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by Azhar Hamid, Karim Ginena
Foundations of Shari'ah Governance of Islamic Banks
Title Page
Series Page
Copyright
Dedication
Foreword
Acknowledgements
Introduction
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 , 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 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 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
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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Copyright
Foundations of
Shariī‘ah
Governance of Islamic Banks
KARIM GINENA
AZHAR HAMID
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