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All Journal Indonesian Journal of Interdisciplinary Islamic Studies (IJIIS)
Besar, Azrin
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Religion Humanities Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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The Nature of the Administrative Relationships between the Shariʿah Board and the Stakeholders in Brunei Darussalam Hassan, Mazin; Besar, Azrin; Jaidin, Halida
Indonesian Journal of Interdisciplinary Islamic Studies (IJIIS) Vol. 6, No. 2, December 2023
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ijiis.vol6.iss2.art3

Abstract

Corporate governance involves a set of administrative relationships between a company and other stakeholders. The shareholders and management should take part in protecting the interests of all stakeholders by making decisions and building policy framework processes that fulfill the stakeholders’ needs. As far as Islamic corporate governance (ICG) is concerned, the institution of the Shari’ah board comes into the picture and plays a crucial role in favoring the interest of the stakeholders by ensuring that all corporation activities are in line with the Shari’ah principles. This paper attempts to examine the administrative relationships between the SB and other stakeholders by looking at the duties, roles, and responsibilities of the SB toward other stakeholders and vice versa in Brunei Darussalam. For this purpose, it relies on doctrinal and Islamic worldview methodologies and uses both content and legal analysis methods. After the discussion, it is concluded that the administrative relationship between the Shari’ah board and other stakeholders may take the form of imamah (ultimate authority), wilayah (specific authority), taʿlimiyah (educational), or istishariyah (consultative) relationship, depending on the type of relevant stakeholder. Nonetheless, to align the administrative relationship between SB and other stakeholders with these notions, further legal and regulatory amendments need to be made to the Bruneian Shariah governance framework.
THE ROLE OF THE SHARIAH BOARD IN PROTECTING AND PROMOTING THE STAKEHOLDERS’ RIGHTS IN BAHRAIN Hassan, Mazin; Besar, Azrin; Jaidin, Halida
Indonesian Journal of Interdisciplinary Islamic Studies (IJIIS) Vol. 7, No. 1, June 2024
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ijiis.vol7.iss1.art1

Abstract

Islamic corporate governance (ICG) is aimed at maintaining Shariah compliance in the Islamic finance industry. Thus, it seeks to achieve the strategic objectives of Shariah, that are maqāṣid al-Shariah. Accordingly, it should protect and promote the stakeholders’ rights if these rights are recognized by Shariah. However, the literature on the role of Islamic corporations in protecting and promoting the rights of the stakeholders is not sufficient in contrast to conventional corporate governance (CCG). This paper fills this gap by looking into how far the Shariah board in the Kingdom of Bahrain protects and promotes the rights of the bank, customer, and state with reference to the maqāṣid of Shariah, specifically, the maqāṣid of wealth as well as the laws of the Kingdom of Bahrain. After the discussion, it can be concluded that the Shariah board in the Kingdom of Bahrain significantly protects and promotes the financial rights of the bank, the customer, and the state but it failed in some aspects of law and maqaṣid of Shariah specifically the circulation, and specification of wealth under the wealth maqṣaḍ.
Co-Authors Hassan, Mazin Jaidin, Halida