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A Proposed Model for Efficient Shariah Governance of Islamic Financial Institutions
Abstract
The Islamic banking and finance sector has predominantly relied on self-regulation for Shariah governance. Despite existing regulatory bodies like the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB), Islamic financial institutions largely remain self-regulated, as resolutions from these bodies are generally non-binding unless voluntarily adopted. Some countries have implemented Shariah-governance-related regulations, but these regulations often do not extend beyond the requirement to establish Shariah-compliance oversight bodies, which are typically controlled by the same operating banks. Conflicts between these regulatory authorities and Fiqh academies further complicate matters. This study addresses these challenges by identifying the deficiencies in the current system and then proposing necessary reforms to establish an effective Shariah governance framework. Such reforms are crucial for safeguarding the industry's integrity from within and facilitating its pursuit of its objectives.
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