Suchergebnisse

Maldives is a hundred percent Muslim country. Though the laws in Maldives are influenced by common law and civil law systems, the spirit of the laws are based on Islamic principles. However, when it comcs to the banking system, it is poignant to state here that the only known banking system to the country is based on conventional or usury friendly system. Up until now there are only six banks operating in the country. And none of them is an Islamic bank. It has been frequently questioned on why it is so difficult to set up an Islamic Bank in a hundred percent Muslim country? People say that the demand is there, so what is there to worry? But the truth is that the challenges we face are more than what any one could think of. As rightly pointed out, the demand for Islamic banking is there. But what about the legal infrastructure, political support and the economic resources which are needed to invest to convert the banking system? Lack of human resources in the country is also not a small problem. And political instability has exacerbated the situation. In the past years, there have been several failed attempts made to introduce the Islamic banking system to the country. But due to lack of proper legal frame work in the country and some other financial reasons Islamic banking were never introduced. Now finally we see a green signal from the Central Bank of Maldives for establishment of Islamic bank. Towards the end of last year the Central Bank of Maldives have announced public to apply for jobs designed for the Islamic bank which is intend to be open soon! The main purpose of this paper is to look at the obstacles in introducing Islamic banking in Maldives. The challenges it is facing and the ways to curb it. It is argued here that as a Muslim nation establishment of

Purpose–With the advent of Islamic banking, a new species was added to the banking system which was then, only dominated by the conventional banking. Islamic banking expanded in the world within the last decade and as a result, Islamic finance emerged as an alternative to the conventional finance. This created Islamic companies and Islamic financial institutions which operate based on the principles of Shari'ah or Islamic Law. These Islamic corporate bodies, like the conventional corporate bodies do need good governance rules. In other words, they also need a good, sophisticated "Shari'ah Governance Code" which would be based on the principle of Islamic Law. This is mainly because the objective of the conventional and the Islamic Corporate governance is different as conventional corporate governance structure is more focused on the protection of the rights of the stakeholders; while Islamic corporate governance focus on retaining the Islamicity of whole corporation. The objective of this research is, as the title suggests, proposing the reasons why a special governance Code for Shari'ah corporate bodies are needed. This paper would suggest a proper governance structure to the Islamic companies and will also discuss why the conventional corporate governance Codes are unsuitable for the Islamic companies.Design/methodology/approach–This research which is primarily library based, is an exploratory legal research in nature.Findings–In the course of this research, it is found that there is a need to enact a Shari'ah Corporate Governance Code due to the widespread establishment of shari'ah compliant companies in the world. Hence, the authors had discussed the potential content of such a Code in this paper.Originality/value–This research will complement the knowledge based on shari'ah corporate governance and is targeted to the existing and prospective shari'ah compliant companies.

Cover -- Half Title -- Series Page -- Title Page -- Copyright Page -- Table of Contents -- List of illustrations -- List of contributors -- Foreword -- Introduction -- Part I Poverty and COVID-19 -- Chapter 1 Impact of COVID-19 on Islamic social finance -- Chapter 2 Financial capacity indicators and risk exposure among different income groups: influence of COVID-19 -- Chapter 3 Financial inclusion and risk exposure among different income groups: the impact of COVID-19 pandemic -- Chapter 4 Iran and COVID-19: an alternative crisis management system based on bottom-up Islamic social finance and faith-based civic engagement -- Chapter 5 Impact of COVID-19 on sustainable development: a way forward -- Part II Innovation in Islamic social finance to fight against COVID-19 -- Chapter 6 Islamic FinTech: the digital transformation bringing sustainability to Islamic finance -- Chapter 7 Artificial intelligence and Natural language processing (NLP) based FinTech model of Zakat for poverty alleviation and sustainable development for Muslims in India -- Chapter 8 Online monetary donations to mitigate the impacts of the COVID-19 crisis: evidence from Kuwait -- Chapter 9 Adapting the Al Rajhi waqf model to mitigate the impact of COVID-19 on the ummah: a lesson to Muslim philanthropists -- Chapter 10 Funding the refugee crisis in Turkey: a case for social impact sukuk -- Part III Impact of COVID-19 on Islamic microfinance -- Chapter 11 COVID-19 pandemic: the Islamic social capital perspective in Baitul Maal Wat Tamwil institutions movement in Indonesia -- Chapter 12 Unlocking Islamic social finance to assist micro small medium enterprises in Brunei Darussalam -- Chapter 13 The role of Islamic microfinance in eradicating the impact of COVID-19 on socio-economic wellbeing in Nigeria.

External Sharī'ah Audit (ESA) is a control mechanism meant for formulating an objective view by an independent Sharī'ah audit team about the obligation of Islamic banks' (IBs) management, personnel and other divisions towards Sharī'ah compliance. This study principally aims to examine the relevancy of ESA and review committee in enhancing the level of Sharī'ah compliance quality and accountability of IBs in Bangladesh. The study examines data from 17 respondents obtained via semi‐structured interviews and secondary sources in library. This study establishes that Sharī'ah officers of IBs in Bangladesh are unable to perform audit functions properly which indicates the limitations of current Sharī'ah audit functions. The study discovers the need for an independent ESA for proper auditing of IBs' operations in Bangladesh with a view to Sharī'ah compliance. Thus, an ESA and review committee is imperative to enhance the quality of Sharī'ah compliance and ensure accountability of all divisions within IBs. This audit is to be provided either by Bangladesh Bank (BB), the central bank of the country or a third party such as Islamic chartered accountants' firms or Sharī'ah audit firms. The study would contribute to existing literature on the importance of ESA and its conditions in Bangladesh. The study also provides some instructions for global Islamic banking practice on the issues examined. The study contributes to agency, stakeholder and legitimacy theory via highlighting the inability of Sharī'ah auditors to perform their function independently and efficiently.