November 18, 2013 | Updated at September 27, 2017
Islamic Finance is very much now international in scope and depth. Increasingly this internationalisation is demanding that institutions have the framework for a Shariah compliant process in a much more coherent structured manner. Shariah governance needs to be more aligned to these globalisation trends within Islamic Finance Institutions (IFIs) as well as the general financial industry. There is increasing demand for and indeed an imperative requirement for proper, transparent and well thought-out Shariah corporate governance strategies.
Shariah Governance is not a stationary process but evolving according to the dynamics of fatwas (Islamic legal opinions issues by competent scholars of Shariah) and the financial markets. Better governance principles can be adopted and develope...