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Financial crimes: Prohibition in Islam and prevention by the Shari 'a Supervisory Board of Islamic financial institutions

Siti Faridah Abdul Jabbar (School of Accounting, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, Bangi, Malaysia)

Journal of Financial Crime

ISSN: 1359-0790

Article publication date: 20 July 2010

2665

Abstract

Purpose

The purpose of this paper is to establish that financial crimes are unlawful (haram) in Islam and accordingly, the responsibilities of the Sharia's Supervisory Boards of Islamic financial institutions include the prevention and control of financial crimes.

Design/methodology/approach

The paper presents an analogy (qiyas) of the injunctions in the Qur'an and Sunna.

Findings

Financial crimes are prohibited in Islam as much as, if not more than, their prohibition by temporal laws.

Practical implications

The responsibilities of the Shari'a Supervisory Boards in ensuring “Shari'a‐compliance” on the part of the Islamic financial institutions include a wider ambit. It includes the prevention and control of financial crimes.

Originality/value

The paper provides additional dimension to Sharia's governance framework for the Islamic financial services industry.

Keywords

Citation

Faridah Abdul Jabbar, S. (2010), "Financial crimes: Prohibition in Islam and prevention by the Shari 'a Supervisory Board of Islamic financial institutions", Journal of Financial Crime, Vol. 17 No. 3, pp. 287-294. https://doi.org/10.1108/13590791011056255

Publisher

:

Emerald Group Publishing Limited

Copyright © 2010, Emerald Group Publishing Limited

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