Development of legal issues of corporate governance for Islamic banking

Ishaq Bhatti, Maria Bhatti

Research output: Chapter in Book / Conference PaperChapter

1 Citation (Scopus)

Abstract

Although there is currently no unified understanding of ‘corporate governance’ under Islamic financial law, a model of Islamic corporate governance (ICG) may be proposed by reconciling Shari’ah law objectives with the ‘stakeholder model of corporate governance’. This is viable due to the emphasis Shari’ah law places on property and Islamic financial contractual rights. Furthermore, such a model is also analogous to the proposed OECD principles emphasizing the mechanism of business ethics, decision making, bookkeeping and final accounts and adequate disclosure and transparency. This chapter discusses the concept, framework and structure of ICG and then considers whether such a model is viable in today’s multi-faith and multicultural society of 21st century and the challenges it might face.
Original languageEnglish
Title of host publicationThe Foundations of Islamic Banking: Theory, Practice and Education
EditorsMohamed Ariff, Munawar Iqbal
Place of PublicationU.K.
PublisherEdward Elgar Publishing
Pages87-102
Number of pages16
ISBN (Print)9781849807920
Publication statusPublished - 2011

Keywords

  • corporate governance
  • finance (Islamic law)

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