Abstract
The objective of this paper is to make an assessment of the
competence of the members of Shar¯ı‘ah Boards of the Islamic Banking
Institutions (IBIs) in terms of enabling and ensuring Shar¯ı‘ah compliance
of banks business. The competency of Shar¯ı‘ah board members is
considered as a critical issue in the State Banks Shar¯ı‘ah Governance
Framework (SGF), which considers degree from any Waf ¯aq al-Mad¯aris as
the basic qualification for their appointment. The paper investigates into
the curricula of mad¯aris (religious schools) in Pakistan and orientation
of the mad¯aris graduates for understanding increasingly innovative
banking and finance operations. It also analyzes the syllabubs of the
specialization/takhas.
s.us.
f¯ı al-fiqh/takhas.
s.us.
f¯ı al-ift¯a in the mad¯aris. Some
pragmatic recommendations have been made to enhance the expertise of
the Shar¯ı‘ah board members in the light of SBPs Fit & Proper criteria. This
is a pioneer study discussing the scheme of studies in Pakistani mad¯aris
and provides a basis for further research on this area.
Muhammad Ayub, Khurram Khan, Abdul Rashid, Muhammad Asghar Shahzad, Habib ur Rehman. (2019) Enhancing the Competence and Effectiveness of Shar¯ı‘ah Advisory Boards: Case of Islamic Banking Institutions in Pakistan, Journal of Islamic Business and Management, Vol ume 9, Issue 1.
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