GRM 2010 GRM 2011

Abstract Details

 
AUTHOR NAME
 
Family Name:
hasan
 
First Name:
zulkifli
 
ABSTRACT OF PAPER
 
Title of Paper:
FROM LEGALISM TO VALUE-ORIENTED ISLAMIC FINANCE PRACTICE: SHARI’AH GOVERNANCE APPROACH IN THE GCC
 
Paper Proposal Text :
Islamic finance has emerged as an alternative and competitor to the commonly used conventional banking system. Since its establishment, the system has been slowly adapted into the existing banking system and has proven its effectiveness and sustainability. Global Islamic banking asset with commercial banks will reach USD1.8 trillion representing 17% average annual growth and it is estimated that Islamic finance will be able to tip USD6.5 trillion by the year 2020. Despite the tremendous growth and transformation, there are numerous criticisms on the current practice of Islamic finance, which have led to series of questions as to the distinctiveness of Islamic finance with its conventional counterparts. The current practices of Islamic finance in general seem unable to attain its authenticity and share many common similarities with conventional finance. In other words, the convergence of Islamic finance with conventional finance now is so imminent in various aspects. Based on this observation, this paper hence aims to provide analysis on the state of Islamic finance in the GCC through critical appraisal on its current form and practices. This paper argues that the current form of Islamic finance practices is due to its legalistic approach and hence requires value-oriented reform. In this regard, Shari’ah governance system can be one of the mechanisms toward such reformation.
 
 
 

WITH THE GENEROUS SUPPORT OF