SHARI’AH GOVERNANCE IN ISLAMIC FINANCE AND AN OVERVIEW OF THE DEBATES

Abstract

Shari’ah governance are internal mechanisms that allow and control Islamic financial institutions and their activities to act in accordance with Islamic principles and rules. This system, the most important distinctive feature of Islamic financial institutions, is extremely important both in terms of compliance of the system with Islamic principles and the credibility of these organizations in the eyes of the public. AAOIFI and IFSB have put their management standards in these field.

In Islamic financial institutions, the most important element of shari’ah governance is the shari’ah board. Shariah boards may be of international, national or institutional level. The shariah governance function can also be fulfilled by consulting companies.

In this paper, various shariah governance systems applied by Islamic financial institutions in the Gulf region and Southeast Asia will be clarified. Besides, key issues regarding this field and their solutions will be discussed.

Keywords

• Islamic Finance, Participation Banking, Shari'ah Governance, Shari'ah

İSLAMİ FİNANSTA ŞER’İ YÖNETİM UYGULAMALARI VE KONUYLA İLGİLİ TARTIŞMALARA GENEL BİR BAKIŞ

Abstract

Şer’i yönetim, İslami finansal kurumların faaliyetlerinde İslami ilke ve kurallara uygun hareket etmelerini sağlayan ve bunu denetleyen iç mekanizmalardır. İslami Finansal Kurumların önemli ayırt edici niteliklerinden olan bu sistem, gerek sistemin İslami ilkelere uyumlu işlemesi, gerekse bu kuruluşların kamuoyu nezdindeki güvenilirliği açısından son derece önem arz etmektedir. AAOIFI ve IFSB bu konuyla ilgili yöntemi standartlarını ortaya koymuştur.İslami finansal kurumlarda, şer’i yönetimin en önemli unsuru şer’i danışma kuruludur. Şer’i kurullar uluslararası, ulusal veya İFK düzeyinde olabilmektedir. Bazen de bu işlev, şer’i danışmanlık şirketlerinden hizmet alımı yoluyla yerine getirilmektedir.Bu makalede, dünyadaki İslami finansal kurumlarda uygulanan çeşitli şer’i yönetim sistemleri, körfez bölgesi ve güneydoğu Asya uygulamaları çerçevesinde ortaya konacak ve bu alanla ilgili tartışılan temel hususlar ve çözüm önerileri ele alınacaktır.

Keywords

• İslami Finans, Katılım Bankacılığı, Şer’i Yönetim, Danışma Kurulu, Kurumsal Yönetim

References

1. AAOIFI. (2005). Governance Standard for IFIs, No. 1-5, Bahrain: AAOIFI.
2. AAOIFI. (2010). el-Me’âyîru’ş-Şer’iyye h. 1431/m.2010. Bahrain: AAOIFI.
3. Ayub, M. (2007). Understanding Islamic Finance. West Sussex: John Wiley and Sons Ltd.
4. BNM/GPS1. (2004). Guidelines on the Governance of Shari’ah Committee for the IFIs, Kuala Lumpur: Bank Negara Malaysia.
5. BNM/SGF. (2010). Shariah Governance Framework for Islamic Financial Institutions, Kuala Lumpur: Bank Negara Malaysia.
6. Delorenzo, Y. T. (2007). Shari'ah Compliance Risk. Chicago Journal of lntemational Law, 7(2), 397-408.
7. Dusuki, A. W. (ed.) (2011). Islamic Financial System Principles & Operations. Kuala Lumpur: ISRA.
8. Ginena, K. (2014). Shari‘ah Risk and Corporate Governance of Islamic Banks. Corporate Governance: The International Journal of Business in Society, 14(1), 86–103.

9. Grais, W. & Pellegrini, M. (2006). Corporate Governance and Shari'ah Compliance in Institutions Offering Islamic Financial Services. World Bank Policy Research Working Paper No. 4054, November.
10. Grassa, R. (2013). Shariʿah Governance System in Islamic Financial Institutions: New Issues and Challenges. Arab Law Quarterly, 27(2), 171–187.
11. Hamza, H. (2013). Sharia governance in Islamic banks: effectiveness and supervision model. International Journal of Islamic and Middle Eastern Finance and Management, 6(3), 226–237.
12. Haqqi, A. R. A. (2014). Shariah Governance in Islamic Financial Institution: An Appraisal. US-China L. Rev., 11, 112-133.
13. Hasan, Z. (2014). In Search of the Perceptions of the Shari’ah scholars on Shari’ah Governance System. International Journal of Islamic and Middle Eastern Finance and Management, 7(1), 22–36.
14. el-Heytî, A. R. (2011). Eseru istiklâli’r-rikâbeti’ş-şer’iyye alâ iltizâmi’l-masârifi’l-İslâmiyye bi’l-ahkâmi’ş-şer’iyye. Mecelletü Külliyyeti’l-ulûmi’l-İslâmiyye, 1433/2001, 75-115.
15. IFSB-1, (2002). Guiding Principles of Risk Management for Institutions (Other than Insurance Institutions) Offering Only Islamic Financial Services, Kuala Lumpur: IFSB.
16. IFSB-3, (2006). Guiding Principles of Corporate Governance for Institutions Offering Only Islamic Financial Services (Excluding Islamic Insurance (Takaful) Institutions and Islamic Mutual Funds), Kuala Lumpur: IFSB.
17. IFSB-4, (2007). Disclosures to Promote Transparency and Market Discipline for Institutions Offering Islamic Financial Services, Kuala Lumpur: IFSB
18. IFSB, (2008). Survey on Shari’ah Boards of Institutions Offering Islamic Financial Services Across Jurisdictions, Kuala Lumpur: IFSB.
19. IFSB-10, (2009). Guiding Principles on Shari'ah Governance System in Institutions Offering Islamic Financial Services, Kuala Lumpur: IFSB.
20. Iqbal, Z. & Mirakhor, A. (2007). An Introduction to Islamic Finance: Theory and Practice. Singapore: John Wiley and Sons (Asia) Pte. Ltd.
21. Kahf, M. (2004). Islamic Banks: The Rise of a New Power Alliance of Wealth and Sharia’ Scholars. in Clement M. Henry & Rodney Wilson, (eds.), The Politics of Islamic Finance (pp. 17-36). Edinburgh: Edinburgh University Press Ltd.
22. Kallek, C. (1998). “Hisbe”. Türkiye Diyanet Vakfı İslam Ansiklopedisi. 18, 133-143.
23. Karaman, H. (2014). Katılım Bankalarındaki Danışma Kurulları. http://www.yenisafak.com.tr/yazarlar/hayrettinkaraman/katilim-bankalarindaki-danisma-kurullari-2006546, [Erişim tarihi : 14.12.2014]
24. Kızılkaya, N. (2012). Modern Dönemde Faizsiz Bankacılık ve Fıkhî İşleyişi. İslam Hukuku Araştırmaları Dergisi, 20, 135-150.
25. NuHtay, S. N., Salman, S. A., & Kasim, N. (2013). Comparative Analysis on AAOIFI, IFSB and BNM Shari’ah Governance Guidelines. International Journal of Business and Social Science. 4(15), 220-227.
26. Rosly, S. A. & Sanusi, M. (2001). Some Issues of Bay' al-'Inah in Malaysian Islamic Financial Markets. Arab Law Quarterly, 16(3), 263-280.
27. State Bank of Pakistan, (2008), Draft Instruction and Guidelines for Shari’ah Compliance in Islamic Banking Institutions.
28. Unal, M. (2010), Shariah Scholars and Governance – A Network Analytic Perspective Version 5.0, Germany: Funds@Work.