The Role of Shariah Board in Islamic Banks: Pakistan's Perspective
The State Bank of Pakistan introduced diversion from the individual Shariah advisory system to the Shariah board mechanism by issuing the Shariah governance framework in 2016 by making it mandatory for the Islamic banks to have an independent Shariah board. In this paper, it is examined whether the Shariah boards have any effective role in the improvement of the Shariah compliance environment of the banks or not? And how to make it more effective for the betterment of the Islamic banking industry? A questionnaire has been developed to study and inspect these issues. The results indicate that even though the role of sharia board could not be denied in the improvement of Shariah compliance in IBIs, however, the mechanism may be further strengthened. The study also suggests that Shariah board members should be involved regularly by making it obligatory on the IBIs to arrange frequent meetings of the board.
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Shariah Board, Islamic Banks, Pakistan, Shariah Compliance
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(1) Muhammad Mushtaq Ahmed
Assistant Professor, Department of Islamic & Arabic Studies, University of Swat, KP, Pakistan.
(2) Zia Uddin
Lecturer, Department of Islamic & Arabic Studies, University of Swat, KP, Pakistan.
(3) Muhammad Iqbal
Lecturer, Department of Islamic & Arabic Studies, University of Swat, KP, Pakistan.
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Cite this article
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APA : Ahmed, M. M., Uddin, Z., & Iqbal, M. (2017). The Role of Shariah Board in Islamic Banks: Pakistan's Perspective. Global Regional Review, II(I), 356-363. https://doi.org/10.31703/grr.2017(II-I).25
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CHICAGO : Ahmed, Muhammad Mushtaq, Zia Uddin, and Muhammad Iqbal. 2017. "The Role of Shariah Board in Islamic Banks: Pakistan's Perspective." Global Regional Review, II (I): 356-363 doi: 10.31703/grr.2017(II-I).25
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HARVARD : AHMED, M. M., UDDIN, Z. & IQBAL, M. 2017. The Role of Shariah Board in Islamic Banks: Pakistan's Perspective. Global Regional Review, II, 356-363.
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MHRA : Ahmed, Muhammad Mushtaq, Zia Uddin, and Muhammad Iqbal. 2017. "The Role of Shariah Board in Islamic Banks: Pakistan's Perspective." Global Regional Review, II: 356-363
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MLA : Ahmed, Muhammad Mushtaq, Zia Uddin, and Muhammad Iqbal. "The Role of Shariah Board in Islamic Banks: Pakistan's Perspective." Global Regional Review, II.I (2017): 356-363 Print.
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OXFORD : Ahmed, Muhammad Mushtaq, Uddin, Zia, and Iqbal, Muhammad (2017), "The Role of Shariah Board in Islamic Banks: Pakistan's Perspective", Global Regional Review, II (I), 356-363
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TURABIAN : Ahmed, Muhammad Mushtaq, Zia Uddin, and Muhammad Iqbal. "The Role of Shariah Board in Islamic Banks: Pakistan's Perspective." Global Regional Review II, no. I (2017): 356-363. https://doi.org/10.31703/grr.2017(II-I).25