نشأة هيئات الرقابة الشرعية المركزية ودورها في تنظيم العمل المصرفي الإسلامي وأثر قراراتها: دولة الإمارات العربية المتحدة نموذجا = The emergence of central Shariah supervisory bodies, their role in regulating Islamic banking sector and the impact of their decisions: The United Arab Emirates as an example

Bessais, Sofien and Zakariyah, Habeebullah and Mohd Noor, Azman (2024) نشأة هيئات الرقابة الشرعية المركزية ودورها في تنظيم العمل المصرفي الإسلامي وأثر قراراتها: دولة الإمارات العربية المتحدة نموذجا = The emergence of central Shariah supervisory bodies, their role in regulating Islamic banking sector and the impact of their decisions: The United Arab Emirates as an example. Al-Qanatir: International Journal of Islamic Studies., 33 (4). pp. 422-437. E-ISSN 2289-9944

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Abstract

Central Shariah Supervisory Bodies differ from one country to another in their form and tasks, as well as in the strength and impact of their decisions on the work of Islamic banking institutions. While this study highlights the Higher Shariah Authority (HSA) in the United Arab Emirates (UAE), the research problem lies in the impact of its decisions, which, despite their positive impact on regulating the Islamic banking sector in the UAE, had - in some cases - negative effects on some institutions. This study aims to understand the emergence of Central Sharia Supervisory Bodies, their development, and the needs that led to their emergence and spread in many countries. It also aims to know the role of the Higher Shariah Authority (HSA) in the United Arab Emirates (UAE) in developing and regulating Islamic banking work in the country, the efforts it has made to achieve this, and the impact of its decisions on the work of Islamic banking institutions operating in the UAE. The study was built on an inductive approach by collecting and tracking records related to the establishment and history of Central Shariah Supervisory Bodies, as well as by tracking and extrapolating the decisions and standards of Shariah governance of the HSA. The study also used a semi-structured interview approach by conducting interviews with a number of Islamic banking institutions in the UAE in order to find out the impact of the HSA decisions on their work. This research concluded that: the United Arab Emirates was late in establishing the HSA, despite the issuance of the 1985 law stipulating its establishment, but this did not happen until 2018, and many countries preceded it in doing so. Also, it concluded through the interviews that the decisions of the HSA - despite the important and pivotal role it played- had a negative impact on some institutions operating in the UAE due to the lack of an outcome study of some decisions taken. Finally, some suggestions and recommendations were presented to overcome these problems

Item Type:	Article (Journal)
Uncontrolled Keywords:	Supervision, Banks, Decisions, United Arab Emirates.
Subjects:	H Social Sciences > HG Finance 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 HABEEBULLAH ZAKARIYAH
Date Deposited:	05 Aug 2024 16:09
Last Modified:	05 Aug 2024 16:09
URI:	http://irep.iium.edu.my/id/eprint/113691

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