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Shari’ah Governance of Islamic Banking Institutions in Pakistan: An Analytical Overview

Author

Listed:
  • Sahibzada Muhammad Wasim Jan

    (Islamic Law Department, Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia, Kuala Lumpur, Malaysia)

Abstract
Shari’ah governance is the arrangement which provides legitimacy to the business of Islamic Banking Institutions (IBIs) because the concept of Shari governance requires that all business affairs of IBIs must be conducted according to Shari’ah rules and principles under the Shari’ah supervision. Shari’ah governance for IBIs is directed and controlled by the State Bank of Pakistan (SBP) with the assistance of its Shari’ah Advisory Committee (SAC) and practiced by Shari’ah boards in IBIs with the aid of other organs of the organization. Applying a descriptive methodology, the research has investigated the current practice of Shari’ah governance depending on the regulatory guidelines and standards issued by the SBP and the literature on the topic. The research has discovered that Shari’ah governance of IBIs in Pakistan has been formulated and implemented significantly by SBP but at the industry level, the composition and functions of Shari’ah boards require some regulatory enhancements in order to safeguard the credibility and marketability of Shari’ah governance of IBIs. The research suggests that Shari’ah boards must have additional members qualified for the position and their functions should be comprehensive as well as their performance should be assessed so it could cater the business needs of IBIs.

Suggested Citation

  • Sahibzada Muhammad Wasim Jan, 2020. "Shari’ah Governance of Islamic Banking Institutions in Pakistan: An Analytical Overview," International Journal of Business and Administrative Studies, Professor Dr. Bahaudin G. Mujtaba, vol. 6(6), pages 286-299.
    • Handle: RePEc:apa:ijbaas:2020:p:286-299
    DOI: 10.20469/ijbas.6.10001-6
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    References listed on IDEAS

    as
    1. Selamat Muliadi & Nur Feriyanto, 2018. "The effectiveness of Shariah supervisory board on supervision and counselling in Shariah rural bank Mitra Cahaya Indonesia Yogyakarta," Journal of Administrative and Business Studies, Professor Dr. Usman Raja, vol. 4(1), pages 9-17.
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