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Regulatory Regimes for Shariah Governance: A Framework of Assessment and Analysis

AlQassar, A.; Ahmed, H.

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Authors

A. AlQassar



Abstract

This paper develops a framework of assessing de jure adoption of Sharīʿah governance standards of international standards setting bodies and uses it to assess the legal and regulatory framework of Sharīʿah governance regimes (SGR). Using leximetrics and content analysis, the framework is used to assess SGR in four countries (Kuwait, Malaysia, Pakistan and UAE) in an objective manner. The results show that Malaysia has the most robust SGR and UAE has the weakest legal and regulatory environment of Sharīʿah governance. The results also identify the weaknesses in the SGR and areas that can be improved further. Furthermore, the paper reveals the diversity in the qualitative nature of SGR in terms of the extent to which the laws and regulations are used to develop the SGR in different countries. As the Islamic financial industry continues to grow globally, regulators would need to mitigate the Sharīʿah noncompliant risk by introducing the international Sharīʿah governance standards to promote growth and ensure stability of the sector. The framework to assess the SGR can be a used as a first step to assess the SGR in different jurisdictions to identify the weaknesses and come up with relevant laws and regulations to strengthen the SGR for the development of a robust Islamic financial sector.

Citation

AlQassar, A., & Ahmed, H. (2022). Regulatory Regimes for Shariah Governance: A Framework of Assessment and Analysis. Journal of Banking Regulation, 23(2), 139-154. https://doi.org/10.1057/s41261-021-00153-5

Journal Article Type Article
Acceptance Date Mar 3, 2021
Online Publication Date Mar 26, 2021
Publication Date 2022-06
Deposit Date Mar 4, 2021
Publicly Available Date Mar 26, 2022
Journal Journal of Banking Regulation
Print ISSN 1745-6452
Electronic ISSN 1750-2071
Publisher Palgrave Macmillan
Peer Reviewed Peer Reviewed
Volume 23
Issue 2
Pages 139-154
DOI https://doi.org/10.1057/s41261-021-00153-5
Public URL https://durham-repository.worktribe.com/output/1251522

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Copyright Statement
This is a post-peer-review, pre-copyedit version of an article published in Journal of Banking Regulation. The definitive publisher-authenticated version, AlQassar, A. & Ahmed, H. (2021). Regulatory Regimes for Shariah Governance: A Framework of Assessment and Analysis. Journal of Banking Regulation is available online at: https://doi.org/10.1057/s41261-021-00153-5.





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