Enhancing Shariah governance practice: insights from the non-profit organizations in Malaysia

Rosman, Romzie and Redzuan, Nur Harena and Ab Ghani, Nur Laili and Noordin, Nazrul Hazizi and Shaharuddin, Siti Saffa (2024) Enhancing Shariah governance practice: insights from the non-profit organizations in Malaysia. In: AI in Business: Opportunities and Limitations. Studies in Systems, Decision and Control, 1 . Springer, pp. 449-460. ISBN 978-3-031-48478-0

	PDF - Published Version Restricted to Registered users only Download (19MB) | Request a copy
Preview	PDF - Supplemental Material Download (132kB) | Preview

Abstract

Effective Shariah governance is essential for fostering disclosure transparency among Islamic financial institutions (IFIs) or any organisation operating in accordance with Islamic principles. It entails a comprehensive framework that ensures adherence to Islamic principles, ethical standards, and regulatory requirements. In Malaysia, the Board of Directors, and Shariah Committee members in IFIs are mandated by Bank Negara Malaysia (BNM) to enhance their transparency by disclosing the Shariah governance policies in the annual report [3]. Similarly, the cooperatives in Malaysia are also required by Cooperative Commission Malaysia (CCM) to disclose any Shariah non-compliance matters related to Islamic business activities in the cooper-ative’s annual report [5]. However, current regulatory requirements in Malaysia are yet to focus into the needs for Shariah governance framework for other organisation such as the non-profit organisations (NPOs) especially those dealing with Islamic crowdfunding platform and Islamic social finance initiatives. This warrants further study on the importance of Shariah governance, transparency and accountability of NPOs as a charitable or social welfare organisation that adheres to Islamic principles and values.

Item Type:	Book Chapter
Subjects:	H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Dr. ROMZIE ROSMAN
Date Deposited:	27 Mar 2024 12:30
Last Modified:	27 Mar 2024 12:30
URI:	http://irep.iium.edu.my/id/eprint/111637

Actions (login required)

View Item