∗
! " # $ %& ' ( !) *
+ , - ..' / 0 1
!
! ! "
! ! !
" # !
! !
! $ %
! ! "
$
! "
"#$%& ' 2 - , $ , 3 0
"
(
4 5 - , 0
1 - - $ 0 1 6 ,
- , 373 0 8 $ !)#! $ 9 $ !)#
: 0$ !))" $ - 3
-/ 0 0 - 0 - ,
373 !)# !)) - 0 0
-, 0 373 6 !)#) 1 ;6 $ !)#)
0 0 % 2 3 + /
+ , $ $ !)) %5 ; 2 - <
3 + /
4 0 , 0 0 373 3 7
: / !$ 0 / 0 6 3 + /=$
∗ ; - - - 0 7 $ + % < - 0 0
0 3 + / 0 ;0 ( 3 3 2
-0 %, - , 0 + / 3 9 + "$ 0 ,
00 , - 0 - 0
- , 3 1 0 , 1
-- 0 3 0 $ , 0 6 0
-, 373 1 6 00 $ , '
> 0 , 0 - ,
373 6 2 - ; = = 1
0 0 0 % 6 $ ,$ , ,
0 1 / 0 - , 373 > 1 6 ; &
+ $ = - - 0 373 ; & $ = $
- , 0 3 6 / $ 00
/ 0 3 6 / - 3 = #$ 37 +
- 6 % + 0 3 >00 , 3 7
? = # 37 +$ = # 0 1 6
7 ' $ = ) 1 , $
-' 0 3 6 /
- 0 6 $ 0 / 0
- 0 - , 0 0
3 - - - 1 5 0 373 ; - $
2 : 8 $ = 386 9 / $ =
0 1 / 0 3 - , 1 0
0 - , 0 - , 0
1 / @ 6
- - 0 - - , 6 , 0 $ = )
5 5 , 6 , , , 0 ,
1
Ihlas finans in Turkey was closed in 10th February 2001 due to financial distress and weak corporate governance. Ali, (2007: 1-52) reported that the closure of Ihlas Finans mainly contributed by the failure of corporate governance and internal checks and balances. It is found that the bank is run without proper systems of internal control, the management was not preparing for any changing circumstances regulations and unclear scope of regulations.
2
This refer to the fraud case in Dubai Islamic Bank involving of USD501 million. Seven individuals have been charged including two Dubai Islamic Bank former executives (Morris, 2009). In this case two DIB’s personnel collaborated with five businessmen fabricated the documents and bogus transactions to obtain huge amount of financing (Za’za, 2009).
3
The Islamic Bank of South Africa was closed in November 1997 due to lack of supervision from regulatory authority, bad management, weak risk management and numerous loans to insiders (Okeahalam, 1998: 29-48).
4
The closure of the Islamic Investment Companies of Egypt in 1988 was due to the weak of corporate governance, irresponsible management, improper regulatory frameworks and engaged in Shari’ah
non-compliance activities (Zuhaida, 1990: 152-161).
5
8 - 5 5 0 3 6 / - - - 0
5 , , - 0 1 6 0 $ = )
, , , - , 1 0 0
, 373
; - 6 $ - 5- , 1
- 0 1 - , /
-5- 0 ; $
-, 0 / 6
0 , 0 $ = ) ! =&! (
0 1 , - 373 00
-5 &
0 - 373 5 ' 1
- 1 % -
-3;: 8 6 1 , , ,
A 6
, 1 0 3 0 ; , 1 0 ! &!"
- , -- 0 0 , 1
- <22 2
B / 0 - , 373 5 ,
0 , 373 1
8 0
0 $ = ) ! 1 1 0 ,
373 - 1 % , 0
-3;: - , - 0 0 1 , : 0
, , , 0 6
373 ' 6 ! : 0 1 0
5 , 6 -- 6
-)# !$ # #!* +
6 0 % 6
- 1
%
; 6 0
% 6 $ , 0 1
< - 0 , - 0
$ $ - 6 $ +>
% 6
< , 3;:
-6 , ,
, 0 6 /
3;: @
-;<9 ,
; 6 0
0 1 , &
3;: 0 6
- , 0 0 $ - 0
5- 3 0 +> $ , $
/ 0 $ $ - 0
,
0 $ = ) 0 0 - - 5- , 0 ,
373
- ! , , , 6
-- 0 373 6 0 , 0 6 1 %
0 / 0 $ = ) ! # 3 + $
C 1 ;%$
- 1 ; 6 D $ , 0
3;: 6 - , 6 1 , ,
-- = 0 0 , , , 1
% - - / 0 8
- 0 , 373 0 $ = ) !"! 6 =
' 0 ,
& ,& # &-# !# ! !#
' )
2 ,
• "E 0 373 - +2+ ="E$
>%2
- 1 - ,
-
-• F 373 , 00
- ,
-+> • 9 6 0 6 6 # "
A 0 & 5
• 9 , 3
,
-% + • % 6 - 0 6
• ;-- #(E 0 -- 1
6 , 6 !#E 6 +>
• %5- #(E 0 % 6 6
- 0 5- 3 6 /
!#E
• 9 , D A
• - , (E 0 % 6
- +> =#E
+>
3;: • 3 6 1
- 3;: , ,
, ,
3 1 0 , 0 , , 0 3;: $ 0 $ = )
0 - ( 1 6 5 - 0 373
, - , 0 , 1
-- 0 $ = ) !"(
; 2 , - 0 373 - 1
0 ;;>373 3 0 373
, 6 0
1 0 0 6 1
-3;:
- B / 0
- , 0
0 $ = ) !"" 0 6 1
- , - 0 0 373 6 / ,
6 6 1 - 0 3;: - 1 %
- 6 0 1 , 0 , &
4 &, 373 6 - , / - 0
A , / G
373 1 1 , 5 - 0 / G
3 -- 6 , 0 1 &,
373
(( . /01123
; - - - 0
-, 0 3 - - 2 - ; $ = = $
2 : 8 $ = 386 9 / $ = 3 $
F $ = $ ; 0 $ = $ < , $ = 386
B 1 $ = ) - , - ,
-, 373 0 $ = ) / -- ,
- , 373 6 , , , 0
, 0 1 / -- , , 1
-+ $ 6 0 $ = ) 0
5-3 1 0 - - $ 6 $
6 5- , 1 / 0 - ,
- 0 - , 373 - 0 0
0 , , , 0
- 0 - , - 373
3 0 1 , - 373 $ 3 0 1
, 0
0 - , 3 3
-, - , - 0 3 - ,
6 0 1 - 0 1 , , 373
0 A 0 , 6 - , 5
0 &' & " + $ 0
-( : , 1 -- 1 5 ,
- 0 8 1 3 0 $
1 6 , 0 , 373
1 5 , 0 3 7 :
/ $ 3 + / 0 ;0 3 3 2 - 0
3 - 0 , $ - 0 "( ( - 0
8 - 6 6 1 0 , 0
373 1 - " - 0
-6 6 1 1 &
, 373 - 0 8 0
0 373 @ - 0
- , , 0 1 / 373
<22 2 7 $ 0 <22 2 ' %
6 : , % + 9 0) (
3 ;00 0 ;% C 1 6
' % 6 6 00
, 0 1 / 0 6 3 7 2 372 1
D 7 2 D72 + - 0
5-00 1 ,
; 6 6 , 0 0 , - ,
- 0 0 373 ; , $ 3 , , 1
-- 0 - , - 0 0 373 $ 0 ,
8 6 5- 0
-, 5 - 6 ? 6 0 , 373 : ,
B 1 , - 5 0 5 - 0
, - 0 0 373 - , 5
6 0 6 6 - ,
, 1 6 - 8 8
3 0 $ 6 0 - 0
0 1 = &= # 0 , - 6 1
1 &, 373 373 @ - , / - 0 6
0 1 0 00 6
0 , - , 0 1 /
, 0 0 $ = ) , 373
0 6 0 - , :
- ' , - 0 373 3;: 8
6
In view of the difficulties in getting response from the industry players and practitioners due to some inherent factors, the feedback of more than 50 per cent is considered significant and acceptable. This is affirmed by other surveys such as Chapra and Ahmed, (2002) where the response rate of the study is only 23.3 per cent (14 IFIs out of 60). A study conducted by Aboumouamer, (1996) demonstrates very minimal percentage of response rate where only 15 IFIs in 20 different countries participated in the survey. In addition, only 69 IFIs in 11 countries responded the IFSB Survey on Shari’ah Board of Instutions Offering
6 - 0 & 6 5 ,
-, 0 3 - - ,,
- , 373 1 / @
7 2 - ; $ = = !(&= - '
0 8 6 - , , 0 / - 0
1 8 386 9 / $ = 1
- , 3 / &
1 ,
-, 0 / - 3 , $
, 0 8 - 0 373 3;: 1
/ 6 5- 0 0
0 1 / 0 , 373
0 $ = ) $ -
-0 1 / 0 , 373 6 5 , - 0
- , <22 2 3 - , $ 0
0 - - 0 5 , 1
0 , 0 8 1 4 0 373
/ 1 , - 0 , , ,
$ 0 $ = ) 0
- 0 , 373 &
6 0 ,
- G
2 0 - - 6
1 / - ,G
3;: / 0 0 G
3;: , , G
, - 0 6 , 6A 0
- 0 $ 0
5-0 3 0 0 1 / 0 , 373 $
0 0 - ,
3 0 - , - 1 A 0 , , 1 5
0 &' & 0 ( 6
- , 0 0 , 3 0 1
1 6 0 ,
1 5 , - 0 373 ; , 0
- , , 0 1 / 373 <22 2 $
0 0 - - 0 00 1
7 $ 0 , - , - 0 0 373 1
6 , 0 - , 5 5- 3
0 0 , , 373
0 6 0 - ,
1 5 1 5 ,
/ @ 0 3
-, 3 1 $ , 0 6 6 $ 0 $ = )
6 6 - 0 - , 6 - ,
0 6 0 0 , 373
,, 0 0 5 0
, - , 373
4 4
;6 $ 7 9 !)#) ) ) * % +
, $ $ 0 4
; &+ $ ; % ; = ))- - , $
+ . ! / 0 ) *
, $ $ 0
; $ = 7 + / 7 B 0
2 0 3 7 / $ 3 % $ H ! $ F ! I =$
; , = I ? = $ -- !&"=
; & $ ; C 3 = + 1 ! , $ +
2 $ * , $ !
0
; $ $ 0 $ ; ; C = - 0 2 - < 3
3 + / 3 0 $ ; ; C ; $ % 3
* + , - ? 4 I ; -- (!!&( !
+ , $ ; $ $ < $ / $ 2 !)) 2 ) +
1 ! , $ 3 ) 4 5 &) *
; ; 6
2 - $ 9 ; $ : = = + 1 !
3 3 ?
2 $ 9$; : 8 $ 9 J = ) ) ! 2
7 ' $ 9 = ) , $ 3 1 !
6 " B 9
-< $ 4 $ , $ 9 = + 1 ! $ 7
- ! 4 + /
4 / , - F "(
: 0$ 9 ; !))" + 2 )
+ ! ) C B - 3/ 8
37 + = #6 ! % ,
-! ) 4 C B - 37 +
386 $ J B 1 $ 9 C = ) ) 5 ! 1 !
2 $ C % 1 % ,
386 $ J$ 9 / $ ; = $ 8 1 !
2 " 3 % H !! F = 3 3 3
- + / (&
9 $ 9 ; !)# ) * 2 ?
3 2 0 3 %
F $ H = < 0 3 + / : $ 9 C 9 C B 1
% 9 $ , $ 2 $ C % 1 % , 6 ,
B -- !=#&! (
>/ $ 2 2 !))# % 0 + / 7
-- 6 0 ;0 ) 4 5 ( F = -- =)&
#
/ $ 9 = " &9 , $ 8 0 9 . ; 6
F 1 ; 6
- ..111 6 1 .L- , M I M I M ) #I M!)I M!=I
M= " ; ) ;- = !
0 $ ; = ) 3 7 3 2 - <
F 1 3 , 0 ;, + 1 ! 3 ) * !
! = -- ! =&!"#
8 $ 9 F !)#! 8 2 $ 3 ) ! +
J @' $ + = )$ ) 9 0 , $ 09:"; , + ,
+ " < 0 F 1 ; 6
- .., 0 1 . 1 ., 0. . . 6 & &6 /& !&0 & & 0 & & &! " # !; ) ;- = !
J $ !)) 0 3 3 2 - %,
