Islamic Asset Management: An Asset Class on Its Own?

By Natalie Schoon | Go to book overview

CHAPTER 6
SHARIA‘A
SUPERVISORY
BOARD

The Sharia‘a supervisory board (SSB) plays an important role in any Islamic financial institution. Although the principles underlying fund management as outlined in the previous chapters are universally applicable and are not restricted to conventional funds, Sharia‘a-compliant funds have to abide by the rules of Sharia‘a as stipulated in their investment mandate. The requirement for all financial structures, products and transactions applied in Sharia‘a-compliant asset management to be Sharia‘a compliant ensures that specific religious aspects are met which is important for two distinct parties: the Islamic asset management firm or division and the fund investors. The firm needs to ensure that products and instruments offered are genuinely Sharia‘a compliant and in line with their standards, principles and shareholder demands. Investors need to ensure that the offering satisfies their requirements and is in line with their own religious beliefs.

In line with the exponential growth of the Islamic finance industry over the past few decades, the role of the SSB has also evolved. Initially financial institutions would turn to scholars specialising in Islamic law and jurisprudence who would opine on the eligibility of a product or service. Increasingly, however, scholars have also developed a strong

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Islamic Asset Management: An Asset Class on Its Own?
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Acknowledgements viii
  • Figures ix
  • Boxes x
  • Tables xi
  • Introduction 1
  • Chapter 1 - Characteristics of Islamic Finance 3
  • Chapter 2 - Contracts and Structures for Islamic Asset Management 19
  • Chapter 3 - The Islamic Asset Management Market Place 49
  • Chapter 4 - Fund Operations 91
  • Chapter 5 - Processing 113
  • Chapter 6 - Sharia‘A Supervisory Board 151
  • Chapter 7 - Case Studies 169
  • Chapter 8 - Summary and Concluding Remarks 195
  • Glossary 203
  • Bibliography 209
  • Index 213
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