Islamic financ( shariah scholars and governance)
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Analyze the situation and the reason why there are many shariah scholars setting in more 60-70 boards ( why and think about the industry respective)
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ISLAMIC FINANCE
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Islamic Finance
Over the recent years, the number of shariah scholars in board memberships has increased in the investment industry in the GCC countries. Most companies are integrating the shariah scholars into their boards as a way of promoting social responsible investments and to understand how Islamic finance principles influences investments. The top 20 shariah scholars belonged to more boards due to their connections and influence in the society. However, having links with powerful scholars was a critical in a scholar joining more board memberships (Nomran, Haron and Hassan, 2018, p.291). The distribution of the shariah scholars indicated that there are more shariah scholars setting in more 60 to 70 boards due to the demand for understanding of the Islamic finance principles in the investment sector. The numerous shariah scholars was useful in promoting effective corporate governance and shared principles as well as accountability in the industry. The shariah scholars had unique connections to the specific countries and most importantly, they had the international exposure (Funds@work). As such, the contribution of the shariah scholars in the boards was essential and suitable in the creation of diverse boards with the local people involved.
The positive aspects of the shariah scholar settings in boards was the ability to provide access to more social capital and resources. Since, the scholars had attended reputable tertiary institutions with advanced teaching practices and exposure. The shariah scholars also offered different perspectives on investment and thus, they were critical in promoting regional integration. However, there were some negative aspects of the shariah scholar settings including the lack of objectivity in the selection of the scholars to join the boards (Haridan, Hassan and Karbhari, 2018, p.21). The lack of objectivity often led to biased board members who could not contribute to the board meetings effectively. Other scholars did not have formal training in finance and economics and thus, making them irrelevant in contributing to the investment agenda of the Islamic Finance Institutions(IF1s).
References List
Haridan, N.M., Hassan, A.F. and Karbhari, Y., 2018. Governance, religious assurance and Islamic banks: Do Shariah boards effectively serve?. Journal of Management and Governance, pp.1-29.
Funds@work. Funds@Work – The Investment Industry´s Strategy Consultant, Accessed from funds-at.work/wp-content/uploads/2018/02/Sharia-Network-by-Funds-at-Work-AG.pdf.
Nomran, N.M., Haron, R. and Hassan, R., 2018. Shari’ah supervisory board characteristics effects on Islamic banks’ performance: Evidence from Malaysia. International Journal of Bank Marketing, 36(2), pp.290-304.
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