Index
Research in Corporate and
ISBN: 978-1-78973-008-1, eISBN: 978-1-78973-007-4
Publication date: 20 May 2019
This content is currently only available as a PDF
Citation
(2019), "Index", Azid, T., Alnodel, A.A. and Qureshi, M.A. (Ed.) Research in Corporate and
Publisher
:Emerald Publishing Limited
Copyright © 2019 Emerald Publishing Limited
INDEX
Note: Page numbers followed by “n” with numbers indicate footnotes.
Absolute discretionary accruals (ADACC)
, 131–132, 134–135
Accountability
, 81, 117, 287
in Islam
, 8–9
model
, 167
Accounting
deception, failure in
, 67
loopholes in regulatory practices
, 64
Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)
, (see also Islamic financial institutions (IFIs)), 92, 116–117, 122–123, 143–144, 154–155, 168, 172, 191, 202, 240–242, 251, 290, 294, 296, 299, 372–373
Bahrain
, 207
governance standards
, 115–117, 124
and illustrations from jurisdictions
, 203, 204–206
shari’ah standards
, 262
Sudan
, 203–207
United Kingdom
, 208
Acts of worship
, 201
Actual market transaction
, 102
Adalah (justice)
, 5–6, 121, 355
Adaltuhu hatta i’ tidal
, 5n4
Administrative corruption
, 1
Adverse selection
, 9, 88, 103–104
Advertising policy
, 31
Agency
arrangement
, 4
problems
, 95, 287–288, 389
re-examining concerns
, 80–81
theorists
, 92
Agency theory (AT)
, 103–104, 167
Agents
, 6, 9, 31, 39, 45, 51–52, 64, 67, 74–75, 80, 95, 109, 156, 307, 361–362
competing
, 49
in Islamic communities
, 4
preferences and organizational behavior
, 43
takaful
, 156
Ahadith (saying of Prophet)
, 21
Ahkam (policy or rule)
, 54
Akhlaq (moral and integrity)
, 121
Al ifs’ah (disclosing and revealing)
, 6
Al qist
, (see Fairness)
Al Rayan Bank
, 20, 208
Al shaff (curtain)
, 6
Al wa’duh (appearing and becoming clear)
, 6
Al-Amanah
, 2
Al-maslaha-wal-istihsan
, 54
Al-Muhsinun
, 4
Al-Sunnah
, 95
Al-zahr (dice)
, 91
Amanah (fulfillment of trust/custodianship)
, 121, 355
Amman Stock Exchange
, 318, 343
Amr bil maruf (enjoining good)
, 193
Analysis of variance (ANOVA)
, 147–148, 150
Anglo-Saxon model
, (see also Ethico-economic model), 93
Annual general meetings (AGMs)
, 20
Anti-trust policy
, 30, 32
Antidumping
, 28
Aqad approach
, 158
Aqaid
, (see Beliefs)
Aqidah (trust and confidence)
, 121
Ar-rahnu (Islamic pawn-broking service)
, 284
Arbitrage pricing theory (APT)
, 89
Arrow’s organizational theories
, 29–31, 49
Asset
management companies
, 209–210
specificity
, 105–106
Association of Islamic Banking Institutions of Malaysia (AIBIM)
, 380–381
Association of Shari’ah Advisors (ASA)
, 384n7
Asymmetric information problem
, 316
Audit(ing)
, 109
committee independence
, 129
and control
, 297–298
documentation
, 157
evidence
, 156
and governance committee for IFIs in IBRF
, 252
Auditor(s)
, 11, 80, 144, 154–157, 160, 171, 173, 177, 179, 183, 196–197, 222, 377
accountability
, 153
external
, 118, 192, 197–199, 222, 264, 266–267
financial
, 121
internal
, 162–163, 263–264
shari’ah
, 10, 158, 164, 197–198, 222
Authenticity
, 1, 20, 191, 198
of IFIs
, 11
of SGF
, 196
Backward stepwise regression approach
, 325
Bahrain
, 13, 121, 144, 192, 213, 384
AAOIFI and
, 207
banks
, 144
Bai al Dayn
, 262
Bai-al-mu’ajjal of GoP ijarah sukuk
, 262, 269
Bail Inah
, 262
Baitul-Maal-wa-Tamwil (BMT)
, 241, 283–284
Bangladesh
CSR effect on Bangladesh issues
, 306–307
CSR in IB practice
, 305
IBs in
, 308–311
practices and relevant studies
, 306
recommendations
, 311–312
research design
, 308
theories underpinning
, 307–308
Bank age (BKAGE)
, 171, 177–178, 183
Bank for International Settlements (BIS)
, 90, 116
Bank Indonesia (BI)
, 58, 120, 241–242, 245
Bank Islam Malaysia Berhad (1983)
, 228
Bank Negara Malaysia (BNM)
, 19, 91, 154, 194, 222, 233, 251, 373
Bank of London and Middle East (BLME)
, 208
Bank Pembiayaan Rakyat Syariah (BPRS)
, 239
Bank(ing)
, 240
loans
, 93
sector in Saudi Arabia
, 288–289
training in banking practices
, 257–258
Banker, The (2009)
, 371n1
Banking and Financial Institution Act (BAFIA)
, 222
impact of IFSA on Shari’ah governance
, 225–226
new intermediation roles
, 224–225
objectives of IFSA
, 223
Shari’ah compliance and governance
, 223–224
Basel Committee on Banking Supervision
, 117, 294–295
Basel framework
, 90–91
Bay’ al-’inah contract
, 250
Bay’inah (immediate sale after purchase)
, 279
Bay’istisna’ (sale of manufactured asset)
, 279
Bay’murabaha (cost plus sale contract)
, 279
Bay’salam (sale of asset in the future)
, 279
Beliefs
, 107, 142, 201, 212
Benevolent Loan
, (see Qard-i-Hasan)
Benthamite utilitarian index
, 44
Benthamite–Harsanyi kind of linear function
, 45n2
‘Best practice’
, 373–379
Block-holders
, 168, 170, 343
ownership
, 349
shareholding
, 342
Board audit committee (BAC)
, 266
Board independence (BDIND)
, 128, 171, 177
Board meetings
, 128, 345, 347
Board meetings (BRDMEET)
, 132, 135–136
Board of directors (BoD)
, 18, 20, 155, 168, 202, 263–264, 266–267, 295–296
Board size (BRDSIZE)
, 128, 135, 170–171, 177, 317–318
Board supervision
, 109
Board to equity (B/E)
, 324
Bonds
, 90, 345–346, 408
conventional
, 210
PIBs
, 270
Bounded rationality
, 31, 47, 104–105
Box–Cox parametric power transformation approach
, 324–325
Business
bribes
, 64
firms
, 102–105
organizations
, 12, 92, 101, 110, 142
partners
, 107
perspective
, 159
proposition
, 271
Business extent of disclosure index (COUTRANSDEX)
, 177
Cadbury Report (1994)
, 117
Capital adequacy ratio (CAR)
, 270–271
Capital asset pricing model (CAPM)
, 89
Capital Market Authority (CMA)
, 127–129, 137, 288–289
Capital Market Law
, 289
Capital market(s)
, 67, 240, 348, 391–392, 408–409
authority
, 10
Islamic
, 241–242
local and global
, 209
mechanism
, 389
risks
, 89
Capital structure
, 341, 342–344
data
, 344
debate on regression results
, 348–350
empirical results
, 345–348
methodology
, 345
theory
, 316–318
variables
, 344–345
Capitalist
dynamics
, 74
globalization
, 46–47
Cash waqf
, 308, 310
Central Bank of Bahrain (CBB)
, 204, 206–207, 373
Central Bank of Malaysia
, 221, 228, 230–231, 235–237
Central Bank of Malaysia Act
, 228
Central Bank of Oman (CBO)
, 12, 249–258
CEO remuneration (CEOR)
, 345–347
Chairman’s independence
, 128–129
Chief operating officer (CEO)
, 8, 17–18, 129, 138, 177–178, 255, 290, 346, 349–350, 407–408
compensation
, 343
duality
, 343–344, 349
Founder
, 168, 171, 177, 179–183
over-ambitious plans
, 128
Civil libertarianism
analytical nicety
, 29
principle
, 74
Co-operatives
, 279
in Malaysia and Indonesia
, 280–282
Shari’ah-based
, 282–284
Code of Corporate Governance (CCG)
, 348, 351
Collateralized debt obligation (CDO)
, 90, 92
Commenda
, 87
Commodity murabaha/sukuk murabaha
, 269
Companies Act (1965)
, 123
Company’s view
of corporate governance
, 317–318
Ijarah Sukuk financing
, 321
sukuk issuance
, 320–321
Comparative performance of Islamic and conventional indices
, 11, 213–217
Compensation policy
, 342
Competence of SSB
, 257
Competition policy
, 28, 30–32
Complementarily arrangements
, (see Reciprocal arrangements)
Compliance
, 230
functions of conventional and Islamic banks
, 252
Islamic standards of
, 119
Comprehensive regulatory framework
, 384
Conflicts of interest
, 118, 271, 287, 295–297
in Islamic communities
, 3–4
shari’ah advisory function
, 12
Contract(s)
, 107
bay’ al-’inah
, 250
formal
, 105–106
hibah
, 162
ijarah
, 23n8, 23–24
in Islam
, 95
muamalah
, 79–85
musharakah
, 79–85, 232
profit sharing-based
, 279
tabarru
, 159, 162
theory
, 107
Contractual governance
, 101, 105
Control
of corruption
, 357, 364
functions of conventional and Islamic banks
, 252
variables
, 131, 133, 171
Conventional cooperatives
, 283–284
Conventional corporate governance
, 22–24, 85, 88
Conventional indices
, 212
comparative performance of Islamic and
, 213–217
returns and volatility
, 214
Cooperative Act
, (1948, 280, 285, 1993, 1995, 2012, 2013)
Cooperative Commission Malaysia Act (2007)
, 284
Corporate board independence
, 94
Corporate decision making
, (see also Decision making), 45, 102
collective
, 47
hegemonic preferences in
, 46–47
Corporate disclosure
, 168, 170–171, 182
CG characteristics and
, 169
studies in
, 167
Corporate governance (CG)
, (see also Good corporate governance (GCG); Governance; Inter-firm governance mechanisms), 1, 17–18, 43, 63, 115, 167, 193, 201–202, 315, 341–344, 372, 389
audit and control
, 297–298
board independence
, 171
board size
, 170–171
BoD role
, 295–296
and capital structure
, 316
challenges in accomplishing
, 109
Commitment of Board Members in Governance System
, 294–295
company’s view
, 317–318
comparative views
, 40
construction disclosure indices
, 172–173
control variables
, 171
corporate disclosure literature
, 168–169
corporate governance in Pakistan
, 348
correlation analysis
, 179
correlation matrix
, 180
data
, 344, 391–392
debate on regression results
, 348–350
descriptive analysis
, 178–179
discursive learning behavior
, 43–44
and economic growth
, 93
empirical analysis
, 393–404
empirical results
, 345–348
examining CG model in Islamic case of PAPM complementarities
, 74–75
feedback loops in decision making
, 32–33
financer’s view
, 316–317
foreign ownership
, 170
founder CEO
, 171
framework for IFIs
, 117–121
holistic disclosure checklist
, 174–175
IAH
, 170, 296–297
institutional learning inversely relating to transaction cost in
, 66–72
interaction of Sukuk issuance and
, 318–321
Islam and
, 94–95
Islamic banks
, 167–168
Islamic perspective
, 2–4, 27, 50–59
Islamic principles
, 4–9
Islamic vs. conventional
, 22–24
issues in
, 93–94
literature review and research hypothesis
, 169
as mainstream organizational concept
, 27–28
Malaysia
, 19–20
methodological individualism of contested corporate decision making
, 45–49
methodology
, 345, 392–393
model specification and variable measurements
, 173, 176–178
number of block-holders
, 170
objective function
, 28–30
organizational behavior in mainstream corporate governance theory
, 44–45
policy implications
, 404
practices
, 294
primary objective
, 127–128
regressions results
, 179, 181–183
and Role of Islamic Audit and Accounting
, 10
sample and data
, 172
selection of corporate strategies
, 30–31
Shari’ah Supervisory Board
, 295
Simon and Arrow’s organizational theories
, 29–30
strategies
, 389–390
of Sukuk issuer companies in Iran
, 321–326
transparency and disclosure
, 298–299
variables
, 344–345
Corporate managers
, 93, 342, 351, 409
Corporate mutuality, Islamic perspective of
, 38–39
Corporate philanthropy
, 307
Corporate reporting
, 169
Corporate responsibility
, 28
failure in
, 67
social
, 50
Corporate scandals
, 81
Corporate social responsibility (CSR)
, 12, 167, 305–306
conduct and disclosure for IFIs
, 252
effect on Bangladesh issues
, 306–307
IBs in Bangladesh
, 308–311
practices and relevant studies
, 306
recommendations
, 311–312
research design
, 308
theories underpinning
, 307–308
Corporate Social Responsibility Disclosure (CSRD)
, 11, 168, 176, 178
Corporate transparency
, 28
Corporation
, 80, 83
correcting for lack of disclosure and transparency in
, 64–66
dealings
, 64
ethico-economic general equilibrium model
, 66
in Islamic perspective
, 51–52
knowledge and learning
, 65
Correlation analysis
, 134–135, 179
Correlation matrix
Muslim economies
, 400–401
non-Muslim economies
, 398–399
Corruption perception index (CPI)
, 397, 403–404
Country-specific behavioural perspective
, 379–381
Credit
derivatives
, 90
insurance
, 90
risk
, 88–89, 297–298
Credit default swaps (CDS)
, 92
Creditors
, 82, 93, 307, 319, 342, 348
Cultural heritage
, 44
Currency salam
, 269
Current account, Islamic deposits on
, 232
Customer expectations
, 334
gap between management perceptions and
, 332
gap between SQ specifications and
, 332–334
Customer gap
, 13, 332, 334–337
Dalail zanniyah (implicit textual evidence)
, 198
Dealings with others
, 201
Debt
, 341
choice of firms
, 342
debt-irrelevance theorem
, 341
debt–equity
, 341
financing
, 317, 320
paper currency
, 67
Decision making
, (see also Corporate decision making), 10, 29, 31, 38, 49, 50, 58, 80, 94–95, 104, 118, 156, 167, 170, 236, 273, 284, 319, 407
agent-specific
, 68
consensual
, 48
effectiveness
, 20
feedback loops for CG
, 32–33
female participation in
, 20–22
for IBIs’ products
, 268
interactive
, 43
investment
, 209
methodological individualism of contested corporate
, 45–49
participatory framework
, 74–75
Shari’ah
, 273–274
social
, 66
theory
, 10
Default risk
, 89, 289, 320
Denominators in inter-firm governance
, 108–109
Deontology of responsible behavior
, 68
Dependence
, 108
degrees of
, 109
resource dependence theory
, 348
Dependent variables
, 182, 391–393, 396
of earnings management
, 134
measurement
, 130–131
Deposit account, Islamic deposits on
, 232–234
Derivatives
, 89–90, 210
credit
, 67, 90
financial
, 262
Descriptive analysis
, 136, 178–179
Descriptive statistics
, 134, 179, 345–346, 349–350, 393–397
about differences in disclosure among industry
, 149
about differences in disclosure over times
, 148
for financial institutions
, 290, 292
of independent variables
, 178
pooled
, 135
Development Financial Institutions (DFIs)
, 261
Dewan Pengawas Syariah (DPS)
, 242
Dewan Syariah Nasional Majlis Ulama Indonesia (DSN-MUI)
, 12, 240, 242, 245–246
Direct equity investments
, 210
Directorate of Bank Indonesia
, 59
Disclosure
, 169, 182
in CG
, 298–299
of compliance with shari’ah teachings
, 147
indice construction
, 172–173
rules
, 118
Discretionary accruals
, 129
absolute value
, 134
accuracy
, 137
firms
, 131
regression
, 135
Diversifiable risk
, 209
Dividend purification
, 210–211
Divine guidance
, 9
Dow Jones Islamic Market Index (DJIM Index)
, 211–212
Dual banking system
, 203
Dual Islamic economy, CG in
, 37–38
Dubai International Financial Centre
, 123, 373
Earnings management
, 127
control variables
, 131, 133
dependent variable measurement
, 130–131
descriptive statistics and correlation analysis
, 134–135
explanatory variables
, 131
literature review and development of research hypotheses
, 128–129
model specifications
, 134
multivariate analysis
, 135–137
research methodology
, 129–134
sample selection and data collection procedures
, 129–130
variables and measurements
, 132
Economic(s)
, 201
collapses
, 1
decline
, 1
exchange relationship
, 106
growth
, 367
organization in Islamic perspective
, 51
transactions
, 104
Efficiency
, 50, 88, 109, 236, 299
corporate governance
, 109
economic
, 32, 41
expected
, 137
of financial markets
, 142
in Islamic communities
, 4
operational
, 58
Emerging practice
, 373–379
Empirical analysis
descriptive statistics
, 393–397
multicollinearity analysis
, 397–404
Empirical evidence
governance and economic growth
, 366–369
governance–development nexus
, 356–357
Employer–employee relationship
, 269–270
Employers’ Savings and Ownership Plan (ESOP)
, 46
End-to-end shari’ah compliance approach
, 11, 234–235
Endogenous learning
, 47
in unity of knowledge
, 66
Endogenous preference maps
, 68
Enforcement of law
, 121
Enron
, 64, 66–67, 81, 94
Environing factors
, 32–35, 37
Environmental protection
, 28
Epistemology of unity of knowledge
, 33, 39, 63, 65, 68, 70
Equitable distribution of wealth and income
, 23, 28
Equity
, 88, 341
holders
, 118
market
, 212, 345–346
participation
, 52
Ethical banking
, 201
Ethical behavioral change
, 67
Ethical deception in organizational behavior and accounting
, 67–68
Ethico-economic model
, 64, 68
correcting for lack of disclosure and transparency in corporation dealings
, 64–66
epistemological structure of ethico-economic general equilibrium model
, 66
examining CG model in Islamic case of PAPM complementarities
, 74–75
examining mainstream corporate governance in model of unity of knowledge
, 72–74
institutional learning inversely relating to transaction cost in CG
, 66–72
European Islamic Investment Bank (EIIB)
, 208
Evade competition policy (P2)
, 30
Evolutionary discursive processes in institutional learning
, 70
Ex ante
accountability
, 8
costs
, 102
dimensions
, 107
problem
, 103
transaction costs
, 103
transaction model
, 105
Ex post
accountability
, 8
costs
, 102–103
dimensions
, 107
transaction model
, 105
Exchange Control Act (1953)
, 221
Executive management (EM)
, 1, 12, 263, 267
Exercise control over international resources (P3)
, 30
Explanatory variables
, 131, 393, 396
Export Import Bank of Bangladesh Limited (EXIM Bank Ltd.)
, 308
External audit
, 118, 191–192, 195, 198–199, 242, 266–267, 298, 373
External shari’ah audit
, 11, 195, 197–198, 265–266
Fairness
, 2, 5–7, 36, 84–85, 91, 119, 169, 193, 315, 355
Family takaful business
, 159, 224–225
Fard-e-kafaya
, 22, 22n5
Fatawa
, 207
Fathonah (intelligence)
, 121
Fatwa (religious opinions)
, 119, 270
Fatwa/guidelines
, 266
HSSA
, 254
Federal Shari’at Court (FSC)
, 261–262
Feedback loops in decision making
, 32–33
Female participation in governance and decision making
, 20–22
Financer’s view
of corporate governance
, 316–317
Ijarah Sukuk financing
, 321
sukuk issuance
, 320
Financial
covenant declaration
, 7
crisis
, 1, 142, 213, 221
firms
, 129, 344, 391
holding company
, 236n7
investments
, 209–210
markets
, 142, 209, 292
regulations
, 63
reporting approach
, 158
risks
, 89
stability
, 11, 38, 68, 221, 223, 229
system
, 221
Financial Accounting Organization for Islamic Banks and Financial Institutions (FAOIBFI)
, 121–122
Financial disclosure (FD)
, 11, 109, 168
Financial disclosure index (FIN Disc)
, 176, 178
Financial institutions (FIs)
, (see also Islamic financial institutions (IFIs); Shari’ah compliant corporate governance), 18, 87, 287
Financial Services Authority (FSA)
, 194, 285
in Indonesia
, 120
Financial Times Stock Exchange (FTSE)
, 211
Fiqh (Islamic law)
, 21, 25, 207–208, 269
Fiqh muamalat
, 251, 254, 257–258
Firm value
, 167, 183, 341, 349, 390
Five-point Likert scale
, 335–336
Fixed-effects model
, 134, 390, 402
Flexibility
, 106–107
Foreign
exchange market
, 89, 223
investment
, 170, 272, 356
ownership
, 170, 176, 182
Formal contracts
, 101, 104–107
Founder CEO
, 168, 171, 177, 179–183
GAP model
, 12–13, 332–334
Gap-driven analysis
data analysis and results
, 337
GAP and service quality model and development of hypothesis
, 332–334
hypothesis testing
, 337
implications, limitations and future research
, 339
relationships between study’s constructs
, 338
research model and measures
, 335
research sample and data collection
, 335–337
SQ
, 331–332
Gate-keeping provisions
, 222
General takaful business
, 159, 224–225
Gharar (uncertainty or speculative risk)
, 91, 210
Ghirah (spirit/passion)
, 121
Global Reporting Initiative (GRI)
, 306
Good corporate governance (GCG)
, (see also Corporate governance (CG)), 116, 120
Islamic-based accounting to supporting
, 121–123
principles of Islamic
, 121
Good practice
, 373–379
Governance
, (see also Corporate governance (CG); Inter-firm governance mechanisms), 44–45, 92–95
deficit
, 366, 368
and economic growth
, 366–369
emerging challenges in risk management
, 96
functions of conventional and Islamic banks
, 252
indictors
, 357
lack and oversight
, 383–385
mechanism in Islamic framework
, 94
mechanisms
, 101
standards
, 372–373
variables
, 342
Governance–development Nexus
empirical evidence
, 356–357
revisiting governance–development nexus in OIC countries
, 357, 360–365
Government effectiveness
, 356–357, 361–362
Granger causality test
, 215–216
Group in Islamic communities
, 2
Gulf Cooperation Council (GCC)
, 141, 168, 213, 249, 374, 378–379
Habermas’ hermeneutics theory
, 47–48
Hadith
, 21–22, 223
Hadiyyah
, 162
Halal and haram code approach
, 158
Hegemonic preferences in corporate decision making
, 46–47
Herfindahl-Hirschman Index (HHI)
, 390, 397, 403
Hibah contract
, 162, 164, 231–232, 234, 268
Hidden action
, 103–104
Hidden information
, 103, 108
High shari’ah supervisory authority (HSSA)
, 251, 253–254
Higher Shari’ah Board (HSB)
, 242
Hijab (specifically covering body)
, 21, 21n3
Hisbah (strong accountability)
, 81, 88, 153–154, 191n1, 193, 356
Holistic disclosure checklist
, 174–175
Human Development Index (HDI)
, 363–365
Human nature in Islamic communities
, 2
Hurriyah (independence and responsible freedom)
, 121
Hybrid governance models
, 104
Ibadaat
, (see Acts of worship)
Idarah (management)
, 121
Ihlas Finance in Turkey
, 87–88
Ihsaan (professional)
, 121
IIE-process
, 34–39, 41, 68
episteme of unity of knowledge through
, 36
of simulation using methodology of unity of knowledge
, 71
Ijabiyah (positive thinking)
, 121
Ijarah (leasing)
, 262, 272, 284
contract
, 23n8, 23–24
Ijarah Sukuk financing
, 321
Ikhlaqiat (manners)
, 201
Imam
, (see Imamat)
Imamat (leading Muslims in prayer)
, 21n2, 21–22
Improved practice category
, 373–379, 383
Inclusivity approach
, 229–231
Independent/independence
directors
, 342
of SSB
, 252, 257
variables
, 391–392
Individual(ism)
, 343–344
in Islamic communities
, 2
Indonesia
accounting for IFIs
, 122
co-operatives in
, 280–282
equity, revenue and profit
, 283
growth of cooperatives in
, 283
Islamic banking and finance in
, 241
shari’ah governance in cooperative movement in
, 285
Indonesian Financial Services Authority
, 240
Information
asymmetry
, 102–103
exchange
, 107
information-sharing
, 334
Innah sale
, 82–83
Insider ownership
, 318, 324
Institute of Policy Studies (IPS)
, 193
Institution(al)
framework
, 102
ownership
, 318, 324
professional competence
, 118
reformation
, 65
theory
, 142
void
, 389–390
Institutional learning
ethical deception in organizational behavior and accounting
, 67–68
formalizing ethico-economic general equilibrium system
, 68–70
institutional simulation problem of relational learning
, 70–72
inversely relating to transaction cost in CG
, 66
nature of ethico-economic general equilibrium model
, 68
Institutionalism
, 50
Institution–polity–market-related wellbeing function
, 64
Insurance
, (see also Takaful (Islamic insurance)), 240
conventional
, 161
credit
, 90
Integrated communications (ICO)
, 334, 335
Integrated technology (ITC)
, 334–335
Integrity
, 18, 117
Intensifying competition (P1)
, 30
Inter-firm coordination
, 106
Inter-firm governance mechanisms
, (see also Governance), 101, 107
AT
, 103–104
challenges in accomplishing corporate governance
, 109
denominators in
, 108–109
Islamic concept of governance
, 109–110
RET
, 106–108
TCA
, 104–106
theoretical approaches for governing
, 102–103
Inter-firm relational exchanges
, 107
Inter-firm relationship management studies
, 107
Inter-organizational relational exchanges
, 107
Interest rate
, 36
Interest-free bank investments
, 210
Intermediation roles
, 224–225
Internal audit
, 230
comparing with Takaful and conventional insurance
, 161
Internal shari’ah audit
, 192, 237, 266
Internal shari’ah reviewer (ISR)
, 251, 255
International Accounting Standard (IAS)
, 122–123, 298
International Financial Services Board (IFSB)
, 371n2, 372–373
Guiding Principles on Corporate Governance
, 240
IFSB-10
, 371n2
International investors
, 87
International Labour Organization (ILO)
, 281
International Monetary Fund (IMF)
, 70
International standards and codes
, 117
Investment
account
, 233
bankers
, 342
decision making
, 209
opportunity set
, 210
Investment account holders (IAH)
, 115, 168, 170, 177, 290, 296–297, 299
Investors
, 209, 342
Iqtisad (economics)
, 201
Iran
corporate governance of sukuk issuer companies in
, 321
results of parameter estimation
, 326
SA variables vs. different corporate governance ratios
, 325
sukuk issuance in
, 322–323, 329–330
variables for analysing corporate governance characteristics
, 324
Islam and corporate governance
, 94–95
Islami Bank Bangladesh Limited (IBBL)
, 308, 310
Islamic account holders (IAHs)
, 288, 294
Islamic accounting standards
, 121
Islamic banking (IB)
, 10, 12, 87–88, 96, 115, 118, 120–121, 305
in Bangladesh
, 308
business
, 228
CSR expenditure
, 309–310
examples in corporate governance
, 58–59
finance
, 221, 239, 241
and financial institutions
, 229
increasing trend in CSR expenditure
, 311
lack of coordination among IBs
, 311
non-availability of separate CSR report by
, 311
in Oman
, 249–256
in Pakistan
, 261–267
SGF and objectives of
, 271–273
of South Africa
, 87–88
special CSR initiatives benefiting Bangladesh society
, 310–311
Islamic Banking Act (IBA)
, 123, 221, 223, 225
Islamic banking and financial institutions (IBFIs)
, 239
Islamic Banking Department (IBD)
, 262
Islamic Banking Entity (IBE)
, 249
shari’ah governance for IBEs in Oman
, 251, 257–258
Islamic Banking Institutions (IBIs)
, 262, 373
annual profit rates
, 272
model governance structure
, 265
SGF for
, 263–264
Islamic Banking Regulatory Framework (IBRF)
, 250
Islamic CG framework
, 118–119
Islamic commercial contracts
, (see Muamalah contracts)
Islamic concept of governance
, 109–110
Islamic contracts of partnership in Modern Corporation
, 82–83
Islamic cooperative
, 282
Islamic corporate governance (Islamic CG)
, 18, 22–24, 81–82, 202, 372–373
practices
, 372, 384–385
Islamic corporate governance index
, 374–378
in IFIs in Malaysia
, 378–379
scores for IFIs
, 379–381
Islamic corporation
, 41
Islamic deposit
, 225, 233–234
account
, 233
on current and savings account
, 232
Islamic Development Bank (IDB)
, 121
Islamic economy
, 94, 141–142
Islamic ethical investors
, 212
Islamic finance
, 232
business
, 228
industry
, 23, 92, 249
risk in
, 91–92
sector
, 221–223
and shari’ah-specific codes and standards
, 116–117
society and
, 142
system
, 87, 193, 305
Islamic Finance News (2016)
, 250
Islamic financial institutions (IFIs)
, 10–11, 13, 18–19, 23–24, 95, 116, 141–142, 153–154, 169, 191, 201, 221–223, 239, 249, 261, 282, 371
agency dynamics
, 288
agency problems at
, 287–288
in Bahrain
, 207
BoD role
, 295–296
constructing Islamic corporate governance index
, 374–378
framework for
, 117–121
Islamic corporate governance
, 372–373
Islamic-based accounting to supporting GCG practices
, 121–123
in Kingdom
, 290
relationship between effective governance and performance
, 299–300
research method
, 374
in Saudi Arabia
, 287
scenario in
, 119
SG in
, 192–193, 195–197
Shari’ah governance
, 119–121, 141–150
Shari’ah governance index
, 378–385
standards for
, 252
in United Kingdom
, 208
Islamic financial product
development
, 243
in Saudi Arabia
, 289
Islamic financial services (IFSs)
, 115
guiding principles
, 116
Islamic Financial Services Act (IFSA)
, 11, 221, 222n3, 227
differences between BAFIA and
, 222–226
Shari’ah governance in
, 228–235
Islamic Financial Services Board (IFSB)
, 58, 92, 115, 191, 202–203, 240, 290, 295
IFSB-3
, 240, 251
principles
, 115–117
Islamic foreign exchange market
, 223
Islamic framework
, 355
PAPM causality in corporate governance in
, 70–72
Islamic GCG
, 120
Islamic governance system
, 371
Islamic indices
, 213–217
returns and volatility of
, 214
vis-à-vis conventional market indices
, 212
Islamic insurance institutions
, 115
Islamic International Rating Agency (IIRA)
, 207
Islamic investment
account
, 233–234
distinct character
, 210–211
Islamic Investment Companies of Egypt
, 88
Islamic legal system
, 221
Islamic legislations
, 1
Islamic microfinance
, 310–311
Islamic money market
, 223
Islamic mu’amalat
, 282
Islamic mutual funds
, 115
Islamic organizations’ trade
, 24
Islamic participatory corporate structure
mathematical model of
, 53
preference formation in Islamic corporate relations
, 56–57
social wellbeing criterion of corporation
, 54–56
variables
, 53–54
Islamic passive indices
, 212–213
Islamic perspectives of corporate governance
, 33–34, 50
agent and client
, 4
concentration of wealth/power
, 4
conflict of interest
, 3–4
corporate governance in Islamic perspective
, 57–58
corporate mutuality
, 38–39
corporation definition in
, 51–52
in dual Islamic economy
, 37–38
economic organization in
, 51
efficiency and work perfection
, 4
examples relating to Islamic Banks
, 58–59
human nature
, 2
individual and group
, 2
Islamic vs. conventional CG
, 22–24
keeping rights of all parties
, 3
mathematical model of Islamic participatory corporate structure
, 53–57
principles and instruments governing Islamic social and economic conduct
, 35–37
processes of unity of knowledge
, 35
sensing social responsibility
, 2–3
and shari’ah governance
, 18–22
Islamic polity and society
, 355
Islamic principles of governance
, 4
accountability
, 8–9
justice
, 5–6
transparency
, 6–8
Islamic Republic of Pakistan
, 348
Islamic social and economic conduct
, 35–37
Islamic standards of compliance
, 119
Islamic stock index
, 212–213
Islamic transformation
, 37
Islamic values in corporate life
, 310
Islamic-based accounting to supporting GCG practices
, 121–123
Islamization of conventional products
, 196
Istisna (purchase order contract)
, 231, 272, 284
Itqan (continues improvement)
, 121
Jihad
, 4
Jurisdictions, Shari’ah governance framework in
AAOIFI and illustrations from selected jurisdictions
, 203–208
IFSB
, 202–203
Justice in Islam
, 5–6
Kafalah
, 231–232
Khilafah (leadership)
, 81, 121, 153
Knowledge
, 65
induction
, 51
Labor laws
, 28
Legal documentation approach
, 158
Lehman Brothers
, 94
Liberalism
, 49, 74
Linear regression model
, 325
Liquidity
, 211, 350
risk
, 89
Local capital market
, 209
Local shari’ah scholars limitation
, 257
Long-term debt
, 342, 345–346
ratio
, 350
Long-term loans
, 349
Madaris (institutions)
, 269–270
Madonne
, 94
Mainstream corporate governance theory, organizational behavior in
, 44–45
Maisir (gambling)
, 91
Malaysia
, 227
accounting for IFIs
, 122
co-operatives in
, 280–282
code for CG
, 19–20
growth of cooperatives’ equity, revenue and profit in
, 281–282
internal shari’ah audit
, 237
Islamic corporate governance index in IFIs in
, 378–379
setting up of shari’ah committee
, 235–237
shari’ah governance in cooperative movement in
, 284–285
shari’ah governance in IFSA
, 228–235
Malaysian Accounting Standards Board (MASB)
, 123
Malaysian Code on Corporate Governance (MCGG)
, 19–20
Malaysian Cooperative Commission (EC)
, 282
Malaysian financial sector
, 221
Malaysian Financial Services Act (2013)
, 221
Malaysian judiciary
, 11, 227
Malaysian model
, 91, 195
Malaysian Takaful industry, shari’ah audit in
, 159–160
Management information system (MIS)
, 256
Managerial ownership
, 318, 342–343, 347, 349
Maona
, (see Musharakah)
Maqasid-al-shari’ah (Islamic law)
, 53–54, 58, 153, 158, 197, 256
Maqasid-e-shariah
, 25, 25n10
Maqsad-i-sahri’ah
, 10
Marketing research orientation (MRO)
, 332, 335
Marxist critical theory
, 48
Mas’ulia
, (see Accountability in Islam)
Mas’uliyah (accountability)
, 121
Maslahah (public welfare)
, 198
Mean profitability
, 346
Methodological individualism
, 44–45, 74
complex aggregation of preferences in organizational behavior
, 47–49
of contested corporate decision making
, 45
hegemonic preferences in corporate decision making
, 46–47
problem of
, 45–46
Simon’s organizational theory vs. with Arrow’s organization
, 49
Microfinance institution (MFI)
, 283
Ministry of Cooperatives and SMEs (MCSMEs)
, 281, 285
Modern portfolio theory
, 210
Mondragon Cooperative Corporation (MCC)
, 46
Moral hazard
, 103–104
Moral trust
, 67–68
Muamalah contracts
, 10, 79, 82
critical review of utilising Islamic contracts of partnership
, 82–83
infusing contracts of Musharakah and Mudarabah
, 83–85
Islamic corporate governance
, 81–82
re-examining concerns of agency and stakeholders theory
, 80–81
Muamalat (transaction)
, 279
Mudarabah (investment/profit-sharing)
, 22, 22n6, 24, 36, 284
contracts
, 79, 82–85, 116, 232
cooperative definitions
, 72
Islamic business models
, 87
principles
, 225
relationship
, 18
Mudarabah–musharakah (profit and equity participation)
, 38
Mudarib
, 116
Mudharaba,
, 231
Multi-corporate disclosures evidence
empirical findings
, 178–183
from Islamic banks
, 167–168
literature review and research hypothesis
, 169–171
research methodology
, 172–178
Multi-dimensional financial reforms
, 241
Multicollinearity analysis
, 397
correlation matrix
, 398–401
fixed effects analysis results
, 402
positive/negative relationship of CPI
, 404
relationship of liquidity with performance
, 403
Multivariate analysis
, 135–137
Murabaha (costplus pricing/financing)
, 36, 52, 87, 231, 272, 284
contract
, 23, 23n8
operations
, 289
Murabaha Sukuk
, 319–322
Murabaha/bai-al-muajjal
, 262
Muscat Supreme Council for Planning (2016)
, 249–250, 253–254
Musharaka
, 269
Musharakah (equity participation)
, 18, 22, 24, 36, 231, 262
certificates
, 203
contracts
, 79, 82–85, 232
cooperative definitions
, 72
Islamic business models
, 87
Musharakah Sukuk
, 319
Muslim economies
correlation matrix
, 400–401
country-and region-wise mean values
, 393, 396
ownership operation in
, 403
Mutual funds
, 210
Nahi anil munkar (forbidding evil)
, 193
National CG framework
, 116
National Commercial Bank (NCB)
, 289
National Cooperative Policy
, 280
National Shari’ah Board of CBB
, 207
National Shari’ah Board of Indonesian Council of Ulama (DSN-MUI)
, 12
Neoclassical welfare function
, 48
Nisab
, 22–23, 22–23n7
Nolan Report (1995)
, 117
Nomination committee existence
, 129
Non-discretionary accruals
, 131
Non-diversifiable risk
, 209
Non-economic exchange relationship
, 106
Non-executive board to board (Non-Exe)
, 324
Non-financial firms
, 391
in Pakistan
, 343, 348
in PSX
, 344
in Thailand
, 342
Non-Interest-Based banking system (NIB banking system)
, 261–262
Non-Islamic legal environment countries
, 208
Non-Muslim economies
correlation matrix
, 398–399
country-and region-wise mean values
, 393, 396
fixed effects analysis
, 402
ownership operation in
, 403
relationship with performance of firms
, 403–404
Noncooperative firms
, 46
Normative institutions
, 102
Nusus qatyiah (explicitly confirmed text)
, 198
Oman
HSSA
, 253–254
internal Shari’ah reviewer
, 255
Islamic banking in
, 249–251
issues and challenges
, 257–258
SCU
, 255–256
Shari’ah audit unit
, 256
Shari’ah governance for IBES in
, 251
Shari’ah governance framework in Islamic banking in
, 251
Shari’ah risk control
, 256
SSB
, 254–255
standards for IFIs
, 252
Omani Rial (OMR)
, 250
Openness
, 41, 117, 119, 121
Opportunism
, 104–105
Organisational commitment (OC)
, 307
Organization
, 44–45
Organization for Economic Cooperation and Development (OECD)
, 109, 116, 201
Principles of Corporate Governance
, 315
Organization of Islamic Cooperation countries (OIC countries)
, 357
revisiting governance–development nexus in
, 357, 360–365
state of governance in
, 357, 358–360
Organizational behavior
complex aggregation of preferences in
, 47–49
mainstream corporate governance theory
, 44–45
in mainstream corporate governance theory
, 44–45
Organizational legitimacy
, 142
theory
, 143
Otoritas Dewan Pengawas Syariah of OJK (ODPS-OJK)
, 11–12, 242–243, 246
Otoritas Jasa Keuangan (OJK)
, 11, 240
Over draft (OD)
, 262
Over-levered weak governance firms
, 343
Overall voluntary disclosure (OV Disc)
, 173, 179
Ownership
, 343
concentration and firm performance relationship
, 390
insider
, 318, 324
institutional
, 318
managerial
, 318
P-vector
, 34, 36
Pakistan
banking in
, 345–346
corporate governance in
, 348
Islamic banking in
, 261–262
Pakistan Investment Bonds (PIBs)
, 270
Pakistan Stock Exchange Limited (PSX)
, 344
Parmalat
, 81
Path dependence syndrome
, 270–271
Payment System Act (2003)
, 221
Pearson’s correlation matrix
, 337
Pecking order hypothesis
, 341
Peraturan Pemerintah (PP)
, 243
Philanthropy
, 307
Political stability
, 357, 361
Portfolio
diversification
, 88–89
theory
, 89
Post-contractual situation
, 104
Preference formation
, 29
behavioral factor in
, 30, 49
decision making in corporation
, 31
in Islamic corporate relations
, 56–57
participant-specific
, 45
recursive feedback under
, 32–33
Shuratic
, 36
toward avoidance of waste
, 36
Price mechanism
, 102
Primary evidence in audit
, 156
Primer on Islamic Finance, A
, 118
Principal
, 103
Principal–agent, polity, and market (PAPM)
, 63–64
causality in corporate governance in Islamic framework
, 70–72
examining CG model in Islamic case
, 74–75
Profit sharing ratio (PSR)
, 268
Profit-and-loss sharing principle
, 118
Profit-sharing
, 52
profit sharing-based contract
, 279
Profitability
, 350
Public society organisations
, 281
Qard
, 123, 226, 231–232, 234
Qard-i-hasan (interest-free loans)
, 164, 284, 310–311
Qatar Financial Centre
, 373
Qualitative screening
, 210–211
Quality
, (see also Service quality (SQ))
of civil services
, 361
of public services
, 361
regulatory
, 357, 362
Quantitative indicators
, 210–211
Rabb al-mal
, 116
Raqabah (supervision)
, 121, 153
Rate of return
, 71, 294, 320–321, 327
Rationalism
, 44, 48, 50, 58, 74
Rationality
, 38
Re-insurance
, 90
Reciprocal arrangements
, 104
Recursive feedback
, 32–33
Reflexivity theory
, 48
Regression results
, 347–348
debate on
, 348–350
Regulatory matters
, 63–64
Regulatory quality
, 357, 362
Relational exchange theory (RET)
, 103, 106–108
Relational governance
, 101, 107
Relational learning
, (see also Institutional learning), 65
epistemological structure of ethico-economic general equilibrium model
, 66
perspective
, 68–69
Relational norms
, 106–107
Reliability
, 172–173
Religious values
, 142, 307
Remuneration committee existence
, 129
Research hypotheses
, 128–129
Research methodology of financial institutions
, 289–290
correlations
, 291
descriptive statistics
, 290, 292
governance standard development set by regulations
, 292–294
Research model
, 335
Resident shari’ah board members (RSBM)
, 263, 266, 269–270
Resource dependence theory
, 348
Responsibility
, (see also Corporate social responsibility (CSR)), 287
corporate
, 28, 67
of doing justice
, 6
social responsibility in Islamic communities
, 2–3
Return on assets
, 392–393
Revenue
, 211
in Indonesia
, 283
in Malaysia
, 281–282
Riba (compulsory penalty)
, 12, 23n8, 82–83, 85, 88, 91, 262
Risk
, 88
emerging challenges in risk management
, 96
financial
, 89
to hazard
, 91
in Islamic finance
, 91–92
management
, 89–91, 230, 252, 371
neutrality
, 104–105
pooling and sharing
, 90
sharing
, 92
Risk–return opportunities
, 209
Rizk (sustenance)
, 91
Robustness test
, 179, 181
Royal Decree 114/2000
, 249–250
Rule of law
, 355–357, 361, 363
Rural Development Scheme
, 310
S&P Developed Islamic index
, 216
S&P Europe Islamic index
, 217
Sadaqah (donation)
, 162
Salam,
, 231, 262, 272, 284
SARIE (Inter-bank transfer system)
, 289
Saudi Arabia
banking sector in
, 288–289
evolution of Islamic financial products
, 289
IFIs in
, 287
research methodology of financial institutions
, 289–294
Saudi Arabian Monetary Agency (SAMA)
, 288, 294
Saudi Corporate Governance Regulations
, 127–129
Savings account, Islamic deposits on
, 232
Scheduled business under BAFIA
, 222
Secondary evidence of audit
, 156
Securities and Exchange Commission of Pakistan (SECP)
, 348
Senior–junior relationship
, 270
Service delivery
, 334
Service quality (SQ)
, 331–332
gap between customer expectations and SQ specifications
, 332–334
gap between SQ specifications and service delivery
, 334
Service specification design (SSD)
, 334–335
SERVQUAL concept
, 331
Shaffa (cloth)
, 6
Shapiro–Wilk normality test
, 324
Shareholders
, 81–84
model of corporate governance
, (see Anglo-Saxon model)
Shari’ah (Islamic law)
, 1–4, 92, 154, 201–202, 305
accountability in
, 8
advisors and boards
, 268–270
advisory body of cooperative commission Malaysia
, 284
characteristics of justice in
, 6
committee
, 235–237, 284
decision making and products approval
, 273–274
guidelines
, 109
objective
, 82
principles
, 221–222, 279
Review
, 252
risk control
, 251, 256
rules
, 95
rules and regulations
, 9
scholars
, 268, 270
and transparency principle
, 7–8
Shari’ah Advisory Council (SAC)
, 194–195, 221–222, 228, 231
Shari’ah audit
, 153–155
audit unit
, 251, 256
controls for shari’ah compliance in shari’ah contract
, 160, 162
exercise in takaful operator
, 160–164
function
, 195
IFIs
, 153–154
in Malaysian Takaful industry
, 159–160
method
, 237
process
, 155–159
shari’ah-compliance issues on
, 158
Shari’ah audit department (SAD)
, 11
Shari’ah auditing department (SAD)
, 171, 177
Shari’ah board (SB)
, 95, 262
of SBP
, 263
structure and duties of SBs and management
, 264–267
Shari’ah compliance
, 227, 261, 271, 284, 289, 296
approach
, 262
assets
, 371n1
controls in shari’ah contract
, 160, 162
governance of
, 142–143
IAH
, 296–297
issues on shari’ah audit
, 158
liquidity management instruments
, 96
Shari’ah compliance department (SCD)
, 263, 266
Shari’ah compliance governance for Islamic investments
comparative performance of Islamic and conventional indices
, 213–217
distinct character of Islamic investments
, 210–211
performance of Islamic passive indices
, 212–213
Shari’ah compliance unit (SCU)
, 251–252, 255–256
Shari’ah compliant corporate governance
banking sector in Saudi Arabia
, 288–289
corporate governance practices
, 294–299
mitigation of agency issues
, 294–299
relationship between effective governance and performance of IFI
, 299–300
research methodology
, 289–294
Shari’ah Coordination Unit (SCU)
, 197
Shari’ah essentials’ of modes
, 268
Shari’ah governance (SG)
, (see also Corporate governance (CG)), 18–19, 88, 119–121, 191–193, 202, 282, 372
in cooperative movement
, 284–285
differences in compliance with shari’ah teachings
, 147–150
disclosure of compliance with shari’ah teachings
, 147
end-to-end Shari’ah compliance approach
, 234–235
female participation and decision making
, 20–22
governance of Shair’ah compliance
, 142–143
of IFIs
, 195–197
in IFSA
, 225–226, 229
inclusivity approach
, 229–231
infrastructure prior to IFSA
, 228–229
Islamic economy
, 141–142
items disclosed by financial institutions
, 146
items on company’s assertion disclose
, 145
Malaysia
, 19–20
methodology and data
, 144
society and Islamic financing
, 142
system
, 119, 227
uniformity
, 231–234
voluntary disclosure and social concerns
, 143
Shari’ah governance framework (SGF)
, 11–12, 154, 197–198, 207, 261
conflict of interests in
, 269–271
evaluation
, 267–273
in IBFIs in Indonesia
, 240, 241–246
for IBIs
, 263–264
in IFIS in Oman
, 249–256
Islamic Banking in Pakistan
, 261–267
and objectives of Islamic banking
, 271–273
recommendations
, 197–198
SG
, 192–193
shari’ah compliance
, 191–192, 262
shari’ah governance of IFIs
, 195–197
SSB
, 193–195
strengths
, 267–268
suggestions for filling gaps
, 273–274
weaknesses and intriguing issues
, 268–269
Shari’ah governance index
, 378
Islamic corporate governance index scores for IFIs
, 379–381
lack of governance and oversight
, 383–385
overall score of Islamic corporate governance index in IFIs
, 378–379
scores according to year of incorporation
, 381–383
Shari’ah risk officer (SRO)
, 256
Shari’ah supervisory board (SSB)
, 118–120, 154, 167, 191, 193–195, 198, 203, 240, 246, 251–252, 284, 290, 294–296
appointment and composition
, 254–255
Authority
, 11–12
Shari’ah Supervisory Board Disclosure (SSBD)
, 11, 168, 176, 178
Shari’ah Supervisory Board Report (SSBR)
, 172
Shari’ah supervisory committee (SSC)
, 208
Shari’ah teachings
compliance disclosure with
, 147
differences in compliance
, 147–150
Shari’ah-based cooperative
, (see also Co-operatives), 279, 282–284
governance framework for
, 284–285
Shari’ah-non-compliant companies
, 212
Shari’at Appellate Bench (SAB)
, 261
Shirkah-al-Aqd
, 262
Short-term debt
, 342, 345–346
Short-term loans
, 349
Shura (consultative participation)
, 34, 52, 356
participatory relations
, 35
principle
, 95
Shuratic preference formation
, 36
Shuratic process
, 35, 39, 41
Siddiq (honesty)
, 121
Simon’s organizational theories
, 29–32, 49
Simulation model
, 55
Social concerns, shari’ah governance of
, 143
Social enterprises
, 281
Social identity theory (SIT)
, 307
Social responsibility in Islamic communities
, 2–3
Social welfare index
, 44–45
Social wellbeing
criterion function
, 30–31
criterion of corporation
, 54–56
function
, 66, 69–70
Socially responsible banking
, 305
Society and Islamic financing
, 142, 201
Socioeconomic
instruments
, 74
outcomes
, 356
Solidarity
, 107
Solvency risk
, 89
Sound SGF
, 196–197
Specification gap
, 333
SQ model
, (see GAP model)
SSB authority of OJK (SSBA-OJK)
, 242
Stakeholder(s)
, 227, 371n2
model
, 93
theory
, 80–81, 143, 307
Standard and Poor (S&P)
, 211
State Bank of Pakistan (SBP)
, 261–262
SB of
, 263
State of governance in OIC countries
, 357, 358–360
Statement of Governance Principles for IFIs
, 252
Sudan, AAOIFI and
, 203–207
Sukuk issuance
corporate governance and capital structure
, 316–318
corporate governance of sukuk issuer companies in Iran
, 321–326
ijarah sukuk
, 321
interaction of corporate governance and
, 315–316, 318
murabaha sukuk
, 319–321
musharakah sukuk
, 319
sukuk issued in Iran
, 329–330
Sukuk market
, 96
Sukuk to asset ratio (SA)
, 322
Supervisory board
, 95
Supreme assets
, 90
Supreme Court of Pakistan (SCP)
, 261
Suruhanjaya Koperasi Malaysia (SKM)
, 280
Surveillance and Dispute Settlement Mechanisms
, 28
Tabarru’ contract
, 159, 162
Tabligh (transparency and openness)
, 121
Tadawul (Saudi stock market)
, 144
Takaful (Islamic insurance)
, 24, 91, 207
business
, 224–225, 228
fund shareholders
, 221–222
institutions
, 115
operating fund
, 221–222
participants
, 224
Takaful Act (1984)
, 221
Takaful operators
, 10, 156
controls for shari’ah compliance in shari’ah contract
, 160, 162
in Malaysia
, 160
shari’ah audit exercise in
, 160–164
Taqwa (righteousness)
, 118, 310
Tasbih
, 52, 54, 58
Tawarruq (organised sale after purchase)
, 193, 231, 269–270, 279
Tawazun (balance)
, 121
Tawheed [oneness of Allah (swt)]
, 81
Tawheedic root of man
, 82
Tawhid (oneness of God)
, 34, 53n4, 56–58, 120
Tax inspectors
, 357
Tayseer (Islamic financing tool)
, 289
Teacher–student relationship
, 270
Tehran Stock Exchange (TSE)
, 317
Time and multiple memberships
, 270
Total accruals
, 130
Total debt ratio
, 346, 350
Trade-off theory
, 341
Trade-Related Investment Measures (TRIMS)
, 28
Trade-Related Investment Property Rights (TRIPS)
, 28
Transaction
, 153
costs
, 102, 104
frequency
, 105
Transaction cost analysis (TCA)
, 103–106
Transparency
, 18, 66, 196
in CG
, 109, 298–299
in Islam
, 6–8
Trust
, 107–108
Tyco
, 81
Uncertainty
, 104–105
behavioral
, 102–103
in business transactions
, 101
elimination
, 86
financial
, 67
high transactional
, 106
market
, 46
Underdeveloped practice
, 373, 378–383
Uniformity
approach
, 229, 231
through shari’ah standards
, 231–234
Unitary systems
, 49, 51
United Kingdom (UK)
AAOIFI and
, 123, 208
FSA in
, 194
Islamic Corporate Governance Index in
, 378–379
principles of CG in
, 117
Unity of knowledge
, 55–57, 63
of divine knowledge
, 38
epistemology
, 65
ethico-economic general equilibrium model
, 73
examining mainstream corporate governance in model
, 72–74
interactive, integrative, and evolutionary process
, 35
Utilitarianism
, 44–45
Value at risk (VAR)
, 89
Variables
, 344–345
active policy
, 32–33
capital structure
, 344–345
control
, 131, 133, 171
corporate governance
, 344–345
dependent
, 130–131, 391–393, 396
explanatory
, 131, 393, 396
governance
, 342
independent
, 391–392
Islamic participatory corporate structure
, 53–54
Variation Inflation Factor (VIF)
, 397
Voice and accountability
, 357, 360–361, 369
Volatility of growth
, 369
Voluntary disclosure, shari’ah governance of
, 143
W-function
, 70, 72
Wadiah,
, 231
Wadī܃ah yad 皓amānah (Islamic deposit)
, 233–234
Wadiah-yad-adh-dhamanah (saving deposits)
, 284
Wakalah (agency)
, 164, 225, 231
contract
, 162, 226, 232
Waqf system
, 79, 308–310
Wasathan (fairness)
, 121
Wealth/power in Islamic communities
, 4
Wellbeing criterion function
, 52
Western corporate governance system
, 102
Work perfection in Islamic communities
, 4
World Council of Credit Unions (WOCCU)
, 281
World Governance Index (WGI)
, 357, 363, 366
World Governance Indicators
, 357
World Trade Organization (WTO)
, 28
WorldCom
, 64, 66–67, 81
Zakah (wealth and resource tax)
, 22–23, 37, 123, 194, 308, 310
Zawya database
, 172
Zuhud (no worldliness)
, 121
- Prelims
- Chapter 1 Islamic Shari’ah and the Principles of Corporate Governance: An Introduction
- Part I: Corporate Governance and Shari’ah Governance: Islamic Perspective
- Chapter 2 Islamic Perspective of Corporate Governance: An Introductory Note
- Chapter 3 Corporate Governance in Islamic Perspective
- Chapter 4 Corporate Governance in Comparative Islamic Perspective
- Chapter 5 Decreasing Corporate Governance in a General Ethico-economic Model of Unity of Knowledge
- Chapter 6 Corporate Governance, Infusing Muamalah Contracts in Shareholders’ Relationship
- Chapter 7 Risk Management and Corporate Governance: An Islamic Perspective
- Chapter 8 Inter-firm Governance Mechanisms and Corporate Governance: A Conceptual View
- Part II: Corporate Governance and Role of Islamic Audit and Accounting
- Chapter 9 The Role of Good Corporate Governance and Accounting in Islamic Financial Institutions
- Chapter 10 The Role of Corporate Governance Regulations in Constraining Earnings Management Practice in Saudi Arabia
- Chapter 11 Voluntary Disclosure of Shari’ah Governance of Islamic Financial Institutions in Saudi Arabia
- Chapter 12 Shari’ah Audit Process in Takaful Industry
- Chapter 13 Corporate Governance and Multi-corporate Disclosures Evidence from Islamic Banks
- Part III: Corporate Governance and Islamic Financial Institutions: Theoretical Perspective
- Chapter 14 Revisiting the Fundamentals of Shari’ah Governance Framework for Islamic Financial Institutions (IFIs)
- Chapter 15 Shari’ah Governance Framework in Different Jurisdictions
- Chapter 16 Shari’ah Compliance Governance for Islamic Investments and their Effects on Performance
- Chapter 17 Islamic Financial Services Act 2013 and Shari’ah Governance: A Review
- Chapter 18 Malaysia’s Islamic Financial Services Act 2013 and Shari’ah Governance: An Analytical Approach
- Chapter 19 Shari’ah Governance Framework in Islamic Banking and Financial Institutions in Indonesia: A Proposed Structure
- Chapter 20 Shari’ah Governance Framework in IFIs in Oman: Issues and Challenges
- Chapter 21 Strengths, Gaps and Issues in Shari’ah Governance Framework 2015 for IBIs in Pakistan
- Part IV: Cooperative Governance: Country Studies and Muslim World
- Chapter 22 Shari’ah Governance in Shari’ah-based Cooperatives in Malaysia and Indonesia
- Chapter 23 A Perspective of the Shari’ah Compliant Corporate Governance of Financial Institutions in Saudi Arabia and Agency Structures
- Chapter 24 Corporate Social Responsibility in Islamic Banks’ Practice: Evidence from Bangladesh
- Chapter 25 The Interaction Between Sukuk Issuance and Corporate Governance: Case Study of Iranian Sukuk Issuer Companies
- Chapter 26 Closing the Expected and Perceived Service Gap in the Jordanian Hotel Industry: A Gap-driven Analysis
- Chapter 27 Corporate Governance and Capital Structure: Evidence from Pakistan
- Chapter 28 Governance–Development Nexus in the OIC Countries
- Chapter 29 The State of Islamic Governance in Islamic Financial Institutions: Islamic Governance Index
- Chapter 30 Corporate Governance, Competition, and Corporate Performance: A Comparative Analysis of the Muslim World with Rest of the World
- Chapter 31 Conclusion
- Index