 Need to Understand Sharī'ah Requirements for the Industry -- 5.9.2 Securing the Support of Key Stakeholders -- 5.9.3 Commitment to a Unified Sharī'ah Reference -- 5.9.4 Being Highly Receptive to New Developments in Industry -- Chapter 6 Sharī'ah Supervisory Board Member Qualifications and Internal Regulations -- 6.1 Competence of SSB Members -- 6.1.1 Character, Professional Ethics, and Conduct -- 6.1.2 Academic Qualifications of SSB Members -- 6.1.3 Experience -- 6.1.4 Essential Skills for SSB Members -- 6.1.5 Professional SSBs -- 6.2 Establishing an SSB -- 6.2.1 Systemized SSB Application Process -- 6.3 SSB Charter -- 6.3.1 Number of SSB Members -- 6.3.2 Terms of Agreement -- 6.3.3 Reporting Line -- 6.3.4 Reappointment -- 6.3.5 Selection of SSB Chairman and Executive SSB Member -- 6.3.6 SSB Members' Remuneration -- 6.3.7 Compensating SSB Members -- 6.3.8 Procedure for Dismissal and Resignation.. - 6.3.9 Procedure for Replacing an SSB Member -- 6.3.10 SSB Meetings -- 6.3.11 Frequency of Meetings -- 6.3.12 Quorum for SSB Meetings -- 6.3.13 Decision-Making Process -- 6.3.14 Meeting Minutes -- Chapter 7 Authority of the Sharī'ah Supervisory Board and Conflict Management -- 7.1 SSB Authority -- 7.2 Nature of SSB Decisions -- 7.3 BOD and Management Responsibility Towards the SSB -- 7.3.1 Address SSB Matters in Company Bylaws and Establish Sharī'ah Governance Framework -- 7.3.2 Grant SSB Access to Information -- 7.3.3 Seek SSB Guidance and Abide by its Fatawa and Resolutions -- 7.3.4 Honor SSB Independence -- 7.3.5 Provide Administrative Support -- 7.3.6 Assess SSB Performance -- 7.4 Conflict between SSB Members -- 7.5 Conflict between the BOD and the SSB -- 7.6 Conflict between Management and the SSB -- Appendix 7.1: Performance Evaluation Form for SSB Members (Also available on the book companion website at www.wiley.com/go/shariahgovernance) -- Chapter 8 Stages of Sharī'ah Supervision and Responsibilities of the Sharīah Supervisory Board -- 8.1 Sharī'ah Supervision -- 8.1.1 Ex-ante Sharī'ah Supervision -- 8.1.2 Intermediate Sharī'ah Supervision Stage -- 8.1.3 Ex-post Sharī'ah Supervision -- 8.2 Responsibilities of SSB Members -- 8.2.1 Collective Responsibilities -- 8.2.2 Individual Responsibilities -- 8.3 Chairman and Executive SSB Member(s) and their Responsibilities -- 8.3.1 Issuing Fatawa and Ijtihād in Islamic Finance -- 8.3.2 Differences in Juristic Opinion and Conflict Resolution -- 8.3.3 Different Approaches to Issuing Fatawa -- 8.3.4 Reversal of Fatawa and Implications -- 8.4 Annual Sharīah Compliance Report -- 8.4.1 AAOIFI's Report -- 8.4.2 Possible Opinions in the Report -- Appendix 8.1: Lease Ending with transfer of Ownership Financing Instrument (Also available on the book companion website at www.wiley.com/go/shariahgovernance).. - Chapter 9 Sharī'ah Advisory Firms -- 9.1 Introduction to Sharī'ah Advisory Firms -- 9.2 Services Offered by Sharī'ah Advisory Firms -- 9.2.1 Sharī'ah Supervision -- 9.2.2 Internal Sharī'ah Audit -- 9.2.3 External Sharī'ah Audit -- 9.2.4 Product Development and Transaction Structuring -- 9.2.5 Legal Document Preparation and Review -- 9.2.6 Sharī'ah Training -- 9.3 Outsourcing Internal Sharī'ah Functions -- 9.4 Regulation -- 9.4.1 Adherence to Directives and Guidance Issued -- 9.4.2 Competency -- 9.4.3 Monitoring -- 9.5 Liability -- Appendix 9.1: Application Form for the Appointment of an External Sharī'ah Audit Office (Also available on the book companion website at www.wiley.com/go/shariahgovernance) -- Index -- EULA.. - A practical guide for robust sharī'ah governance of the Islamic banking industry Debate in the market on the extent of sharī'ah compliance of Islamic banks, their products, and activities has piqued stakeholders' interest. In Foundations of Sharī'ah Governance of Islamic Banks, Karim Ginena and Azhar Hamid explore the depths of sharī'ah governance to unravel its mysterious dimensions, and equip academics and practitioners with a solid understanding of the subject, which has become a serious challenge and thus deserves dedicated attention. The authors make a strong case for the need to contain the sharī'ah risk that Islamic banks experience, and present a compelling argument for how this should be done. Ginena and Hamid propose a robust sharī'ah governance model that comprehensively tackles thisrisk, and helps improve the extent of sharī'ah compliance of market players. The authors detail the internal, external, and institutional arrangements needed to promote responsible sharī'ah governance, and critically analyze current laws, regulations, and industry practices on the topic. The chapters of the book do the following: Examine the roots, characteristics and objectives of sharī'ah and its relation to financial dealings; Probe the role of regulators in sharī'ah governance, explore the different approaches adopted by banking supervisors, and provide examples of relevant legal and regulatory measures; Explain to bank directors and management the fiduciary duty they assume with respect to sharī'ah compliance, and detail how they could discharge this responsibility in line with best practices; Elaborate on the purpose of the Sharī'ah Supervisory Board (SSB), its responsibilities, competence criteria, internal regulations, and key governance guidelines; additionally, they explore different SSB models; Describe the internal sharī'ah control system. - including its six components, and examine the internal sharī'ah audit function as well as different stages of conducting a sharī'ah audit; Clarify the role of a sharī'ah auditor, with guidance on reporting lines, scope of duties, authority, and practical ways on fulfilling tasks, such as a sample sharī'ah risk assessment grid and audit checklists; Discuss the newly emerging external sharī'ah advisory firms that are expected to play a key role in the coming years and the services they provide. Through an effective treatment of each of these elements, and the way that they interact with one another, the book offers a fresh take on how robust sharī'ah governance of Islamic banks can be successfully accomplished. It is a comprehensive resource for academics, regulators, directors, lawyers, auditors, consultants, employees, and customers of Islamic banks interested in learning more about these challenges. This essential reading persuasively extends the discourse on the subject and addresses critical sharī'ah issues that have policy implications for decision makers in jurisdictions aiming to attract the fast-growing Islamic finance industry or increase their market share.
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| ISBN | 9781118460801
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