Sharī‘ah Governance and Sharī‘ah Non-Compliance Risk Management: A Maqāsid Sharī‘ah Based Appraisal
Keywords:
Islamic Banking, Maqasid Sharī‘ah, Maqasid Khassah of IBF, Sharī‘ah Governance, Sharī‘ah Non-Compliance Risk Management (SNCR)
Abstract
Abstract Views: 55
The current study aims to explore the Sharī‘ah Governance (SG) and the management of Sharī‘ah Non-Compliance Risk (SNCR) in Islamic Banks (IBs) of Pakistan through the lens of Maqasid Sharī‘ah. For this purpose, the content analysis method was employed on the Sharī‘ah Governance Framework (SGF) issued by the State Bank of Pakistan (SBP), by concerning the related literature. Content analysis revealed that SGF explicitly defined the roles and responsibilities of various organs of SG of IBs towards sharī‘ah compliance. Moreover, the study also revealed that IBs were exposed to SNCR whenever they failed to comply with Sharī‘ah and consequently, SNCR lead to such a situation that threatened the stability and viability of IBs. The findings of this paper suggested that the viability and stability of IBs, as one of Maqāsid Khassah of the Islamic financial system, is being fully realized through different SG mechanisms provided in SGF, which strengthened the overall sharī‘ah compliance environment of IBs in Pakistan. It was also confirmed that different Maqasid Sharī‘ah , such as transparency, protection and growth of wealth, equity and justice in return distribution, and two dimensions of the well-being of society from the perspective of Maqasid Sharī‘ah , namely, safeguarding religiosity and safeguarding wealthwere being realized through SG mechanisms of IBs in Pakistan.
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References
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Abdel-Karim, R. A. (2001). International Accounting Harmonization, Banking Regulation, and Islamic Banks. The International Journal of Accounting, 36(2), 169–93. https://doi.org/10.1016/s0020-7063(01)00093-0.
Abdelkader, D. (2003). Modernity, the Principles of Public Welfare (Maslahah) and the End Goals of Shariah (Maqasid) in Muslim Legal Thought. Islam and Christian–Muslim Relations, 14(2), 163-174. https://doi.org/10.1080/0959641032000057298.
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BCBS. (2005). Compliance and the Compliance Function in Banks. Bank for International Settlements. https://www.bis.org/publ/bcbs113.pdf.
BCBS. (2001). Customer Due Diligence for Banks. Bank for International Settlements.
https://www.bis.org/publ/bcbs85.pdf.
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DeLorenzo, Y., & McMillen, M. (2007). Law and Islamic Finance: An Interactive Analysis. In S. Archer, & R. A. Abdel-Karim (Eds.), Islamic Finance: The Regulatory Challenge (pp. ). John Wiley & Sons.
Dusuki, A. W., & Bouheraoua, S. (2011). The Framework of Maqasid Al-Shariah and Its Implication for Islamic Finance. ICR Journal, 2(2), 316-336. https://doi.org/10.52282/icr.v2i2.651.
Dusuki, A. W., & Abozaid, A. (2007). A Critical Appraisal on the Challenges of Realizing Maqasid al-Shariah in Islamic Banking and Finance. IIUM Journal of Economics and Management, 15(2), 143-165.
El-Hawary, D., Grais, W., & Iqbal, Z. (2004). Regulating Islamic Financial Institutions: The Nature of the Regulated (Policy Research Working Paper No. 3227). World Bank. https://openknowledge.worldbank.org/handle/10986/14732.
Fatmawati, D., Ariffin, N. M., Abidin, N. H. Z., and Osman, A. Z. (2020). Shariah Governance in Islamic Banks: Practices, Practitioners and Praxis. Global Finance Journal 51, 100555. https://doi.org/10.1016/j.gfj.2020.100555.
Ginena, K. (2014). Shariah Risk and Corporate Governance of Islamic Banks. Corporate Governance, 14(1), 86–103.
https://doi.org/10.1108/cg-03-2013-0038.
Grais, W., & Pellegrini, M. (2006). Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services. World Bank Policy Research Paper, No. 4054.
Hamid, A., & Ginena, K. (2015). Foundations of Shariah Governance of Islamic Banks. Wiley.
Hasan, Z. (2014). In Search of the Perceptions of the Shariah Scholars on Shariah Governance System. International Journal of Islamic and Middle Eastern Finance and Management, 7(1), 22-36.
https://doi.org/10.1108/imefm-07-2012-0059.
Hasan, Z. (2012). Shariah Governance in Islamic Banks. Edinburgh University Press.
Hilmy, H. M. A., & Hassan, R. (2019). Shariah Governance Structure of Islamic Financial Institutions in Sri Lanka. International Journal of Management and Applied Research, 6(4), 245-258. https://doi.org/10.18646/2056.64.19-018.
Ibn-Ashur, M. T. (2006). Treatise on Maqasid Al-Shariah. The International Institute of Islamic Thought.
IFSB. (2009). Guiding Principles on Shariah Governance Systems for Institutions Offering Islamic Financial Services. Islamic Financial Services Board.
https://www.ifsb.org/download.php?id=4366&lang=English&pg=/published.php.
IFSB. (2006). Guiding Principles on Corporate Governance for Institutions offering only Islamic Financial Services. Islamic Financial Services Board. https://www.ifsb.org/download.php?id=4359&lang=English&pg=/published.php.
IFSB. (2005). Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services. Islamic Financial Services Board. https://www.ifsb.org/download.php?id=4357&lang=English&pg=/published.php.
Ishak, M. S. I. (2018). Considering Maalat as an Approach to Applying Maslahah in Reality. ICR Journal, 9(2), 147-160. https://doi.org/10.52282/icr.v9i2.118.
IRTI, & IFSB. (2007), Islamic Financial Services Industry Development: Ten-Year Framework and Strategies. Islamic Research & Training Institute, Islamic Development Bank. https://www.ifsb.org/download.php?id=4420&lang=English&pg=/sec03.php.
Kamali, M. H. (1989). Sources, Nature and Objectives of Shari‘ah. Islamic Quarterly, 33(4), 215-235.
Kamla, R. (2009). Critical Insights into Contemporary Islamic Accounting. Critical Perspectives on Accounting, 20(8), 921-932. https://doi.org/10.1016/j.cpa.2009.01.002.
Karbhari, Y., Alam, M. K., and Rahman, M. M. (2020). Relevance of the Application of Institutional Theory in Shariah Governance of Islamic Banks. PSU Research Review, 5(1), 1-15.
https://doi.org/10.1108/prr-05-2020-0015.
Kasri, R., & Ahmed, H. (2014). Assessing Socio-Economic Development Based on Maqasid al-Shariah Principles: Normative Frameworks, Methods, and Implementation in Indonesia. Islamic Economic Studies, 23(1), 73-100.
Kayed, R. N., & Hassan, M. K. (2011). The Global Financial Crisis and Islamic Finance. Thunderbird International Business Review, 53(5), 551–564. https://doi.org/10.1002/tie.20434.
Laldin, M. A., & Furqani, H. (2018). Islamic Financial Services Act (IFSA) 2013 and the Shariah-Compliance Requirement of the Islamic Finance Industry in Malaysia. ISRA International Journal of Islamic Finance, 10(1), 94-101. https://doi.org/https://doi.org/10.1108/IJIF-12-2017-0052.
Leventis, S., Dimitropoulos, P., & Owusu-Ansah, S. (2013). Corporate Governance and Accounting Conservatism: Evidence from the Banking Industry. Corporate Governance: An International Review, 21(3), 264–286. https://doi.org/10.1111/corg.12015.
Mansoori, M. T. (2020). Islamic Law of Contract: Applications in Islamic Finance. Institute of Policy Studies.
Mcgregor, A., Coulthard, S., & Camfield, L. (2015). Measuring What Matters: The Role of Well-Being Methods in Development Policy and Practice. Development Progress, 1-26. https://odi.org/documents/4861/9688.pdf.
Morrison, S. (2014). Shariah Boards and the Corporate Governance of Islamic Banks in the United Kingdom. Journal of Islamic Economics Banking and Finance, 10(1), 96–109.
https://doi.org/10.12816/0025699.
Nomran, N. M., & Haron, R. (2020). Shariah Governance for Islamic Banking: Evidence from Diverse Regulatory Environments. In Abdul-Rafay (Ed.), Growth and Emerging Prospects of International Islamic Banking (pp. 213-244). IGI Global.
Nyazee, I. A. K. (2000). Islamic Jurisprudence (Usul Al-Fiqh). Islamic Research Institute.
Oz, E., Khokher, Z. R., Ali, M. M., and Rosman, R. (2016). Shariah Non-Compliance Risk in the Banking Sector: Impact on Capital Adequacy Framework of Islamic Banks. IFSB Working Paper Series, Islamic Financial Services Board. https://www.ifsb.org/download.php?id=4409&lang=English&pg=/index.php.
Rasool, M. S. A., Yusof, M. A. M., & Ali, S. M. (2020). Well-being of the Society: A Maqasid Al-Shariah Approach. Afkar Special Issue, (1), 25-46 https://doi.org/https://doi.org/10.22452/afkar.sp2020no1.2.
Saleem, M. Y. (2013). Islamic Commercial Law. John Wiley & Sons.
SBP. (2018). Shariah Governance Framework for Islamic Banking Institutions. Islamic Banking Department, State Bank of Pakistan. https://www.sbp.org.pk/ibd/2018/C1-Annex-A.pdf.
Schleicher, J., Schaafsma, M., Burgess, N. D., Sandbrook, C., Danks, F., Cowie, C., & Vira, B. (2018). Poorer without It? The Neglected Role of the Natural Environment in Poverty and Well-being. Sustainable Development, 26(1), 83-98. https://doi.org/https://doi.org/10.1002/sd.1692.
Schoon, N. (2009). Islamic Banking and Finance. Spiramus Press.
Sheikh, R., & Khan, A. (2018). Liquidity Management Mechanisms of Islamic and Conventional Finance: A Shariah Appraisal. Policy Perspectives, 15(2), 1-24. https://doi.org/10.13169/polipers.15.2.0001.
Siddiqui, M. N. (2009). Maqasid e Sharıat (Urdu). Islamic Research Institute.
Abbasi, A. S. (2020). Shariah Governance Framework for Islamic Banking Institutions (IBIs): A Critical Analysis. Islamic Banking and Finance Review, 7(1), 1–18. https://doi.org/10.32350/ibfr.2020.07.01.
Abu-Tapanjeh, A. M. (2009). Corporate Governance from the Islamic Perspective: A Comparative Analysis with OECD Principles. Critical Perspectives on Accounting, 20(5), 556-567. https://doi.org/10.1016/j.cpa.2007.12.004.
Abdel-Karim, R. A. (2001). International Accounting Harmonization, Banking Regulation, and Islamic Banks. The International Journal of Accounting, 36(2), 169–93. https://doi.org/10.1016/s0020-7063(01)00093-0.
Abdelkader, D. (2003). Modernity, the Principles of Public Welfare (Maslahah) and the End Goals of Shariah (Maqasid) in Muslim Legal Thought. Islam and Christian–Muslim Relations, 14(2), 163-174. https://doi.org/10.1080/0959641032000057298.
Abdul-Rahman, Y. (2014). The Art of RF (Riba-Free) Islamic Banking and Finance: Tools and Techniques for Community-Based Banking. John Wiley & Sons.
Ahmad, A. A., & Ishak, M. S. I. (2020). Realizing Maqasid Al-Shariah in Shariah Governance: A Case Study of Islamic Banking Institutions Malaysia. International Journal of Islamic Economics and Finance Research, 3(2), 39-52.
Al-Amer, S. A. (2018). Sharia Supervisory Board in Islamic Banks: A Critical Analysis of the Current Framework. Doctoral dissertation, University of Leeds.
Al-Ghazali, A. H. (1990). Ihyaa Ulumuddin (Arabic). Dar al-Khair.
Al-Nahari, A. A. A. Q., Monawer, A. T. M., Abdullah, L. B. H., Ali, A. K. B., Abdul-Rahman, N. N. B., & Achour, M. (2022). Common Conceptual Flaws in Realizing Maqasid Al-Shariah vis-a-vis Islamic Finance. ISRA International Journal of Islamic Finance, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/ijif-12-2020-0259.
Al-Najjaar, A. M. (2006). Maqasid Al-Shariah (Arabic). Dar Al-Gharb Al-Islami.
Al-Shatibi, A. I. (2002). Al-Muwafiqat fi Usul Al-Shariah (Arabic). Al-Maktabah Al-Asriyah.
Alam, M. K., Miah, M. S., Siddiquii, M. N., & Hossain, M. I. (2020). The Influences of Board of Directors and Management in Shariah Governance Guidelines of the Islamic Banks in Bangladesh. Journal of Islamic Accounting and Business Research, 11(9), 1633-1647.
https://doi.org/10.1108/jiabr-08-2019-0155.
Archer, S., & Abdel-Karim, R. A. (2007). Islamic Finance: The Regulatory Challenge John Wiley and Sons Ltd.
Ayub, M. (2019). Strengths, Gaps, and Issues in Shariah Governance Framework 2015 for IBIs in Pakistan. In T. Azid, A. A. Alnodel, & M. A. Qureshi (Eds.), Research in Corporate and Shariah Governance in the Muslim World: Theory and Practice (pp. 261–275). Emerald Publishing Limited.
Ayub, M. (2016). Focusing on Shariah Governance in Regulating Islamic Banking Institutions: Editorial. Journal of Islamic Business and Management, 6(2), 7–18.
Ayub, M. (2007). Understanding Islamic Finance. John Wiley & Sons.
BCBS. (2011). Principles for the Sound Management of Operational Risk. Bank for International Settlements. https://www.bis.org/publ/bcbs195.pdf.
BCBS. (2005). Compliance and the Compliance Function in Banks. Bank for International Settlements. https://www.bis.org/publ/bcbs113.pdf.
BCBS. (2001). Customer Due Diligence for Banks. Bank for International Settlements.
https://www.bis.org/publ/bcbs85.pdf.
CIBAFI, & World Bank (2017). Corporate Governance Practices in Islamic Banks 2017. General Council for Islamic Banks and Financial Institutions and the World Bank Group.
DeLorenzo, Y., & McMillen, M. (2007). Law and Islamic Finance: An Interactive Analysis. In S. Archer, & R. A. Abdel-Karim (Eds.), Islamic Finance: The Regulatory Challenge (pp. ). John Wiley & Sons.
Dusuki, A. W., & Bouheraoua, S. (2011). The Framework of Maqasid Al-Shariah and Its Implication for Islamic Finance. ICR Journal, 2(2), 316-336. https://doi.org/10.52282/icr.v2i2.651.
Dusuki, A. W., & Abozaid, A. (2007). A Critical Appraisal on the Challenges of Realizing Maqasid al-Shariah in Islamic Banking and Finance. IIUM Journal of Economics and Management, 15(2), 143-165.
El-Hawary, D., Grais, W., & Iqbal, Z. (2004). Regulating Islamic Financial Institutions: The Nature of the Regulated (Policy Research Working Paper No. 3227). World Bank. https://openknowledge.worldbank.org/handle/10986/14732.
Fatmawati, D., Ariffin, N. M., Abidin, N. H. Z., and Osman, A. Z. (2020). Shariah Governance in Islamic Banks: Practices, Practitioners and Praxis. Global Finance Journal 51, 100555. https://doi.org/10.1016/j.gfj.2020.100555.
Ginena, K. (2014). Shariah Risk and Corporate Governance of Islamic Banks. Corporate Governance, 14(1), 86–103.
https://doi.org/10.1108/cg-03-2013-0038.
Grais, W., & Pellegrini, M. (2006). Corporate Governance and Shariah Compliance in Institutions Offering Islamic Financial Services. World Bank Policy Research Paper, No. 4054.
Hamid, A., & Ginena, K. (2015). Foundations of Shariah Governance of Islamic Banks. Wiley.
Hasan, Z. (2014). In Search of the Perceptions of the Shariah Scholars on Shariah Governance System. International Journal of Islamic and Middle Eastern Finance and Management, 7(1), 22-36.
https://doi.org/10.1108/imefm-07-2012-0059.
Hasan, Z. (2012). Shariah Governance in Islamic Banks. Edinburgh University Press.
Hilmy, H. M. A., & Hassan, R. (2019). Shariah Governance Structure of Islamic Financial Institutions in Sri Lanka. International Journal of Management and Applied Research, 6(4), 245-258. https://doi.org/10.18646/2056.64.19-018.
Ibn-Ashur, M. T. (2006). Treatise on Maqasid Al-Shariah. The International Institute of Islamic Thought.
IFSB. (2009). Guiding Principles on Shariah Governance Systems for Institutions Offering Islamic Financial Services. Islamic Financial Services Board.
https://www.ifsb.org/download.php?id=4366&lang=English&pg=/published.php.
IFSB. (2006). Guiding Principles on Corporate Governance for Institutions offering only Islamic Financial Services. Islamic Financial Services Board. https://www.ifsb.org/download.php?id=4359&lang=English&pg=/published.php.
IFSB. (2005). Guiding Principles of Risk Management for Institutions (other than Insurance Institutions) offering only Islamic Financial Services. Islamic Financial Services Board. https://www.ifsb.org/download.php?id=4357&lang=English&pg=/published.php.
Ishak, M. S. I. (2018). Considering Maalat as an Approach to Applying Maslahah in Reality. ICR Journal, 9(2), 147-160. https://doi.org/10.52282/icr.v9i2.118.
IRTI, & IFSB. (2007), Islamic Financial Services Industry Development: Ten-Year Framework and Strategies. Islamic Research & Training Institute, Islamic Development Bank. https://www.ifsb.org/download.php?id=4420&lang=English&pg=/sec03.php.
Kamali, M. H. (1989). Sources, Nature and Objectives of Shari‘ah. Islamic Quarterly, 33(4), 215-235.
Kamla, R. (2009). Critical Insights into Contemporary Islamic Accounting. Critical Perspectives on Accounting, 20(8), 921-932. https://doi.org/10.1016/j.cpa.2009.01.002.
Karbhari, Y., Alam, M. K., and Rahman, M. M. (2020). Relevance of the Application of Institutional Theory in Shariah Governance of Islamic Banks. PSU Research Review, 5(1), 1-15.
https://doi.org/10.1108/prr-05-2020-0015.
Kasri, R., & Ahmed, H. (2014). Assessing Socio-Economic Development Based on Maqasid al-Shariah Principles: Normative Frameworks, Methods, and Implementation in Indonesia. Islamic Economic Studies, 23(1), 73-100.
Kayed, R. N., & Hassan, M. K. (2011). The Global Financial Crisis and Islamic Finance. Thunderbird International Business Review, 53(5), 551–564. https://doi.org/10.1002/tie.20434.
Laldin, M. A., & Furqani, H. (2018). Islamic Financial Services Act (IFSA) 2013 and the Shariah-Compliance Requirement of the Islamic Finance Industry in Malaysia. ISRA International Journal of Islamic Finance, 10(1), 94-101. https://doi.org/https://doi.org/10.1108/IJIF-12-2017-0052.
Leventis, S., Dimitropoulos, P., & Owusu-Ansah, S. (2013). Corporate Governance and Accounting Conservatism: Evidence from the Banking Industry. Corporate Governance: An International Review, 21(3), 264–286. https://doi.org/10.1111/corg.12015.
Mansoori, M. T. (2020). Islamic Law of Contract: Applications in Islamic Finance. Institute of Policy Studies.
Mcgregor, A., Coulthard, S., & Camfield, L. (2015). Measuring What Matters: The Role of Well-Being Methods in Development Policy and Practice. Development Progress, 1-26. https://odi.org/documents/4861/9688.pdf.
Morrison, S. (2014). Shariah Boards and the Corporate Governance of Islamic Banks in the United Kingdom. Journal of Islamic Economics Banking and Finance, 10(1), 96–109.
https://doi.org/10.12816/0025699.
Nomran, N. M., & Haron, R. (2020). Shariah Governance for Islamic Banking: Evidence from Diverse Regulatory Environments. In Abdul-Rafay (Ed.), Growth and Emerging Prospects of International Islamic Banking (pp. 213-244). IGI Global.
Nyazee, I. A. K. (2000). Islamic Jurisprudence (Usul Al-Fiqh). Islamic Research Institute.
Oz, E., Khokher, Z. R., Ali, M. M., and Rosman, R. (2016). Shariah Non-Compliance Risk in the Banking Sector: Impact on Capital Adequacy Framework of Islamic Banks. IFSB Working Paper Series, Islamic Financial Services Board. https://www.ifsb.org/download.php?id=4409&lang=English&pg=/index.php.
Rasool, M. S. A., Yusof, M. A. M., & Ali, S. M. (2020). Well-being of the Society: A Maqasid Al-Shariah Approach. Afkar Special Issue, (1), 25-46 https://doi.org/https://doi.org/10.22452/afkar.sp2020no1.2.
Saleem, M. Y. (2013). Islamic Commercial Law. John Wiley & Sons.
SBP. (2018). Shariah Governance Framework for Islamic Banking Institutions. Islamic Banking Department, State Bank of Pakistan. https://www.sbp.org.pk/ibd/2018/C1-Annex-A.pdf.
Schleicher, J., Schaafsma, M., Burgess, N. D., Sandbrook, C., Danks, F., Cowie, C., & Vira, B. (2018). Poorer without It? The Neglected Role of the Natural Environment in Poverty and Well-being. Sustainable Development, 26(1), 83-98. https://doi.org/https://doi.org/10.1002/sd.1692.
Schoon, N. (2009). Islamic Banking and Finance. Spiramus Press.
Sheikh, R., & Khan, A. (2018). Liquidity Management Mechanisms of Islamic and Conventional Finance: A Shariah Appraisal. Policy Perspectives, 15(2), 1-24. https://doi.org/10.13169/polipers.15.2.0001.
Siddiqui, M. N. (2009). Maqasid e Sharıat (Urdu). Islamic Research Institute.
Published
2023-06-20
How to Cite
Sheikh, Rafiullah, Mohammad Ayaz, and Muhammad Abubakar Siddique. 2023. “Sharī‘ah Governance and Sharī‘ah Non-Compliance Risk Management: A Maqāsid Sharī‘ah Based Appraisal”. Journal of Islamic Thought and Civilization 13 (1), 270-91. https://doi.org/10.32350/jitc.131.19.
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Copyright (c) 2023 Rafiullah Sheikh, Mohammad Ayaz, Muhammad Abubakar Siddique
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