International Journal of Shari'ah and Corporate Governance Research Centre for Research on Islamic Banking & Finance and Business en-US International Journal of Shari'ah and Corporate Governance Research 2578-0387 Shariah Governance: Perspective of Islamic Finance <p>The present short paper is an attempt to anlyze the Shariah Governance of Islamic Finance. Corporate governance issues are especially important in developing economies, since these countries do not have a strong, long-established financial institution infrastructure to deal with corporate governance issues.</p> Md. Rezaul Karim Miajee ##submission.copyrightStatement## 2018-10-22 2018-10-22 1 1 1 2 The American National System of Corporate Governance <p>Introduction Corporate governance (CG) has recently been extensively discussed, intensely debated and variously defined in the United States. For the purposes of this chapter, CG shall mean the internal arrangements within a corporation intended to provide reasonable assurances that corporate directors and officers make and implement decisions in accordance with their duties of care and loyalty to their corporations. CG in the United States is often associated with the recent initiatives taken in the wake of corporate scandals such as Enron and MCI. While the recent initiatives are undoubtedly important, their significance can best be understood in the context of the existing frameworks under corporate and securities law. The current initiatives in the United States (i.e. the recently adopted CG provisions in the listing requirements for the New York Stock Exchange (NYSE) – and the provisions of the Sarbanes–Oxley Act of 2002 – often called “Sarbanes– Oxley”) in important ways simply add to the governance measures already in place pursuant to corporate law and securities regulation in the United States. Only after understanding foundations in corporate law and securities regulation in the United States is it possible to understand the significance, and the limitations, of the recently adopted NYSE listing requirements and of Sarbanes–Oxley. In general, the recent NYSE initiatives attempt to improve the degree of independence among directors of corporations listed there so that they are better able – and more likely – to meet the performance standards currently applicable to directors under corporate law (i.e. duties of care and loyalty), but the NYSE does not change those standards. Unfortunately, the NYSE listing requirements do not have the force of law. Sarbanes–Oxley, on the other hand, in general, attempts to improve the independence of external auditors and corporate directors so that they are better able – and more likely – to prepare public disclosures in form and substance required by US securities regulations. There are also provisions intended to enhance the care with which corporate officers prepare required public disclosures. Unfortunately, Sarbanes–Oxley applies only to disclosure requirements under US securities regulations. With limited exceptions, Sarbanes–Oxley is not specifically intended to apply to directors’ or officers’ broader obligations to their corporations or the standards applicable to their performance of those obligations.</p> Md. Rezaul Karim Miajee ##submission.copyrightStatement## 2018-10-21 2018-10-21 1 1 3 21 Shari‘ah Governance: An Islamic Economic System <p>This paper examines the roots of shari‘ah in order to provide a solid theoretical foundation that is needed for understanding Islamic jurisprudence in general and Islamic transactional law in particular. Without this minimum understanding of shaiī‘ah, it would be rather difficult to discuss Shari‘ah governance. </p> Orobah Ali Barghouthi ##submission.copyrightStatement## 2018-10-23 2018-10-23 1 1 22 25 Financial Reporting and Corporate Governance in Developing Countries: A literature Review <p>Transparency is one of those terms that have many facets. It is used in different ways. It can refer to the openness of governmental functions. It can also refer to a country’s economy. Or it can refer to various aspects of corporate governance and financial reporting. The Organisation for Economic Co-operation and Development (OECD, 1998) lists transparency as one element of good corporate governance. Kulzick (2004) and others (Blanchet, 2002; Prickett, 2002) view transparency from a user perspective. According to their view, transparency includes the following eight concepts: accuracy, consistency, appropriateness, completeness, clarity, time- liness, convenience, and governance and enforcement. This paper focuses on just one aspect of transparency – timeliness. </p> Orobah Ali Barghouthi ##submission.copyrightStatement## 2018-10-24 2018-10-24 1 1 26 31 Corporate Governance in Asia: A Comparative Study <p>The World Bank has done 10 <em>Report on the Observance of Standards and Codes </em>(ROSC) studies of corporate governance for Asian countries. The paper it used was based on the categories used in an Organisation for Economic Co-operation and Development publication (OECD, 2004).</p> Robert W. McGee ##submission.copyrightStatement## 2018-10-27 2018-10-27 1 1 32 37