이슬람금융회사의 회사지배구조 서설
An Overview of the Corporate Governance on the Islamic Financial Institutions
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Corporate governance has been analysed almost exclusively in the context of conventional Company law. By contrast, little is written on governance structures in Islamic finance institutions(IFI), despite the rapid growth of IFI since the mid 1970s and their increasing presence on world financial markets. The governance structure of IFI are distinguished from conventional governance structures by the addition of a Shari'ah advisory body. Shar'iah board play an important role in the governance of IFI. Shar'ia scholars provide guidance to the institution on product development and work closely with the manage- ment to ensure that the institution is confirming to the principles of Shar'ia. Islamic banking represents a radical departure from conventional banking, and from the viewpoint of corporate governance, it embodies a number of interesting features since equity participation, risk and profit-and-loss sharing arrangements from the basis of Islamic financing. Because investment account holders and shareholders of the same institution are exposed to similar risks-though the principle of risk sharing but special care must be taken to protect the interests of investment account holders. A number of multilateral institutions issue standards and best practice guidelines. These standards and guidelines are not legally binding, but they may become mandatory if approved by national regulatory authorities. Compliance with such standards helps an institutions achieve a good reputation globally and win customer confidence. Significant fragmentation exists among the countries with Islamic financial institutions as to the scope of corporate governance and regulation of these institutions. The Islamic standard- setting organizations will promote good corporate governance. If the IFI to continue to grow and garner additional market share in the competitive global financial industry, widespread adoption of corporate governance best practice is imperative.
Abstract
Corporate governance has been analysed almost exclusively in the context of conventional Company law. By contrast, little is written on governance structures in Islamic finance institutions(IFI), despite the rapid growth of IFI since the mid 1970s and their increasing presence on world financial markets. The governance structure of IFI are distinguished from conventional governance structures by the addition of a Shari'ah advisory body. Shar'iah board play an important role in the governance of IFI. Shar'ia scholars provide guidance to the institution on product development and work closely with the manage- ment to ensure that the institution is confirming to the principles of Shar'ia. Islamic banking represents a radical departure from conventional banking, and from the viewpoint of corporate governance, it embodies a number of interesting features since equity participation, risk and profit-and-loss sharing arrangements from the basis of Islamic financing. Because investment account holders and shareholders of the same institution are exposed to similar risks-though the principle of risk sharing but special care must be taken to protect the interests of investment account holders. A number of multilateral institutions issue standards and best practice guidelines. These standards and guidelines are not legally binding, but they may become mandatory if approved by national regulatory authorities. Compliance with such standards helps an institutions achieve a good reputation globally and win customer confidence. Significant fragmentation exists among the countries with Islamic financial institutions as to the scope of corporate governance and regulation of these institutions. The Islamic standard- setting organizations will promote good corporate governance. If the IFI to continue to grow and garner additional market share in the competitive global financial industry, widespread adoption of corporate governance best practice is imperative.
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