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Sharīʿah Compliance Harmonisation and Governance

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Chapter Summary

Sharīʿah compliance is the key distinguishing feature of the Islamic capital market. Study by the International Organisation for Securities Commissions concluded that feedback from respondents also indicates that there is lack of convergence of Sharīʿah interpretations. Study conducted by International Organization of Securities Commissions (IOSCO), concluded that "the survey respondents also indicated the need to have formal regulatory requirements for the establishment of Sharīʿah advisory bodies to act as central reference points in assessing Sharīʿah compliance of Islamic capital market products and services. Sharīʿah Review Companies are companies established with the aim at giving Sharīʿah advice to companies willing to structure some of their products on Sharīʿah compliant basis but they do not have their own Sharīʿah board to advice. External Sharīʿah Audit Companies are established with the objective of providing better transparency in terms of Sharīʿah compliance. They review a company's compliance with its Sharīʿah board resolutions.

Keywords:Audit Companies; IOSCO; Islamic capital market; Sharīʿah



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