Research Article | OPEN ACCESS
Proposed Approach for Best Practices of Shari'ah Corporate Governance in the Malaysian Islamic Capital Market
1Nawal Kasim, 2Sheila Nu Nu Htay and 3Syed Ahmed Salman
1Faculty of Accountancy, Accounting Research Institute, Universiti Teknologi MARA,
Shah Alam
2International Council of Islamic Finance Educators
3Institute of Islamic Banking and Finance, International Islamic University Malaysia, Kuala Lumpur, Malaysia
Research Journal of Applied Sciences, Engineering and Technology 2014 20:2146-2149
Received: August ‎13, ‎2014 | Accepted: September ‎14, ‎2014 | Published: November 25, 2014
Abstract
With the rapid growth of Islamic finance industry, the countries offering Islamic products should be preparing standards and guidelines to cater for current market needs to ensure that the industry is operating in a conducive environment. Since Malaysia strives to position itself as a hub for Islamic finance, it must ensure that it proactively works towards moulding the industry. With the needs of the industry, the Central Bank of Malaysia has issued the Shari’ah corporate governance in the Malaysian Islamic capital market. To this end, this study seeks to determine the approach best suited to establish a framework of Shari’ah corporate governance for listed companies in Malaysia. The interview results show that the hybrid approach is best suited to provide the general guidelines as a reference while accommodating the flexibility of Islamic law.
Keywords:
Hybrid approach, Islamic capital market, Malaysia, Shari,
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Competing interests
The authors have no competing interests.
Open Access Policy
This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.
Copyright
The authors have no competing interests.
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