By Tina Harrison

This e-book demonstrates how the worldwide marketplace for Islamic monetary prone has proven robust development in recent times and proven striking resilience throughout the international monetary obstacle. Drawing on a number foreign views from the Gulf Cooperation Council international locations, Malaysia, Pakistan, Australia and Europe, this publication explores the features and function of Islamic finance and banking and discusses destiny clients. It deals a complete theoretical framework for Shariah governance in Islamic monetary associations, explores Shariah-compliant equities, in addition to concerns in productiveness, expertise and potency. It features a variety of comparative reports on Islamic and traditional banks, Islamic and traditional unit trusts, and Islamic and traditional banks’ product mixes. The demanding situations and possibilities for the growth of Islamic finance and banking into Europe are explored in the course of the contexts of the united kingdom, Germany and Italy.

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Stewardship theory and Shariah governance The concept of ownership in Islam comes from the concept of stewardship (Khilafah) implying that Allah (SWT) is the sole owner of the property and that man is merely a trustee and custodian (Iqbal and Mirakhor, 2004). Therefore in ICG, the behavior of stewards toward improving the performance of the firm can be due to stronger causes than merely fulfilling the need of self-esteem. One of these strong causes to push stewards forward to excellence in performance is faith as stipulated in the Holy Quran: Believe in Allah (SWT) and His Messenger and spend out of that in which He has made you successors (57:7) Hence Bhatti and Bhatti (2009) and Lewis (2005) believe ICG to be more based on the idea of stewardship according to which significant players in the institution are viewed as stewards who are more inclined to perform their duties in the spirit of partnership in line with Islamic beliefs.

Paris: OECD Publishing. Pande, S. (2011) The Theoretical Framework for Corporate Governance. Available at SSRN. Perrow, C. (1986) Complex Organizations: A Critical Essay. Vol. 3 New York: McGraw-Hill. W. (1992) Determinants of corporate social responsibility disclosure: an application of stakeholder theory. Accounting, Organizations and Society 17(6): 595–612. J. (1997) Moving beyond dyadic ties: A network theory of stakeholder influences. Academy of Management Review 22(4): 887–910. Sacconi, L.

5. To ensure independence among key functionaries in Shariah governance. As stipulated by IFSB (2009), AAOIFI (2005), BNM (2010) and also many researchers such as Hamza (2013), Kasim and Shamsir (2012), Ullah (2013), Casper (2012), Hasan (2012), Minhas (2012), Grais & Pellegrini (2006) and Abdul Rahman et al (2005) these five factors are the main principles which can ensure the quality of Shariah governance in IFIs. 1 illustrates these key concepts and their relationship to the theories in the constructed framework.

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