In search of the perceptions of the Shari'ah scholars on Shari'ah governance system
International Journal of Islamic and Middle Eastern Finance and Management
ISSN: 1753-8394
Article publication date: 14 April 2014
Abstract
Purpose
This purpose of this article is to examine the Shari'ah scholars' perception of the Shari'ah governance system in Islamic financial institutions (IFIs) particularly of its six major areas, namely, issues of Shari'ah governance; internal framework; roles and functions of Shari'ah board; attributes of Shari'ah board members on independence, competency and transparency and confidentiality; operational procedures and assessment of the Shari'ah board's performance.
Design/methodology/approach
The study conducted semi-structured interviews with Shari'ah scholars who are members of the Shari'ah boards in various IFIs. All interview questions were generated, structured and arranged in a way that all the data could be analysed easily through a coding and thematic approach.
Findings
The study discovers the different points of view demonstrated by the Shari'ah scholars who were interviewed on several issues, and they have also conceded that there are serious gaps and weaknesses prevalent in all the six major areas of Shari'ah governance. This position acknowledges that there are shortcomings and weaknesses to the existing governance framework which need further enhancement and improvement.
Practical implications
The study offers a useful source of information that may provide relevant guidelines to policymakers and practitioners for future development of Shari'ah governance practices in IFIs.
Originality/value
The study provides fresh data and significant information pertaining to the Shari'ah scholars' perspective on the Shari'ah governance system. This analysis of Shari'ah scholars' opinions of the Shari'ah governance system can also serve to enhance the literature on the topic.
Keywords
Citation
Hasan, Z. (2014), "In search of the perceptions of the
Publisher
:Emerald Group Publishing Limited
Copyright © 2014, Emerald Group Publishing Limited