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Shariah Governance Structure of Islamic Financial Institutions in Sri Lanka

Hassan, Rusni and Ahamed Hilmy, Hayathu Mohamed (2019) Shariah Governance Structure of Islamic Financial Institutions in Sri Lanka. International Journal of Management and Applied Research (IJMAR), Vol 6 (4). pp. 243-256. ISSN 2056-757X

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Abstract

Shariah governance plays a key role in ensuring integrity of Islamic financial system. The structure and the process of Shariah governance has been proposed by the international standard setting bodies for Islamic Financial Institutions (IFIs) to follow and incorporate Shariah governance practices in their operations and financial products. This study aims to investigate the Shariah governance practice in Sri Lanka that practices dual financial system (conventional and Islamic finance) for the past twenty years, with a special focus on process and structure. The qualitative method is employed in this study whereby the primary data are gathered in the form of interview while secondary data are collected through research articles, annual reports, official websites, magazines and newspaper. This study found there are gaps and shortcomings in the Shariah governance practice at IFIs in Sri Lanka particularly in the structure and the process as compare to the international framework and guidelines issued by international standard setting body such as AAOIFI and IFSB. The main contribution of this study is to put forward recommendations to rectify the gaps and to further enhance the Shariah governance practices in Sri Lankan IFIs.

Item Type: Article (Journal)
Additional Information: 1525/75398
Uncontrolled Keywords: Shariah Governance, Islamic financial system
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 Rusni Hassan
Date Deposited: 21 Oct 2019 10:44
Last Modified: 08 Nov 2019 16:40
URI: http://irep.iium.edu.my/id/eprint/75398

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