Zulkifli Hasan is a Senior Lecturer in the Faculty of Shari'ah and Law, at the Islamic Science University of Malaysia. He has also worked extensively in the Islamic finance industry as an advocate and solicitor - as in-house counsel for Bank Muamalat Malaysia Berhad, and as a member of the Rules and Regulations Working Committee for the Association of Islamic Banking Institutions, Malaysia. He has published articles in numerous publications including Journal of International Banking Law and Regulation, Global Islamic Finance Magazine, Review of Business Research and Shari'ah Law Reports

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• LIST OF TABLES ; LIST OF FIGURES; LIST OF STATUTES ; ACKNOWLEDGEMENTS; DEDICATION ; INTRODUCTION ; CORPORATE GOVERNANCE: A CONVENTIONAL PERSPECTIVE ; 1.1 Conceptual Definition; ; 1.2 Defining Corporate Governance in the Financial Services Sector; 1.3 Role of Corporate Governance ; 1.4 Corporate Governance Systems ; 2.4.1 The Anglo-Saxon Model ; 2.4.2 The European Model ; 1.5 Corporate Governance in the Financial Services Sector; 1.6; Conclusion; CORPORATE GOVERNANCE IN ISLAMIC FINANCIAL INSTITUTIONS; 2.0 Introduction; 2.1 Conceptual Framework of Corporate Governance from an Islamic Perspective; 2.2 Role of Corporate Governance in IFIs; 2.3 The Development of Corporate Governance in IFIs; 2.4 Corporate Governance Model from Islamic Perspective; 3.4.1 Tawhīd and Shura-Based Model; 3.4.2 Stakeholder Value Approach; 2.5 Conclusion; THE SHARI’AH GOVERNANCE SYSTEM IN ISLAMIC FINANCIAL INSTITUTIONS; 3.0 Introduction; 3.1 Conceptual Framework of Shari’ah governance Systems; 3.2 Objectives of the Shari’ah governance System; 3.3 Institutionalization of the Shari’ah board; 3.4 Models of Shari’ah Boards; 3.5.1 Internal Shari’ah boards ; 3.5.2 External Shari’ah boards ; 3.5 Role of the Shari’ah board ; 3.6 International Standard-Setting Agencies 3.6.1 The AAOIFI Governance Standards; 3.6.2 The IFSB Guiding Principles 3.7 ; Shari’ah Governance Process 3.7.1; Appointment 3.7.2; Composition; 3.7.3 Qualification; 3.7.4 The Shari’ahCompliance Process; 3.7.5Shari’ahCoordination; 3.7.6 Shari’ahCompliance Review; 3.7.7 Shari’ahReport; 3.8 Issues and Challenges; 3.8.1 Independence of Shari’ah board; 3.8.2 Competence, Conflict of Interest and Confidentiality; 3.8.3 Disclosure and Transparency; 3.8.4 Sharīʿah-Compliant versus Sharīʿah-Based; 3.8.5 Consistency; 3.8.6 The Remit of Various Institutions of Shari’ah boards; 3.9 Conclusion; REGULATORY FRAMEWORK OF SHARI’AH GOVERNANCE SYSTEM IN MALAYSIA, GCC COUNTRIES AND THE UK; 4.0 Introduction; 4.1 The Shari’ah governance Model from a Regulatory Perspective; 4.1.1 Reactive Approach; 4.1.2 Passive Approach; 4.1.3 Minimalist Approach 4.1.4 Proactive Approach; 4.1.5 Interventionist Approach; 4.2 Shari’ah governance Systems in Malaysia, GCC Countries and the UK; 4.2.1 Malaysia; 4.2.2 GCC Countries; 4.2.3 United Kingdom; 4.3 Regulatory Issues; 4.3.1 Legal Status of Shari’ahPronouncements; 4.3.2 Court Jurisdiction; 4.3.3 Addressing Issues of Differences of Shari’ahResolution 4.3.4; Executive, Advisory and Supervisory Roles of the Shari’ah board; 4.4 Conclusion; THE STATE OF SHARI’AH GOVERNANCE PRACTICES IN ISLAMIC BANKS; 5.0 Introduction; 5.1 Research Methodology; 5.2 Searching the Particularities of Shari’ah governance in Islamic Banking; 5.2.1 Shari’ah board Members; 5.2.2 Shari’ah governance Approach; 5.2.3 Shari’ah governance and Regulation; 5.2.4 Role of Shari’ah board; 5.2.5 Attributes of Shari’ah board Members; 5.2.6 Operational Procedures; 5.2.7 Assessments of the Shari’ah board; 5.3 Shari’ah governance Index; 5.3.1 The Overall Score of Shari’ah governance; 5.3.2 Shari’ah governance Scores for IFIs in Malaysia, GCC Countries and the UK; 5.3.3 Shari’ah governance Scores According to Year of Incorporation; 5.4 Conclusion; SHARI’AH GOVERNANCE DISCLOSURE IN ISLAMIC BANKS; 6.0 Introduction; 6.1 The State of Shari’ah Governance Disclosure Practices; 6.1.1 Macro Analysis; 6.1.1.1 Shari’ah governance Disclosure in Malaysia, GCC countries and the UK; 6.1.1.2 Shari’ah governance Scores According to Year of Incorporation ; 6.1.2 Micro Analysis; 6.1.2.1 Commitment to Shari’ah governance; 6.1.2.2 Shari’ah board Information; 6.1.2.3 Shari’ah board’s Remuneration; 6.1.2.4 Shari’ahReport; 6.1.2.5 Shari’ahPronouncements; 6.1.2.6 Shari’ahCompliance Review; 6.1.2.7 Information on Products and Services; 6.1.3 Summary of the Overall Shari’ah governance Scores; 6.2 Conclusion; THE WAY FORWARD; 7.0 Introduction; 7.1 The Way Forward; 7.2 EPILOGUE; APPENDIX 1: QUESTIONNAIRE; BIBLIOGRAPHY

Zulkifli Hasan is a Senior Lecturer in the Faculty of Shari'ah and Law, at the Islamic Science University of Malaysia. He has also worked extensively in the Islamic finance industry as an advocate and solicitor - as in-house counsel for Bank Muamalat Malaysia Berhad, and as a member of the Rules and Regulations Working Committee for the Association of Islamic Banking Institutions, Malaysia. He has published articles in numerous publications including Journal of International Banking Law and Regulation, Global Islamic Finance Magazine, Review of Business Research and Shari'ah Law Reports

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• LIST OF TABLES ; LIST OF FIGURES; LIST OF STATUTES ; ACKNOWLEDGEMENTS; DEDICATION ; INTRODUCTION ; CORPORATE GOVERNANCE: A CONVENTIONAL PERSPECTIVE ; 1.1 Conceptual Definition; ; 1.2 Defining Corporate Governance in the Financial Services Sector; 1.3 Role of Corporate Governance ; 1.4 Corporate Governance Systems ; 2.4.1 The Anglo-Saxon Model ; 2.4.2 The European Model ; 1.5 Corporate Governance in the Financial Services Sector; 1.6; Conclusion; CORPORATE GOVERNANCE IN ISLAMIC FINANCIAL INSTITUTIONS; 2.0 Introduction; 2.1 Conceptual Framework of Corporate Governance from an Islamic Perspective; 2.2 Role of Corporate Governance in IFIs; 2.3 The Development of Corporate Governance in IFIs; 2.4 Corporate Governance Model from Islamic Perspective; 3.4.1 Tawhīd and Shura-Based Model; 3.4.2 Stakeholder Value Approach; 2.5 Conclusion; THE SHARI’AH GOVERNANCE SYSTEM IN ISLAMIC FINANCIAL INSTITUTIONS; 3.0 Introduction; 3.1 Conceptual Framework of Shari’ah governance Systems; 3.2 Objectives of the Shari’ah governance System; 3.3 Institutionalization of the Shari’ah board; 3.4 Models of Shari’ah Boards; 3.5.1 Internal Shari’ah boards ; 3.5.2 External Shari’ah boards ; 3.5 Role of the Shari’ah board ; 3.6 International Standard-Setting Agencies 3.6.1 The AAOIFI Governance Standards; 3.6.2 The IFSB Guiding Principles 3.7 ; Shari’ah Governance Process 3.7.1; Appointment 3.7.2; Composition; 3.7.3 Qualification; 3.7.4 The Shari’ahCompliance Process; 3.7.5Shari’ahCoordination; 3.7.6 Shari’ahCompliance Review; 3.7.7 Shari’ahReport; 3.8 Issues and Challenges; 3.8.1 Independence of Shari’ah board; 3.8.2 Competence, Conflict of Interest and Confidentiality; 3.8.3 Disclosure and Transparency; 3.8.4 Sharīʿah-Compliant versus Sharīʿah-Based; 3.8.5 Consistency; 3.8.6 The Remit of Various Institutions of Shari’ah boards; 3.9 Conclusion; REGULATORY FRAMEWORK OF SHARI’AH GOVERNANCE SYSTEM IN MALAYSIA, GCC COUNTRIES AND THE UK; 4.0 Introduction; 4.1 The Shari’ah governance Model from a Regulatory Perspective; 4.1.1 Reactive Approach; 4.1.2 Passive Approach; 4.1.3 Minimalist Approach 4.1.4 Proactive Approach; 4.1.5 Interventionist Approach; 4.2 Shari’ah governance Systems in Malaysia, GCC Countries and the UK; 4.2.1 Malaysia; 4.2.2 GCC Countries; 4.2.3 United Kingdom; 4.3 Regulatory Issues; 4.3.1 Legal Status of Shari’ahPronouncements; 4.3.2 Court Jurisdiction; 4.3.3 Addressing Issues of Differences of Shari’ahResolution 4.3.4; Executive, Advisory and Supervisory Roles of the Shari’ah board; 4.4 Conclusion; THE STATE OF SHARI’AH GOVERNANCE PRACTICES IN ISLAMIC BANKS; 5.0 Introduction; 5.1 Research Methodology; 5.2 Searching the Particularities of Shari’ah governance in Islamic Banking; 5.2.1 Shari’ah board Members; 5.2.2 Shari’ah governance Approach; 5.2.3 Shari’ah governance and Regulation; 5.2.4 Role of Shari’ah board; 5.2.5 Attributes of Shari’ah board Members; 5.2.6 Operational Procedures; 5.2.7 Assessments of the Shari’ah board; 5.3 Shari’ah governance Index; 5.3.1 The Overall Score of Shari’ah governance; 5.3.2 Shari’ah governance Scores for IFIs in Malaysia, GCC Countries and the UK; 5.3.3 Shari’ah governance Scores According to Year of Incorporation; 5.4 Conclusion; SHARI’AH GOVERNANCE DISCLOSURE IN ISLAMIC BANKS; 6.0 Introduction; 6.1 The State of Shari’ah Governance Disclosure Practices; 6.1.1 Macro Analysis; 6.1.1.1 Shari’ah governance Disclosure in Malaysia, GCC countries and the UK; 6.1.1.2 Shari’ah governance Scores According to Year of Incorporation ; 6.1.2 Micro Analysis; 6.1.2.1 Commitment to Shari’ah governance; 6.1.2.2 Shari’ah board Information; 6.1.2.3 Shari’ah board’s Remuneration; 6.1.2.4 Shari’ahReport; 6.1.2.5 Shari’ahPronouncements; 6.1.2.6 Shari’ahCompliance Review; 6.1.2.7 Information on Products and Services; 6.1.3 Summary of the Overall Shari’ah governance Scores; 6.2 Conclusion; THE WAY FORWARD; 7.0 Introduction; 7.1 The Way Forward; 7.2 EPILOGUE; APPENDIX 1: QUESTIONNAIRE; BIBLIOGRAPHY

Zulkifli Hasan is a Senior Lecturer in the Faculty of Shari'ah and Law, at the Islamic Science University of Malaysia. He has also worked extensively in the Islamic finance industry as an advocate and solicitor - as in-house counsel for Bank Muamalat Malaysia Berhad, and as a member of the Rules and Regulations Working Committee for the Association of Islamic Banking Institutions, Malaysia. He has published articles in numerous publications including Journal of International Banking Law and Regulation, Global Islamic Finance Magazine, Review of Business Research and Shari'ah Law Reports

Select Guide Rating

• LIST OF TABLES ; LIST OF FIGURES; LIST OF STATUTES ; ACKNOWLEDGEMENTS; DEDICATION ; INTRODUCTION ; CORPORATE GOVERNANCE: A CONVENTIONAL PERSPECTIVE ; 1.1 Conceptual Definition; ; 1.2 Defining Corporate Governance in the Financial Services Sector; 1.3 Role of Corporate Governance ; 1.4 Corporate Governance Systems ; 2.4.1 The Anglo-Saxon Model ; 2.4.2 The European Model ; 1.5 Corporate Governance in the Financial Services Sector; 1.6; Conclusion; CORPORATE GOVERNANCE IN ISLAMIC FINANCIAL INSTITUTIONS; 2.0 Introduction; 2.1 Conceptual Framework of Corporate Governance from an Islamic Perspective; 2.2 Role of Corporate Governance in IFIs; 2.3 The Development of Corporate Governance in IFIs; 2.4 Corporate Governance Model from Islamic Perspective; 3.4.1 Tawhīd and Shura-Based Model; 3.4.2 Stakeholder Value Approach; 2.5 Conclusion; THE SHARI’AH GOVERNANCE SYSTEM IN ISLAMIC FINANCIAL INSTITUTIONS; 3.0 Introduction; 3.1 Conceptual Framework of Shari’ah governance Systems; 3.2 Objectives of the Shari’ah governance System; 3.3 Institutionalization of the Shari’ah board; 3.4 Models of Shari’ah Boards; 3.5.1 Internal Shari’ah boards ; 3.5.2 External Shari’ah boards ; 3.5 Role of the Shari’ah board ; 3.6 International Standard-Setting Agencies 3.6.1 The AAOIFI Governance Standards; 3.6.2 The IFSB Guiding Principles 3.7 ; Shari’ah Governance Process 3.7.1; Appointment 3.7.2; Composition; 3.7.3 Qualification; 3.7.4 The Shari’ahCompliance Process; 3.7.5Shari’ahCoordination; 3.7.6 Shari’ahCompliance Review; 3.7.7 Shari’ahReport; 3.8 Issues and Challenges; 3.8.1 Independence of Shari’ah board; 3.8.2 Competence, Conflict of Interest and Confidentiality; 3.8.3 Disclosure and Transparency; 3.8.4 Sharīʿah-Compliant versus Sharīʿah-Based; 3.8.5 Consistency; 3.8.6 The Remit of Various Institutions of Shari’ah boards; 3.9 Conclusion; REGULATORY FRAMEWORK OF SHARI’AH GOVERNANCE SYSTEM IN MALAYSIA, GCC COUNTRIES AND THE UK; 4.0 Introduction; 4.1 The Shari’ah governance Model from a Regulatory Perspective; 4.1.1 Reactive Approach; 4.1.2 Passive Approach; 4.1.3 Minimalist Approach 4.1.4 Proactive Approach; 4.1.5 Interventionist Approach; 4.2 Shari’ah governance Systems in Malaysia, GCC Countries and the UK; 4.2.1 Malaysia; 4.2.2 GCC Countries; 4.2.3 United Kingdom; 4.3 Regulatory Issues; 4.3.1 Legal Status of Shari’ahPronouncements; 4.3.2 Court Jurisdiction; 4.3.3 Addressing Issues of Differences of Shari’ahResolution 4.3.4; Executive, Advisory and Supervisory Roles of the Shari’ah board; 4.4 Conclusion; THE STATE OF SHARI’AH GOVERNANCE PRACTICES IN ISLAMIC BANKS; 5.0 Introduction; 5.1 Research Methodology; 5.2 Searching the Particularities of Shari’ah governance in Islamic Banking; 5.2.1 Shari’ah board Members; 5.2.2 Shari’ah governance Approach; 5.2.3 Shari’ah governance and Regulation; 5.2.4 Role of Shari’ah board; 5.2.5 Attributes of Shari’ah board Members; 5.2.6 Operational Procedures; 5.2.7 Assessments of the Shari’ah board; 5.3 Shari’ah governance Index; 5.3.1 The Overall Score of Shari’ah governance; 5.3.2 Shari’ah governance Scores for IFIs in Malaysia, GCC Countries and the UK; 5.3.3 Shari’ah governance Scores According to Year of Incorporation; 5.4 Conclusion; SHARI’AH GOVERNANCE DISCLOSURE IN ISLAMIC BANKS; 6.0 Introduction; 6.1 The State of Shari’ah Governance Disclosure Practices; 6.1.1 Macro Analysis; 6.1.1.1 Shari’ah governance Disclosure in Malaysia, GCC countries and the UK; 6.1.1.2 Shari’ah governance Scores According to Year of Incorporation ; 6.1.2 Micro Analysis; 6.1.2.1 Commitment to Shari’ah governance; 6.1.2.2 Shari’ah board Information; 6.1.2.3 Shari’ah board’s Remuneration; 6.1.2.4 Shari’ahReport; 6.1.2.5 Shari’ahPronouncements; 6.1.2.6 Shari’ahCompliance Review; 6.1.2.7 Information on Products and Services; 6.1.3 Summary of the Overall Shari’ah governance Scores; 6.2 Conclusion; THE WAY FORWARD; 7.0 Introduction; 7.1 The Way Forward; 7.2 EPILOGUE; APPENDIX 1: QUESTIONNAIRE; BIBLIOGRAPHY