The aim of this book is to explore and analyze the Islamic axioms, foundation principles and values underpinning the field of governance in an attempt to construct the architectonics of a new systemic and dynamic theory and formulate the articulation of ‘Islamic governance’. This discursive and abstract, rather than being an empirical exercise, assumes to produce a ‘good governance’ framework within its own formulation through a value-shaped dynamic model according to maqasid al-Shari’ah (higher objective of Shari’ah) by going beyond the narrow remit of classical and contemporary discussions produced on the topic, which propose a certain institutional model of governance based on the classical juristic (fiqh) method. Through an exclusive analytical discursive approach in this book, readers will find that Islam as one of the major religions in the contemporary world with the claim of promising the underpinning principles and philosophical foundations of worldly affairs and institutions through a micro method of producing homoIslamicus could contribute towards development of societies by establishing a unique model of governance from its explicit ontological worldview through a directed descriptive epistemology.

A practical guide for robust sharī'ah governance of the Islamic banking industry Debate in the market on the extent of sharī'ah compliance of Islamic banks, their products, and activities has piqued stakeholders' interest. In Foundations of Sharī'ah Governance of Islamic Banks, Karim Ginena and Azhar Hamid explore the depths of sharī'ah governance to unravel its mysterious dimensions, and equip academics and practitioners with a solid understanding of the subject, which has become a serious challenge and thus deserves dedicated attention. The authors make a strong case for the need to contain the sharī'ah risk that Islamic banks experience, and present a compelling argument for how this should be done. Ginena and Hamid propose a robust sharī'ah governance model that comprehensively tackles thisrisk, and helps improve the extent of sharī'ah compliance of market players. The authors detail the internal, external, and institutional arrangements needed to promote responsible sharī'ah governance, and critically analyze current laws, regulations, and industry practices on the topic. The chapters of the book do the following: Examine the roots, characteristics and objectives of sharī'ah and its relation to financial dealings; Probe the role of regulators in sharī'ah governance, explore the different approaches adopted by banking supervisors, and provide examples of relevant legal and regulatory measures; Explain to bank directors and management the fiduciary duty they assume with respect to sharī'ah compliance, and detail how they could discharge this responsibility in line with best practices; Elaborate on the purpose of the Sharī'ah Supervisory Board (SSB), its responsibilities, competence criteria, internal regulations, and key governance guidelines; additionally, they explore different SSB models; Describe the internal sharī'ah control system including its six components, and examine the internal sharī'ah audit function as well as different stages of conducting a sharī'ah audit; Clarify the role of a sharī'ah auditor, with guidance on reporting lines, scope of duties, authority, and practical ways on fulfilling tasks, such as a sample sharī'ah risk assessment grid and audit checklists; Discuss the newly emerging external sharī'ah advisory firms that are expected to play a key role in the coming years and the services they provide. Through an effective treatment of each of these elements, and the way that they interact with one another, the book offers a fresh take on how robust sharī'ah governance of Islamic banks can be successfully accomplished. It is a comprehensive resource for academics, regulators, directors, lawyers, auditors, consultants, employees, and customers of Islamic banks interested in learning more about these challenges. This essential reading persuasively extends the discourse on the subject and addresses critical sharī'ah issues that have policy implications for decision makers in jurisdictions aiming to attract the fast-growing Islamic finance industry or increase their market share.

The translation of an essay first published in Egypt in 1925, which took the contemporaries of its author by storm. At a time when the Muslim world was in great turmoil over the question of the abolition of the caliphate by Mustapha Kamal Ataturk in Turke

This book advances an Islamic political philosophy based on the concept of Ihsan, which means to do beautiful things. The author moves beyond the dominant model of Islamic governance advanced by modern day Islamists. The political philosophy of Ihsan privileges process over structure, deeds over identity, love over law and mercy and forgiveness over retribution. The work invites Muslims to move away from thinking about the form of Islamic government and to strive to create a self-critical society that defends national virtue and generates institutions and practices that provide good governance.

Wael B. Hallaq boldly argues that the "Islamic state," judged by any standard definition of what the modern state represents, is both impossible and inherently self-contradictory. Comparing the legal, political, moral, and constitutional histories of premodern Islam and Euro-America, he finds the adoption and practice of the modern state to be highly problematic for modern Muslims. He also critiques more expansively modernity's moral predicament, which renders impossible any project resting solely on ethical foundations. The modern state not only suffers from serious legal, political, and constitutional issues, Hallaq argues, but also, by its very nature, fashions a subject inconsistent with what it means to be, or to live as, a Muslim. By Islamic standards, the state's technologies of the self are severely lacking in moral substance, and today's Islamic state, as Hallaq shows, has done little to advance an acceptable form of genuine Shari'a governance. The Islamists' constitutional battles in Egypt and Pakistan, the Islamic legal and political failures of the Iranian Revolution, and similar disappointments underscore this fact. Nevertheless, the state remains the favored template of the Islamists and the ulama (Muslim clergymen). Providing Muslims with a path toward realizing the good life, Hallaq turns to the rich moral resources of Islamic history. Along the way, he proves political and other "crises of Islam" are not unique to the Islamic world nor to the Muslim religion. These crises are integral to the modern condition of both East and West, and by acknowledging these parallels, Muslims can engage more productively with their Western counterparts.

This book is one of the many Islamic publications distributed by Ahlulbayt Organization throughout the world in different languages with the aim of conveying the message of Islam to the people of the world.You may read this book carefully and should you be interested to have further study on such publications you can contact us through www.shia.es Naturally, if we find you to be a keen and energetic reader we shall give you a deserving response in sending you some other publications of this Organization.

Written by a group of prominent shari'ah scholars, academics and practitioners in the field of Islamic finance, this book contains 17 in-depth case studies of shari'ah governance practices and experiences as well as critical analysis of these practices. It serves as a standalone comprehensive reference work on shari'ah governance, containing an overview of its Islamic legal foundations, its evolution and development over the years, current practices and debates on shari'ah governance standards and future prospects for shari'ah governance in the global Islamic finance market.

The current rise of Islamism throughout the Muslim world, Islamists’ demand for the establishment of Islamic states, and their destabilizing impact on regional and global orders have raised important questions about the origins of Islamism and the nature of an Islamic state. Beginning with the Iranian revolution of the late 1970s and the establishment of the Islamic Republic to today’s rise of ISIS to prominence, it has become increasingly apparent that Islamism is a major global force in the twenty-first century that demands acknowledgment and answers. As a highly-integrated belief system, the Islamic worldview rejects secularism and accounts for a prominent role for religion in the politics and laws of Muslim societies. Islam is primarily a legal framework that covers all aspects of Muslims’ individual and communal lives. In this sense, the Islamic state is a logical instrument for managing Muslim societies. Even moderate Muslims who genuinely, but not necessarily vociferously, challenge the extremists’ strategies are not dismissive of the political role of Islam and the viability of an Islamic state. However, sectarian and scholastic schisms within Islam that date back to the prophet’s demise do undermine any possibility of consensus about the legal, institutional, and policy parameters of the Islamic state. Within its Shi’a sectarian limitations, this book attempts to offer some answers to questions about the nature of the Islamic state. Nearly four decades of experience with the Islamic Republic of Iran offers us some insights into such a state’s accomplishments, potentials, and challenges. While the Islamic worldview offers a general framework for governance, this framework is in dire need of modification to be applicable to modern societies. As Iranians have learned, in the realm of practical politics, transcending the restrictive precepts of Islam is the most viable strategy for building a functional Islamic state. Indeed, Islam does provide both doctrinal and practical instruments for transcending these restrictions. This pursuit of pragmatism could potentially offer impressive strategies for governance as long as sectarian, scholastic, and autocratic proclivities of authorities do not derail the rights of the public and their demand for an orderly management of their societies.

'This wide-ranging guide to the foundations and fundamental principles of this new form of ethics-based financial practice will be of interest for regulators, practitioners, and scholars in the fields of economics, finance, money and banking.' - Islamic Horizons

Research in Corporate and Shari'ah Governance in the Muslim World: Theory and Practice aims to address a critical disciplinary gap between Islamic theory and the practice of the corporate sector in the Muslim World. Adopting a critical approach, the book sheds light on the impact of corporate governance on the economies of the Muslim world.