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Sharīʿah Regulation and Supervision of the Iraqi Islamic Banking System

Sharīʿah Regulation and Supervision of the Iraqi Islamic Banking System AbstractThis article critically evaluates the Sharīʿah regulation and supervision of the Iraqi Islamic banking system. Due to the country’s incomplete Islamic banking framework and lack of qualified Sharīʿah scholars, the Iraqi Islamic banking system is somewhat ineffective. In Iraq both the internal and external Sharīʿah supervisory systems in the Islamic banking sector are weak. The internal Sharīʿah supervisory system suffers from a shortage of qualified Islamic banking experts. At the same time, there is no effective external Sharīʿah supervisory system due to the lack of a Central Sharīʿah Board. This article examines the Sharīʿah supervisory system of the Iraqi Islamic banking industry by using case studies on Malaysia and Bahrain, both of which have a developed Islamic banking system. The Sharīʿah supervisory systems in these two countries are examined in order to propose an effective and comprehensive Sharīʿah regulatory and supervisory framework for the Iraqi Islamic banking industry. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Arab Law Quarterly Brill

Sharīʿah Regulation and Supervision of the Iraqi Islamic Banking System

Arab Law Quarterly , Volume 35 (1-2): 33 – Oct 5, 2020

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Publisher
Brill
Copyright
Copyright © Koninklijke Brill NV, Leiden, The Netherlands
ISSN
0268-0556
eISSN
1573-0255
DOI
10.1163/15730255-BJA10060
Publisher site
See Article on Publisher Site

Abstract

AbstractThis article critically evaluates the Sharīʿah regulation and supervision of the Iraqi Islamic banking system. Due to the country’s incomplete Islamic banking framework and lack of qualified Sharīʿah scholars, the Iraqi Islamic banking system is somewhat ineffective. In Iraq both the internal and external Sharīʿah supervisory systems in the Islamic banking sector are weak. The internal Sharīʿah supervisory system suffers from a shortage of qualified Islamic banking experts. At the same time, there is no effective external Sharīʿah supervisory system due to the lack of a Central Sharīʿah Board. This article examines the Sharīʿah supervisory system of the Iraqi Islamic banking industry by using case studies on Malaysia and Bahrain, both of which have a developed Islamic banking system. The Sharīʿah supervisory systems in these two countries are examined in order to propose an effective and comprehensive Sharīʿah regulatory and supervisory framework for the Iraqi Islamic banking industry.

Journal

Arab Law QuarterlyBrill

Published: Oct 5, 2020

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