Shariah governance assumes the primary instrument through which Islamic Banking Institutions (IBIs) ensure the Islamicity of their products, services, operations, and internal environments. It is considered to be one the fundamental elements that differentiates IBIs from their traditional counterparts. This book provides a critical overview of the key aspects pertaining to Shariah governance within Islamic financial institutions and presents a detailed analysis of its conceptual background. The authors have identified the unique issues, which have emerged as a result of the integration of Shariah, namely the involvement of the Shariah supervisory board (SSB), in the corporate governance arrangements of Islamic banks. These issues relate to disclosure, transparency, independency, consistency, confidentiality, competency, and reputation. The book details the doctrines of Shariah pronouncements in Islamic banks, the importance of having a central advisory board at a regulatory level in the standardization of Islamic banking practices, as well as the competence required for Shariah supervisory board members. It provides a critical analysis of the Shariah governance framework in Pakistan and introduces the authors' vision of an ideal Shariah governance framework. Furthermore, the chapters offer guidance in promoting effective policies for improving Shariah governance. This is one of the core challenges facing Islamic banks, namely, to ensure compliance with the faith and provide legitimacy to the business of Islamic Banking Institutions and as such, the book will appeal to both the research and professional community.

This book explores and analyses economic development within Islamic Moral Economy (IME), which is proposed as an alternative economic and social system to capitalism and socialism. It presents a new model of Islamic development based on the substantive morality of Islam via micro dynamics expressed through an Islamic framework of spiritual development. Shafiullah Jan and Mehmet Asutay argue that the observed development failures of Muslim countries to provide basic necessities and an environment free of oppression and injustice can be overcome with an authentic Islamic development framework and its corresponding value system explored in the book, rather than the existing Eurocentric theory and policy making. In addition, it identifies the theological, political, social and economic boundaries for changing society to produce IME oriented development. Utilising a novel approach to development in Islam, through its substantive ethical and moral framework, the authors critically examine and evaluate the progress of Islamic banking and finance institutions in relation to its aspirations as identified by IME. Advanced Islamic economics and finance scholars will find this a useful source as it explores the intersection between Islamic development and the moral economy. The book will also be a valuable reference for those seeking to align public policies with ethical and moral Islamic frameworks.