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Ethics, Governance and Regulation in Islamic Finance Volume Four

Ethics, Governance and Regulation in Islamic Finance Volume Four
Ethics, Governance and Regulation in Islamic Finance Volume Four

by:
ISBN:978-9927-118-24-1
Format:
Published: April 2015

About the series: 

The International Conference on Islamic Economics and Finance (ICIEF) is the leading academic conference in the discipline organized by the International Association for Islamic Economics (IAIE) in collaboration with other key stakeholders, including the Islamic Research and Training Institute, Islamic Development Bank. It is the pioneering international conference on Islamic economics organized first in Makkah Al Mukaramah, Kingdom of Saudi Arabia, in 1976 under the auspices of King Abdulaziz University and has since been held in numerous locations around the world. The conference as such has contributed immensely to the promotion of Islamic economics and finance. Since 2011, the Qatar Faculty of Islamic Studies (QFIS), of Hamad bin Khalifa University, Qatar Foundation, has also become a key partner in organizing the conference.

Disseminating research presented at ICIEF to the greatest number of researchers interested in the topic is important. It not only advances the discourse, but also grants those who did not have the privilege of attending the conference to partake in the discussion. To this end, this series of five volumes (two in Arabic to follow) presents the proceedings of 8th and 9th conferences, which were held in Doha and Istanbul respectively in 2011 and 2013. Each volume focuses on a particular sub-theme within the broader theme of Developing Inclusive and Sustainable Economic and Financial Systems. 

Introduction:

For over twenty years, Islamic financial markets have demonstrated strong growth in both the Eastern and Western hemispheres, thereby signaling continued interest by consumers and investors in this niche financial sector. Such growth, however, should not be taken for granted as it comes with its own set of challenges that need to be studied and aptly addressed. The recent financial crisis, which shook markets and economies around the globe, is great evidence that market corrections eventually occur irrespective of astounding growth rates that may be experienced at times. Years have passed since the onset of the recent financial crisis, the worst since the Great Depression of 1929, yet we continue to witness some of its aftershocks on a daily basis. Researchers and policy makers in Islamic finance should take heed of the crisis, lest it spread to the young and vibrant Islamic financial sector. Early prevention and weakness correction is important because by the time a crisis hits, the powerful waves of market correction will be too strong to withstand, potentially devastating the Islamic financial industry.  To this end, Volume IV: Ethics, Governance and Regulation in Islamic Finance, addresses some of the most challenging contemporary issues that the industry faces. 

Table of contents:
 
Foreword
Acknowledgments
Preface
Introduction

PART 1: SHARIAH ISSUES AND BUSINESS ETHICS IN ISLAMIC FINANCE

1. Islamic Finance Ijtihad in the Information Age: quo vadis?

Tayyab Ahmed, INCEIF

2. Determinants of Ethical Identity Disclosure Among Malaysian and Bahraini Islamic Banks

Rashidah Abdul Rahman and Nur Syatilla Saimi, Universiti Teknologi MARA

3. Islamic Business Ethics and Finance: An Exploratory Study of 

Islamic Banks in Malaysia, Muhammad Adli Musa, University of Melbourne

4. Articulation of Spirituality in the Workplace: The Case of Malaysia

Naail Mohammed Kamil, Ali Al-Kahtani and Mohamed Sulaiman, International Islamic University Malaysia and King Abdul Aziz University

PART 2: GOVERNANCE AND CORPORATE SOCIAL RESPONSIBILITY IN ISLAMIC FINANCE

5. Corporate Governance of Islamic Financial Institutions in Malaysia

Maliah Sulaiman, Norakma Abd Majid and Noraini Mohd Ariffin, International Islamic University Malaysia and Universiti Malaysia Terengganu

6. The Effect of the Board of Directors’ Characteristics on Corporate Social Responsibility Disclosure by Islamic Banks: Evidence From Gulf Cooperation Council Countries

Abdullah Awadh Bukair and Azhar Abdul Rahman, Hadhramout University, Yemen and University Utara, Malaysia

7. Islamic Corporate Social Responsibility in Islamic Banking: Towards Poverty Alleviation

Muhammad Yasir Yusuf and Zakaria bin Bahari, Universiti Sains Malaysia

8. Social Responsibility Dimension in Islamic Investment: A Survey of Investors’ Perspective in Malaysia

Mohd Nizam Barom, International Islamic University Malaysia

9. The Corporate Social Performance Indicators for Islamic Banks: The Manager’s Perception

Hamidah Bani, Noraini Mohd Ariffin, Abdul Rahim Abdul Rahman, International Islamic University, Malaysia

PART 3: LEGAL AND REGULATORY ISSUES IN ISLAMIC FINANCE

10. The Continuing Influence of Common Law Judges and Advocates in the Adjudication of Islamic Finance Disputes in Nigeria

Abdulfatai O. Sambo and Abdulkadir B. Abdulkadir, University of Ilorin-Nigeria

11. Dispute Resolution in Islamic Finance: A Case Analysis of Malaysia

Umar A. Oseni and Abu Umar Faruq Ahmad, Harvard University and Hamdan Bin Mohammed e-University, Dubai

12. Regulatory and Financial Implications of Sukuk’s Legal Challenges for Sustainable Sukuk Development in Islamic Capital Markets

Jhordy Kashoogie Nazar, Maybank Syariah Indonesia

13. Overcoming the Divergence Gap Between Applicable State Law and Shariah Principles: Enhancing Clarity, Predictability and Enforceability in Islamic Finance Transactions Within Secular Jurisdictions

Osman Sacarcelik, University of Münster

 

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