Cookies Policy
X

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.

I accept this policy

Find out more here

Sharīʿah Compliance Harmonisation and Governance

Brill’s MyBook program is exclusively available on BrillOnline Books and Journals. Students and scholars affiliated with an institution that has purchased a Brill E-Book on the Brill platform automatically have access to the MyBook option for the title(s) acquired by the Library. MyBook is a cheap paperback edition of the original book and will be sold at uniform, low price.

Access this chapter

+ Tax (if applicable)

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

10.1163/9789004207448_010
/content/books/b9789004207448s010
dcterms_subject,pub_keyword
6
3
Loading

Sign-in

Can't access your account?
  • Key

  • Full access
  • Open Access
  • Partial/No accessInformation