Foundations of Shari’ah Governance of Islamic Banks 1st Edition by Karim Ginena, Azhar Hamid 1118460774 9781118460771

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ISBN 10: 1118460774

ISBN 13: 9781118460771

Author: Karim Ginena, Azhar Hamid

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.

Table of contents:

Part I: By Karim Ginena

Chapter 1: The Roots, Characteristics, and Objectives of Sharī‘ah and the Islamic Economic System
Chapter Summary
1.1 Sharī‘ah, the Qur’ān, and Sunnah
1.2 What is Fiqh?
1.3 Performing Ijtihād and Differences in Juristic Opinions
1.4 Sharī‘ah Rulings
1.5 The Subject of a Sharī‘ah Ruling
1.6 Characteristics of Sharī‘ah
1.7 Objectives of Sharī‘ah
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
Chapter Summary
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
2.10 Stakeholders of Islamic Banks and their Governance Responsibilities
2.11 Connecting Risk Management, Corporate Governance, and Sharī‘ah Compliance
2.12 Sharī‘ah 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
Chapter Summary
3.1 Institutional Arrangements
3.2 Sharī‘ah and Common Law Encounters in English Courts
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
Appendix 3.1: Legal and Regulatory Framework for IFSI in Jurisdictions with Known IIFS Presence

Chapter 4: The Internal Sharī‘ah Control System
Chapter Summary
4.1 Internal Sharī‘ah Control – Definition and Objectives
4.2 Sharī‘ah Control System Components
4.3 Internal Sharī‘ah Audit Function (ISAF)
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
1.0 Sharī‘ah Governance
2.0 Sharī‘ah Supervisory Board
3.0 SSB Composition and Appointment
4.7 Independence and Objectivity of the SSB
5.0 “Fit and Proper” Criteria for SSB Members
6.0 Key Duties of the SSB
7.0 SSB Meetings
8.0 Sharī‘ah References
9.0 Grounds for Disqualifying SSB Members
10.0 Management’s Responsibilities toward the SSB
11.0 Internal Sharī‘ah Control System
12.0 Internal Sharī‘ah Audit Function
13.0 Management’s Responsibilities towards Internal Sharī‘ah Audit
14.0 Internal Sharī‘ah Audit Personnel
15.0 External Sharī‘ah Audit
Appendix 4.2: Sample Sharī‘ah Audit Checklists

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Part II: By Azhar Hamid

Chapter 5: The Sharī‘ah Supervisory Board
Chapter Summary
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
5.5 Key Governance Guidelines: Independence, Objectivity, Confidentiality, Consistency, Transparency, and Disclosure
5.6 Regulating SSBS
5.7 SSB Location Within the Organizational Chart
5.8 SSB Models
5.9 An SSB-Free Model?

Chapter 6: Sharī’ah Supervisory Board Member Qualifications and Internal Regulations
Chapter Summary
6.1 Competence of SSB Members
6.2 Establishing an SSB
6.3 SSB Charter

Chapter 7: Authority of the Sharī‘ah Supervisory Board and Conflict Management
Chapter Summary
7.1 SSB Authority
7.2 Nature of SSB Decisions
7.3 BOD and Management Responsibility Towards the SSB
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

Chapter 8: Stages of Sharī‘ah Supervision and Responsibilities of the Sharī‘ah Supervisory Board
Chapter Summary
8.1 Sharī‘ah Supervision
8.2 Responsibilities of SSB Members
8.3 Chairman and Executive SSB Member(s) and their Responsibilities
8.4 Annual Sharī‘ah Compliance Report
Appendix 8.1: Lease Ending with Transfer of Ownership Financing Instrument

Chapter 9: Sharī‘ah Advisory Firms
Chapter Summary
9.1 Introduction to Sharī‘ah Advisory Firms
9.2 Services Offered by Sharī‘ah Advisory Firms
9.3 Outsourcing Internal Sharī‘ah Functions
9.4 Regulation
9.5 Liability
Appendix 9.1: Application Form for the Appointment of an External Sharī‘ah Audit Office

Index
End User License Agreement

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