Course info

MAJORITY OF THE SHARI’AH GOVERNANCE PRACTICES ARE FACED WITH CHALLENGES OF SHORTAGE OF KNOWLEDGE WITHIN ISLAMIC SCHOLARS AND BANKING PRACTITIONERS. SHARI’AH SCHOLARS GENERALLY LACK IN BANKING KNOWLEDGE WHILE THE OPERATIONS PEOPLE ARE LACKING IN SHARI’AH UNDERSTANDING. THE LACK OF ESTABLISHED STANDARD, THE FAILURE OF MANAGEMENT TO DIFFERENTIATE BETWEEN CONVENTIONAL CORPORATE GOVERNANCE AND SHARIAH GOVERNANCE, DIFFICULTIES IN UNDERSTANDING SHARIAH BASED LAWS, MISINTERPRETATION OF RULES AND SUCH ARE SOME OF THE KEY ISSUES IN EFFECTIVE IMPLEMENTATION OF SHARI’AH GOVERNANCE IN IFI’S. THE APEX OBJECTIVE OF THE SHARI’AH GOVERNANCE IS TO ENSURE FAIRNESS NOT ONLY TO SHAREHOLDERS BUT TO ALL STAKEHOLDERS ATTAINABLE THROUGH GREATER DISCLOSURE, TRANSPARENCY AND ACCOUNTABILITY. SHARI’AH OBJECTIVES OR MAQASID AL-SHARI’AH IS THE ULTIMATE OBJECTIVE OF SHARI’AH GOVERNANCE WHICH IS TO ENSURE EFFECTIVE INDEPENDENT OVERSIGHT OF SHARIAH COMPLIANCE OVER EVERY PRACTICE IN IFIS. CREDIBILITY OF IFIS IN TERM OF ITS ACCOUNTABILITY AND TRUSTWORTHINESS CAN BE BUILT THROUGH EFFICIENT SHARI’AH GOVERNANCE FRAMEWORK. ARISING FROM THE ABOVE SCENARIO THIS COURSE IS TO PROVIDE THE STUDENTS WITH BOTH THE KNOWLEDGE AND COMPETENCY TOWARDS A MORE EFFECTIVE AND EFFICIENT MANAGEMENT OF SHARI’AH GOVERNANCE OVERSIGHT AND SNC RISK IN IFI’S. FURTHERMORE, THE COURSE EMPHASIZE ON THE HUMAN GOVERNANCE THAT DEALS WITH HUMAN BEHAVIOUR GUIDED BY ISLAMIC WORLDVIEW IN THE CONTEXT OF ISLAMIC FINANCIAL INSTITUTIONS.