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" Foundations of Shari'ah governance of Islamic banks / "
Karim Ginena, Azhar Hamid
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BL
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640699
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dltt
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| Main Entry
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Ginena, Karim.
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| Title & Author
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Foundations of Shari'ah governance of Islamic banks /\ Karim Ginena, Azhar Hamid
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| Series Statement
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Wiley Finance Series
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| Page. NO
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1 online resource
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| ISBN
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9781118460795
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: 1118460790
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: 9781118460801
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: 1118460804
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: 9781119053507
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: 1119053501
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: 1118460774
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: 9781118460771
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9781118460771
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| Notes
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Includes index
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| Contents
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Karim Ginena -- The Roots, Characteristics, and Objectives of Shari'ah and the Islamic Economic System -- Shari'ah, the Qur'an, and Sunnah -- What is Figh? -- Performing Ijtihad and Differences in Juristic Opinions -- Shari'ah Rulings -- Obligation-Creating Shari'ah Rulings -- Declaratory Shari'ah Rulings -- The Subject of a Shari'ah Ruling -- Characteristics of Shari'ah -- Objectives of Shari'ah -- The Islamic Economic System and its Characteristics -- Objectives of Shari'ah Relating to Property -- Corporate and Shari'ah Governance of Islamic Banks -- Corporate Governance Gains Prominence -- Hisba System and an Islamic Perspective on Corporate Governance -- OECD and Islamic Principles of Corporate Governance -- Importance of Corporate Governance to Banking Sector -- The Financial Crisis and Corporate Governance Challenges -- Developing Countries and Corporate Governance Issues -- Corporate Governance Concerns for Islamic Banks -- IFSB and AAOIFI Issue Guidance -- Adapted Corporate Governance Understanding -- Stakeholders of Islamic Banks and their Governance Responsibilities -- Connecting Risk Management, Corporate Governance, and Shari'ah Compliance -- Shari'ah Governance Model -- Importance of Shari'ah Governance -- Shari'ah Supervision vs Governance -- Shari'ah Risk Definition -- Shari'ah Risk and Possible Implications -- Credit Risk -- Legal and Compliance Risk -- Reputational Risk -- Market Risk -- Shari'ah Risk - Causes and Events -- Internal Causes -- External Causes -- Shari'ah Risk Management -- Shari'ah Compliance Responsibility of BOD and Senior Management -- Operational Risk - Loss Event Types -- Legal and Regulatory Aspects of Shari'ah Governance -- Institutional Arrangements -- Shari'ah and Common Law Encounters in English Courts -- The Islamic Investment Company of the Gulf (Bahamas) Ltd v Symphony Gems N.V. & others -- Shamil Bank of Bahrain E.C. v Beximco Pharmaceuticals Ltd & Others -- Investment Dar Co KSCC v Blom Developments Bank Sal -- Lessons Learned from Cases and the Desirability of a Secular Interpretation of Shari'ah -- Malaysia: A Common Law Jurisdiction of Choice? -- Role of Banking Supervisors in Shari'ah Governance -- Regulatory Approaches to Shari'ah Governance -- Hands-off -- Nominal -- Engaged -- Proactive -- Committed -- Legal and Regulatory Framework for IFSI in Jurisdictions with Known ILFS presence -- The Internal Shari'ah Control System -- Internal Shari'ah Control - Definition and Objectives -- Shari'ah Control System Components -- Shari'ah Control Culture -- Shari'ah Risk Identification and Assessment -- Shari'ah Control Activities -- Shari'ah Associated Information and Communication -- Shari'ah Monitoring of Activities -- Evaluation of Internal Shari'ah Control System by Banking Supervisors -- Internal Shari'ah Audit Function -- Purpose, Responsibility, and Authority -- ISAF in Practice -- Importance of Independence and Objectivity -- Planning for Shari'ah Audit -- Engagement Program Execution -- Communicating Findings -- Following Up and Post-Engagement -- Shari'ah Audit Quality Assurance Program -- Proficiency and Due Professional Care of ISAF Staff -- Professional Shari'ah Audit Body -- Shari'ah Governance Manual -- Sample Shari'ah Governance Manual (Also available on the book companion website atwww.wiley.com/go/shariahgovernance) -- Sample Shari'ah Audit Checklists (Also available on the book companion website atwww.wiley.com/go/shariahgovernance) -- Azhar Hamid -- The Shari'ah Supervisory Board -- The Shari'ah Supervisory Board Defined -- Multiple Titles for the SSB -- Importance and Purpose of the Shari'ah Supervisory Board -- History of SSBs in Modern Islamic Banking -- Accounting and Auditing Organization for Islamic Financial Institutions -- Islamic Financial Services Board -- Organization of Islamic Conference Fiqh Academy -- Key Governance Guidelines: Independence, Objectivity, Confidentiality,Consistency, Transparency, and Disclosure -- Independence -- Objectivity -- Confidentiality -- Consistency -- Transparency and Disclosure -- Regulating SSBs -- GCC Jurisdictions -- Non-GCC Jurisdictions -- SSB Location Within the Organizational Chart -- SSB Models -- SSB at IB Model -- SSB at Central Bank and IB Model -- Central Authority and SSB at IB Model -- Market-Driven SSB at IB Model -- An SSB-Free Model? -- Need to Understand Shari'ah Requirements for the Industry -- Securing the Support of Key Stakeholders -- Commitment to a Unified Shari'ah Reference -- Being Highly Receptive to New Developments in Industry -- Shari'ah Supervisory Board Member Qualifications and Internal Regulations -- Competence of SSB Members -- Character, Professional Ethics, and Conduct -- Academic Qualifications of SSB Members -- Experience -- Essential Skills for SSB Members -- Professional SSBs -- Establishing an SSB -- Systemized SSB Application Process -- SSB Charter -- Number of SSB Members -- Terms of Agreement -- Reporting Line -- Reappointment -- Selection of SSB Chairman and Executive SSB Member -- SSB Members' Remuneration -- Compensating SSB Members -- Procedure for Dismissal and Resignation -- Procedure for Replacing an SSB Member -- SSB Meetings -- Frequency of Meetings -- Quorum for SSB Meetings -- Decision-Making Process -- Meeting Minutes -- Authority of the Shari'ah Supervisory Board and Conflict Management -- SSB Authority -- Nature of SSB Decisions -- BOD and Management Responsibility Towards the SSB -- Address SSB Matters in Company Bylaws and Establish Shari'ah Governance Framework -- Grant SSB Access to Information -- Seek SSB Guidance and Abide by its Fatawa and Resolutions -- Honor SSB Independence -- Provide Administrative Support -- Assess SSB Performance -- Conflict between SSB Members -- Conflict between the BOD and the SSB -- Conflict between Management and the SSB -- Performance Evaluation Form for SSB Members (Also available on the book companion website at www. Wiley.com/go/shariahgovernance) -- Stages of Shari'ah Supervision and Responsibilities of the Shari'ah Supervisory Board -- Shari'ah Supervision -- Ex-ante Shari'ah Supervision -- Intermediate Shari'ah Supervision Stage -- Ex-post Shari'ah Supervision -- Responsibilities of SSB Members -- Collective Responsibilities -- Individual Responsibilities -- Chairman and Executive SSB Member(s) and their Responsibilities -- Issuing Fatawa and Ijtihad in Islamic Finance -- Differences in Juristic Opinion and Conflict Resolution -- Different Approaches to Issuing Fatawa -- Reversal of Fatawa and implications -- Annual Shari'ah Compliance Report -- AAOIFI's Report -- Possible Opinions in the Report -- Lease Ending with transfer of Ownership Financing Instrument (Also available on the book companion website at www.wiley.com/go/shariahgovernance) -- Shari'ah Advisory Firms -- Introduction to Shari'ah Advisory Firms -- Services Offered by Shari'ah Advisory Firms -- Shari'ah Supervision -- Internal Shari'ah Audit -- External Shari'ah Audit -- Product Development and Transaction Structuring -- Legal Document Preparation and Review -- Shari'ah Training -- Outsourcing Internal Shari'ah Functions -- Regulation -- Adherence to Directives and Guidance Issued -- Competency -- Monitoring -- Liability -- Application Form for the Appointment of an External Shari'ah Audit Office (Also available on the book companion website at www.wiley.com/go/shariahgovernance)
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| Abstract
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"A practical guide for robust shari'ah governance of the Islamic banking industryDebate in the market on the extent of shari'ah compliance of Islamic banks, their products, and activities has piqued stakeholders' interest. In Foundations of Shari'ah Governance of Islamic Banks, Karim Ginena and Azhar Hamid explore the depths of shari'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 shari'ah risk that Islamic banks experience, and present a compelling argument for how this should be done. Ginena and Hamid propose a robust shari'ah governance model that comprehensively tackles thisrisk, and helps improve the extent of shari'ah compliance of market players. The authors detail the internal, external, and institutional arrangements needed to promote responsible shari'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 shari'ah and its relation to financial dealings; Probe the role of regulators in shari'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 shari'ah compliance, and detail how they could discharge this responsibility in line with best practices; Elaborate on the purpose of the Shari'ah Supervisory Board (SSB), its responsibilities, competence criteria, internal regulations, and key governance guidelines; additionally, they explore different SSB models; Describe the internal shari'ah control system including its six components, and examine the internal shari'ah audit function as well as different stages of conducting a shari'ah audit; Clarify the role of a shari'ah auditor, with guidance on reporting lines, scope of duties, authority, and practical ways on fulfilling tasks, such as a sample shari'ah risk assessment grid and audit checklists; Discuss the newly emerging external shari'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 shari'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 shari'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"--
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"Discusses current Sharia governance practices in Islamic banking, outlines the challenges it presents, and supplies a practical Sharia governance model"--
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| Subject
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Banks and banking-- Islamic countries.
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Banks and banking-- Religious aspects-- Islam.
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| Dewey Classification
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332.10917/67
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| LC Classification
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HG3368.A6
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| Added Entry
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Hamid, Azhar.
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Ohio Library and Information Network.
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