The Status of Shari'ah Supervisory Board (SSB) in Shari'ah Governance Structure

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Author(s): Hayathu Mohamed Ahamed Hilmy (South Eastern University of Sri Lanka, Sri Lanka), Rusni Hassan (IIUM Institute of Islamic Banking and Finance, International Islamic University Malaysia, Malaysia)and Seyed Mohamed Mohamed Mazahir (South Eastern University of Sri Lanka, Sri Lanka)
Copyright: 2020
Pages: 18
Source title: Handbook of Research on Theory and Practice of Global Islamic Finance
Source Author(s)/Editor(s): Abdul Rafay (University of Management and Technology, Pakistan)
DOI: 10.4018/978-1-7998-0218-1.ch022

Keywords: Accounting & Finance / Accounting and Finance / Business & Management / Business Science Reference

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Abstract

Shari'ah Supervisory Board (SSB) is the salient feature of Shari'ah governance upon which the entire operation of Islamic Financial Institutions (IFIs) depends for validations. This chapter examines the status of SSB in the context of Shari'ah governance in Sri Lankan IFIs. The position of SSB has been examined in three dimensions, namely appointment, qualifications of SSB members, and the enforcement of their decisions. The qualitative method of research and the gap analysis have been applied to find the gap between the guidelines issued by Accounting and Auditing Organizations (AAOIFI) and Islamic Financial Services Board (IFSB) and the actual practices of SSB. Some gaps were found in the practice of SSB in the abovementioned three areas though each IFI has setup SSB institutionally at micro level. The recommendations are put forward to enhance the SSB practices in Sri Lankan IFI, which is the significant contribution of this chapter.

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The Status of Shari'ah Supervisory Board (SSB) in Shari'ah Governance Structure

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