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Models of Shariah Governance Across Jurisdictions
Shariah governance framework (SGF) acts as a yardstick for Islamic financial institutions (IFIs). Over the last few decades, several models of Shariah governance have been introduced, which capitalize on the best practices of corporate governance set by international standards setters such as the Organization for Economic Co-operation and Development (OECD), Islamic Financial Services Board (IFSB), and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The sophistication of these Shariah governance models depends very much on the relative newness of the Islamic finance market and the strategic economic plans across countries. It also depends on the size, complexity and nature of business operations of the IFIs themselves.
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