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 language | English |
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Title of host publication | The Foundations of Islamic Banking: Theory, Practice and Education |
Editors | Mohamed Ariff, Munawar Iqbal |
Place of Publication | U.K. |
Publisher | Edward Elgar Publishing |
Pages | 87-102 |
Number of pages | 16 |
ISBN (Print) | 9781849807920 |
Publication status | Published - 2011 |
Keywords
- corporate governance
- finance (Islamic law)