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Corporate governance in Islamic financial institutions: what have we learnt?

In: Handbook on Corporate Governance in Financial Institutions

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  • Hisham Farag

Abstract

Given the recent developments and growth in the Islamic finance industry during the last decade, this chapter investigates the main corporate governance characteristics of Islamic financial institutions (IFIs). Corporate governance has attracted the attention of business communities around the world after the global financial crisis. However, governance in IFIs is unique, due to the complex principal_agent problems. Therefore, governance of IFIs has gained even more attention than conventional financial institutions as a result of the concept of risk-sharing born by investment account holders (IAHs). The chapter also highlights the main regulatory bodies governing IFIs in addition to the governance mechanisms in IFIs and the principles of Shari’ah governance. Finally, the chapter analyses the main findings of academic research on the fundamental differences between conventional financial institutions and IFIs, and the main challenges facing the development of the Islamic finance industry.

Suggested Citation

  • Hisham Farag, 2016. "Corporate governance in Islamic financial institutions: what have we learnt?," Chapters, in: Christine A. Mallin (ed.), Handbook on Corporate Governance in Financial Institutions, chapter 11, pages 254-276, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16126_11
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    Cited by:

    1. Safiullah, Md, 2020. "Bank governance and crisis-period efficiency: A multinational study on Islamic and conventional banks," Pacific-Basin Finance Journal, Elsevier, vol. 62(C).

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