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All Journal Islamic Micro Finance Journal Tawazun: Journal of Sharia Economic Law
Fuad, Yahya
Unknown Affiliation
Religion Economics, Econometrics & Finance Social Sciences

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Shariah Governance and Financing Risk in Islamic Banks: A Conceptual Analysis Fuad, Yahya
Islamic Micro Finance Journal Vol. 2 No. 1 (2025): Februari
Publisher : Institut Agama Islam Al-Fatimah Bojonegoro

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Abstract

This study aims to explore the role of Shariah governance in minimizing financing risk in Islamic banking by focusing on the functions of the Shariah Supervisory Board (SSB) and Internal Shariah Review (ISR). The research synthesizes findings from two scholarly articles using a conceptual and qualitative analytical approach. The first article adopts a systematic literature review to identify key indicators in Shariah governance that influence credit risk, such as the qualifications of SSB members and the effectiveness of ISR. The second article utilizes Erving Goffman’s frame analysis to understand how interactions between bank managers and SSB members may impact Shariah compliance in practice. The analysis reveals that a well-functioning SSB and ISR significantly contribute to reducing financing risk by ensuring that banking operations align with Shariah principles. Furthermore, managerial strategies, such as impression management, may influence the decisions of Shariah boards, raising concerns about the consistency and integrity of compliance mechanisms. These findings highlight the dual importance of institutional competency and ethical governance in mitigating risk and maintaining public trust in Islamic financial institutions. In conclusion, the study emphasizes the need for capacity building in Shariah governance structures, particularly in enhancing the qualifications and independence of SSB members and strengthening internal Shariah review functions. Future research is encouraged to further examine the effectiveness of ISR across various financial products and jurisdictions, and to explore how governance practices affect credit ratings in Islamic banking
Sosio Economic: Forms of Community Welfare Based on Islamic Economic Principles Fuad, Yahya; Aisyul Hana, Ubaid; Azizah, Zumrotul
TAWAZUN: Journal of Sharia Economic Law Vol 7, No 2 (2024): Tawazun: Journal of Sharia Economic Law
Publisher : Sharia Faculty Islamic Economic Law Study Department

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21043/tawazun.v7i2.28792

Abstract

This study explores the application of Islamic economic principles in enhancing societal welfare, focusing on economic justice, the prohibition of riba (interest) and gharar (excessive uncertainty), and the obligation of wealth sharing. The primary objective of this research is to analyze the effectiveness of these principles in the modern context and their impact on social and economic welfare. The methodology includes a review of recent literature and secondary data analysis from various reports and case studies related to Islamic economics. The findings indicate that economic justice principles, through wealth redistribution mechanisms such as zakat, significantly reduce income inequality and improve the quality of life for the less fortunate. Islamic banking, by avoiding interest and applying profit-sharing principles, contributes to economic stability and financial inclusion, while mitigating systemic risks often associated with conventional banking systems. Furthermore, effective and transparent management of zakat and waqf has supported social development through various initiatives in education, healthcare, and social infrastructure. However, challenges include the lack of uniform international standards for Islamic financial institutions and the need for regulatory reforms. On the other hand, there are significant opportunities through innovations in Islamic financial products and international cooperation to strengthen the financial sector and enhance societal welfare. In conclusion, Islamic economic principles can make a meaningful contribution to societal welfare if implemented effectively with adequate regulatory support and transparency.Keyword: Islamic economics, social welfare, zakat, alms, usury, distribution of wealth
Co-Authors Aisyul Hana, Ubaid Azizah, Zumrotul