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Essay On Shariah Governance

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3.3 Objective of Shariah Governance Framework
The objective of Shariah Governance system lies at very core of its existence. It involves numerous process and procedures which incur cost and involvement of various organs of Governance in IFIs. The Shariah governance system is meant to address a specific type of risk exclusive to IFIs and the Shariah non-compliance risk.
The significant of Shariah non-compliance risk to the Islamic finance industry can be illustrated in the case of decreasing in sukuk issuance due to the statement made by the chairman of the AAOIFI Shariah Board, the Organization of Islamic Conference Fiqh academy’s declaration on the not permissibility of tawarruq and the Malaysian High Court’s judgement on the issue of Bay’ …show more content…

3.2 The centralized model
The centralized model is based on central Shariah Board, attached to the Central bank which rules on the conformity of products and activities of all the IB must have their own SB, however it should comply with the rules set by the central Shariah Board. The centralized Shariah governance model is practiced in Malaysia, Pakistan and Sudan.
In Malaysia , the central financial authorities are the Central Bank which is Bank Negara Malaysia and also Securities Commission. Two Shariah governance structure has been established, comprising a Shariah Advisory Council (SAC) at Central Bank of Malaysia for both financial authorities and Shariah Comitee in each Islamic bank. The Shariah standards followed are those of the SAC of Bank Negara Malaysia and of the Securities Commission. All the standards are influenced externally by both the Shariah standards of the AAOIFI, the Islamic Fiqh Academy (Mujma’al fiqh il islamy) of the OIC in Jeddah, the IFSB standards and internally by the opinions of Malaysian SB members with certain opinions particular to Malaysia. The review and audit of Shariah compliance is done by the IB to support Shariah

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