MULTIPLE DIRECTORSHIPS OF SHARI’AH COMMITTEES IN ISLAMIC BANKS: DO INTERNAL AUDIT AND FINANCIAL PERFORMANCE MATTER?
Keywords:
Shari’ah Committee, Multiple Directorships, Corporate Governance, Shari’ah Governance, Islamic Banks.
Abstract
The paper examines whether governance characteristics and bank-specific attributes associate with the presence of the Shari’ah Committee (SC) members who hold multiple directorships in Islamic Banks (IBs). The paper utilizes a Logit Model in a sample of IBs in Sudan. The findings show that IBs with internal audit departments, high performance, and large debts are more likely to have SC members who sit on committees of other IBs. In contrast, the results reveal that bank size and board of directors’ composition have no bearing upon the presence of directors with cross-memberships. There has been an ongoing debate on whether directors in conventional corporations’ boardrooms should be restricted from sitting on multiple boards due to concerns over monitoring and oversight quality. However, the discussion on SC directors’ multiple memberships has been scarce. Therefore, the paper provides a background for future research and helps stakeholders of the contemporary Shari’ah governance debate to understand the determinants of SC multiple directorships better.
JEL Classification Codes: G21, G30, G34.
References
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Abdullah, S. N. (2004). Board composition, CEO duality and performance among Malaysian listed companies. Corporate Governance: The international journal of business in society, 4(4), 47-61.
Abdul-Majid, M., Saal, D. S., & Battisti, G. (2010). Efficiency in Islamic and conventional banking: an international comparison. Journal of productivity analysis, 34(1), 25-43.
Accounting, Auditing and Governance Standards for Islamic Financial Institutions (AAOIFI) (2015). Accounting, Auditing and Governance Standards for Islamic Financial Institutions, Bahrain: AAOIFI
Ahn, S., Jiraporn, P., & Kim, Y. S. (2010). Multiple directorships and acquirer returns. Journal of Banking & Finance, 34(9), 2011-2026.
Alam, N., Gupta, L., & Shanmugam, B. (2017). Prohibition of Riba and Gharar in Islamic banking. In Islamic Finance (pp. 35-53). Palgrave Macmillan, Cham.
Ali, A. J. (Ed.). (2015). Handbook of research on Islamic business ethics. Edward Elgar Publishing. https://doi.org/10.4337/9781781009451
Ali, M. Y., & Hassan, F. (2019). The Study of Potential Shariah Non-Compliance Risks in Murabahah Along with Their Risk Management. Journal of Finance and Economics Research, 4(1), 44-58.
Ayub, M., Khan, K., Rashid, D., Shahzad, M. A., & Rehman, H. (2019). Enhancing the competence and effectiveness of Sharī ‘ah advisory boards: Case of Islamic banking institutions in Pakistan. Journal of Islamic Business and Management, 9(1), 42-63.
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Baklouti, I. (2020). Is the Sharia supervisory board a friend or an enemy of Islamic banks?, Journal of Islamic Marketing, Vol. ahead-of-print No. ahead-of-print.https://doi.org/10.1108/JIMA-04-2020-0118
Basiruddin, R., & Ahmed, H. (2019). Corporate governance and Shariah non-compliant risk in Islamic banks: evidence from Southeast Asia. Corporate Governance: The International Journal of Business in Society, 20(2), 240-262.
Berg, N., El-Komi, M., & Kim, J. Y. (2016). Market segmentation and non-uniform Shariah standards in Islamic finance. Journal of Economic Behavior & Organization, 132, 39-49.
Clements, C., Neill, J. D., & Wertheim, P. (2015). Multiple directorships, industry relatedness, and corporate governance effectiveness. Corporate Governance: The International Journal of Business in Society, 15(5), 590–606.
Devos, E., Prevost, A., & Puthenpurackal, J. (2009). Are interlocked directors effective monitors?. Financial Management, 38(4), 861-887.
Diamond, D. W. (1989). Reputation acquisition in debt markets. Journal of Political Economy, 97(4), 828-862.
Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88(2), 288-307.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301-325.
Farook, S. & Lanis, R. (2007). Banking on Islam? Determinants of corporate social responsibility disclosure, Advances in Islamic Economics and Finance: Proceedings of 6th International Conference on Islamic Economics and Finance, Jeddah, pp. 217-247.
Farook, S., Hassan, M. K., & Lanis, R. (2011). Determinants of corporate social responsibility disclosure: the case of Islamic banks. Journal of Islamic Accounting and Business Research, 2(2), 114-141.
Ferris, S. P., Jagannathan, M., & Pritchard, A. C. (2003). Too busy to mind the business? Monitoring by directors with multiple board appointments. The Journal of Finance, 58(3), 1087-1111.
Fich, E. M., & Shivdasani, A. (2006). Are busy boards effective monitors?. The Journal of Finance, 61(2), 689-724.
Garas, S. N. (2012). The control of the Shari’a Supervisory Board in the Islamic financial institutions. International Journal of Islamic and Middle Eastern Finance and Management, 5(1), 8-24.
Godlewski, C. J., Turk-Ariss, R., & Weill, L. (2016). Do the type of Sukuk and choice of shari'a scholar matter?. Journal of Economic Behavior & Organization, 132, 63-76.
Grais, W., & Pellegrini, M. (2006). Corporate governance in institutions offering Islamic financial services: issues and options. The World Bank.
Grassa, R. (2013). Shariah supervisory system in Islamic financial institutions. Humanomics, 29(4), 333-348.
Grassa, R., & Matoussi, H. (2014). Is corporate governance different for Islamic banks? A comparative analysis between the Gulf Cooperation Council and Southeast Asian countries. International Journal of Business Governance and Ethics, 9(1), 27-51.
Hamdi, F. M. & Zarai, M. A. (2014). Corporate governance practices and earnings management in Islamic banking institutions, Research Journal of Finance and accounting, 5(9), 81-96.
Hamza, H. (2013). Sharia governance in Islamic banks: effectiveness and supervision model. International Journal of Islamic and Middle Eastern Finance and Management, 6 (3), 226-237.
Haqqi, A. R. A. (2014). Shariah governance in Islamic financial institution: An appraisal. US-China L. Rev., 11, 112.
Hasan, Z. (2014). In search of the perceptions of the Shari’ah scholars on Shari’ah governance system. International journal of Islamic and Middle Eastern finance and management, 7(1), 22-36.
Hashim, H. A., & Rahman, M. S. A. (2011). Multiple board appointments: are directors effective?. International Journal of Business and Social Science, 2(17), 137-144.
Hundal, S. (2017). Multiple directorships of corporate boards and firm performance in India. Hundal, S.(2017). Multiple directorships of corporate boards and firm performance in India. Corporate Ownership & Control, 14(4), 150-164.
Isa, M., & Lee, S. P. (2020). Does the Shariah committee influence risk-taking and performance of Islamic banks in Malaysia?. Journal of Islamic Accounting and Business Research, 11(9), 1739-1755.
Islamic Financial Services Board (2009). Guiding principles on Sharī’ah governance systems for Institutions offering Islamic financial services. Islamic Finance Services Board, Malaysia.
Jiraporn, P., Davidson III, W. N., Da Dalt, P., & Ning, Y. (2009). Too busy to show up? An analysis of directors' absences. The Quarterly Review of Economics and Finance, 49(3), 1159-1171.
Jiraporn, P., Kim, Y. S., & Davidson III, W. N. (2008). Multiple directorships and corporate diversification. Journal of Empirical Finance, 15(3), 418-435.
Islam, K. M. A, Sadekin, M. S., Rahman, M. T., & Chowdhury, M. A. H. (2021). The Impact of Shariah Supervisory Board and Shariah Audit Committee on Corporate Social Responsibility Adoption at Islamic Banks in Bangladesh. The Journal of Asian Finance, Economics and Business, 8(3), 479-485.
Islam, K. M. A, & Bhuiyan, A. B. (2021). Determinants of the Effectiveness of Internal Shariah Audit: Evidence from Islamic Banks in Bangladesh. The Journal of Asian Finance, Economics, and Business, 8(2), 223-230.
Kaabachi, S., & Obeid, H. (2016). Determinants of Islamic banking adoption in Tunisia: empirical analysis. International Journal of Bank Marketing, 33(6), 786-807.
Kaplan, S. N., & Reishus, D. (1990). Outside directorships and corporate performance. Journal of Financial Economics, 27(2), 389-410.
Kasim, N., NuHtay, S. N., & Salman, S. A. (2013). Comparative analysis on AAOIFI, IFSB and BNM Shari’ah governance guidelines. International Journal of Business and Social Science, 4(15), 220-227.
Lee, K. H., & Ullah, S. (2011). Customers’ attitude toward Islamic banking in Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 4(2), 131-145.
Li, Y., Armstrong, A., & Clarke, A. (2014). Relationships of corporate governance mechanisms and financial performance in Islamic banks: a meta-analysis. Journal of Law and Governance, 9(1), 50-63.
López Iturriaga, F. J., & Morrós Rodríguez, I. (2014). Boards of directors and firm performance: the effect of multiple directorships. Spanish Journal of Finance and Accounting/Revista Española de Financiación y Contabilidad, 43(2), 177-192.
Majid, M. Z. A., & Ghazal, R. (2012). Comparative analysis of Islamic banking supervision and regulation development. Money and Economy, 6(3), 114-162.
Mohammed, S. A. S. A. N., & Muhammed, D. J. (2017). Financial crisis, legal origin, economic status and multi-bank performance indicators. Journal of Applied Accounting Research, 8(2), 208-222.
Mollah, S., & Zaman, M. (2015). Shari’ah supervision, corporate governance and performance: Conventional vs. Islamic banks. Journal of Banking & Finance, 58, 418-435.
Nawaz, T., Haniffa, R., & Hudaib, M. (2020). On intellectual capital efficiency and shariah governance in Islamic banking business model. International Journal of Finance & Economics. Early View. https://doi.org/10.1002/ijfe.1986
Safieddine, A. (2009). Islamic financial institutions and corporate governance: New insights for agency theory. Corporate Governance: An International Review, 17(2), 142-158.
Safiullah, M., & Shamsuddin, A. (2018). Risk in Islamic banking and corporate governance. Pacific-Basin Finance Journal, 47, 129-149.
Shafii, Z., Salleh, S., & Shahwan, S. H. (2010). Management of Shariah non-compliance audit risk in the Islamic financial institutions via the development of Shariah compliance audit framework and Shariah audit programme. Kyoto Bulletin of Islamic Area Studies, 3(2), 3-16.
Shahzad, M. A., Saeed, S. K., & Ehsan, A. (2017). Sharī’ah Audit and Supervision in Sharī’ah Governance Framework: Exploratory Study of Islamic Banks in Pakistan. Business & Economic Review, IM Sciences, Peshawar, 9(1), 103-118.
Siddiqui, R. (2010). A Shari’ah scholar’s place on the board. Retrieved from https://gulfnews.com/business/a-sharia-scholars-place-on-the-board1.625445#:~:text=Funds%2Dat%2DWork%2C%20a,than%20previous%20Sharia%20scholar%20reports.
Suhartanto, D., Farhani, N. H., & Muflih, M. (2018). Loyalty Intention towards Islamic Bank: The Role of Religiosity, Image, and Trust. International Journal of Economics & Management, 12(1), 137-151.
Sulub, S., Salleh, Z., & Hashim, H. A. (2018). Determinants of corporate governance disclosures of Islamic banks in Sudan: implications for shariah governance. Afro-Asian Journal of Finance and Accounting (Forthcoming).
Sulub, s. a., Salleh, Z., & Hashim, H. A. (2018a). A review of corporate governance and corporate social responsibility disclosure of Islamic banks: a call for additional transparency. Journal of Sustainability Science and Management, 4, 147-168.
Sulub, S. A., Salleh, Z., & Hashim, H. A. (2020). Corporate governance, SSB strength and the use of internal audit function by Islamic banks. Journal of Islamic Accounting and Business Research, 11(1), 152-167.
Sulub, Y. A., & Salleh, M. C. M. (2019). Financial Performance of Islamic and Conventional Banks in Malaysia: A Comparative Analysis. International Journal of Management and Applied Research, 6(4), 375-385.
Thomson Reuters. (2018). Islamic finance development report. Retrieved from https://ceif.iba.edu.pk/pdf/Reuters-Islamic-finance-development-report2018.pdf
Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of Financial Economics, 53(1), 113-142.
Wan Abdullah, W. A. W., Percy, M., & Stewart, J. (2015). Determinants of voluntary corporate governance disclosure: Evidence from Islamic banks in the Southeast Asian and the Gulf Cooperation Council regions. Journal of Contemporary Accounting & Economics, 11(3), 262-279.
Yazkhiruni, Y., Nurmazilah, M., & Haslida, A. H. (2018). A Review of shariah Auditing Practices in Ensuring Governance in Islamic Financial Institution (IFIs) – A Preliminary Study. Advances in Social Sciences Research Journal, 5(7), 196-210. Retrieved from https://journals.scholarpublishing.org/index.php/ASSRJ/article/view/4873/3022
Abd Razak, A. H. (2019). Multiple Sharia'board directorship: a Maslahah (public interest) perspective. Journal of Islamic Marketing, 11(3), 745-764.
Abduh, M. (2011). Islamic banking service quality and withdrawal risk: The Indonesian experience. International Journal of Excellence in Islamic Banking and Finance, 1(2), 1-15.
Abdullah, S. N. (2004). Board composition, CEO duality and performance among Malaysian listed companies. Corporate Governance: The international journal of business in society, 4(4), 47-61.
Abdul-Majid, M., Saal, D. S., & Battisti, G. (2010). Efficiency in Islamic and conventional banking: an international comparison. Journal of productivity analysis, 34(1), 25-43.
Accounting, Auditing and Governance Standards for Islamic Financial Institutions (AAOIFI) (2015). Accounting, Auditing and Governance Standards for Islamic Financial Institutions, Bahrain: AAOIFI
Ahn, S., Jiraporn, P., & Kim, Y. S. (2010). Multiple directorships and acquirer returns. Journal of Banking & Finance, 34(9), 2011-2026.
Alam, N., Gupta, L., & Shanmugam, B. (2017). Prohibition of Riba and Gharar in Islamic banking. In Islamic Finance (pp. 35-53). Palgrave Macmillan, Cham.
Ali, A. J. (Ed.). (2015). Handbook of research on Islamic business ethics. Edward Elgar Publishing. https://doi.org/10.4337/9781781009451
Ali, M. Y., & Hassan, F. (2019). The Study of Potential Shariah Non-Compliance Risks in Murabahah Along with Their Risk Management. Journal of Finance and Economics Research, 4(1), 44-58.
Ayub, M., Khan, K., Rashid, D., Shahzad, M. A., & Rehman, H. (2019). Enhancing the competence and effectiveness of Sharī ‘ah advisory boards: Case of Islamic banking institutions in Pakistan. Journal of Islamic Business and Management, 9(1), 42-63.
Bahari, N. F., & Baharudin, N. A. (2016). Shariah Governance Framework: The Roles of Shariah Review and Shariah Auditing. In Proceeding of the 3rd International Conference on Management & Muamalah, Vol. 2016, 375-382. Retrieved from http://conference.kuis.edu.my/icomm/3rd/eproceedings/IC-037.pdf
Baklouti, I. (2020). Is the Sharia supervisory board a friend or an enemy of Islamic banks?, Journal of Islamic Marketing, Vol. ahead-of-print No. ahead-of-print.https://doi.org/10.1108/JIMA-04-2020-0118
Basiruddin, R., & Ahmed, H. (2019). Corporate governance and Shariah non-compliant risk in Islamic banks: evidence from Southeast Asia. Corporate Governance: The International Journal of Business in Society, 20(2), 240-262.
Berg, N., El-Komi, M., & Kim, J. Y. (2016). Market segmentation and non-uniform Shariah standards in Islamic finance. Journal of Economic Behavior & Organization, 132, 39-49.
Clements, C., Neill, J. D., & Wertheim, P. (2015). Multiple directorships, industry relatedness, and corporate governance effectiveness. Corporate Governance: The International Journal of Business in Society, 15(5), 590–606.
Devos, E., Prevost, A., & Puthenpurackal, J. (2009). Are interlocked directors effective monitors?. Financial Management, 38(4), 861-887.
Diamond, D. W. (1989). Reputation acquisition in debt markets. Journal of Political Economy, 97(4), 828-862.
Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88(2), 288-307.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26(2), 301-325.
Farook, S. & Lanis, R. (2007). Banking on Islam? Determinants of corporate social responsibility disclosure, Advances in Islamic Economics and Finance: Proceedings of 6th International Conference on Islamic Economics and Finance, Jeddah, pp. 217-247.
Farook, S., Hassan, M. K., & Lanis, R. (2011). Determinants of corporate social responsibility disclosure: the case of Islamic banks. Journal of Islamic Accounting and Business Research, 2(2), 114-141.
Ferris, S. P., Jagannathan, M., & Pritchard, A. C. (2003). Too busy to mind the business? Monitoring by directors with multiple board appointments. The Journal of Finance, 58(3), 1087-1111.
Fich, E. M., & Shivdasani, A. (2006). Are busy boards effective monitors?. The Journal of Finance, 61(2), 689-724.
Garas, S. N. (2012). The control of the Shari’a Supervisory Board in the Islamic financial institutions. International Journal of Islamic and Middle Eastern Finance and Management, 5(1), 8-24.
Godlewski, C. J., Turk-Ariss, R., & Weill, L. (2016). Do the type of Sukuk and choice of shari'a scholar matter?. Journal of Economic Behavior & Organization, 132, 63-76.
Grais, W., & Pellegrini, M. (2006). Corporate governance in institutions offering Islamic financial services: issues and options. The World Bank.
Grassa, R. (2013). Shariah supervisory system in Islamic financial institutions. Humanomics, 29(4), 333-348.
Grassa, R., & Matoussi, H. (2014). Is corporate governance different for Islamic banks? A comparative analysis between the Gulf Cooperation Council and Southeast Asian countries. International Journal of Business Governance and Ethics, 9(1), 27-51.
Hamdi, F. M. & Zarai, M. A. (2014). Corporate governance practices and earnings management in Islamic banking institutions, Research Journal of Finance and accounting, 5(9), 81-96.
Hamza, H. (2013). Sharia governance in Islamic banks: effectiveness and supervision model. International Journal of Islamic and Middle Eastern Finance and Management, 6 (3), 226-237.
Haqqi, A. R. A. (2014). Shariah governance in Islamic financial institution: An appraisal. US-China L. Rev., 11, 112.
Hasan, Z. (2014). In search of the perceptions of the Shari’ah scholars on Shari’ah governance system. International journal of Islamic and Middle Eastern finance and management, 7(1), 22-36.
Hashim, H. A., & Rahman, M. S. A. (2011). Multiple board appointments: are directors effective?. International Journal of Business and Social Science, 2(17), 137-144.
Hundal, S. (2017). Multiple directorships of corporate boards and firm performance in India. Hundal, S.(2017). Multiple directorships of corporate boards and firm performance in India. Corporate Ownership & Control, 14(4), 150-164.
Isa, M., & Lee, S. P. (2020). Does the Shariah committee influence risk-taking and performance of Islamic banks in Malaysia?. Journal of Islamic Accounting and Business Research, 11(9), 1739-1755.
Islamic Financial Services Board (2009). Guiding principles on Sharī’ah governance systems for Institutions offering Islamic financial services. Islamic Finance Services Board, Malaysia.
Jiraporn, P., Davidson III, W. N., Da Dalt, P., & Ning, Y. (2009). Too busy to show up? An analysis of directors' absences. The Quarterly Review of Economics and Finance, 49(3), 1159-1171.
Jiraporn, P., Kim, Y. S., & Davidson III, W. N. (2008). Multiple directorships and corporate diversification. Journal of Empirical Finance, 15(3), 418-435.
Islam, K. M. A, Sadekin, M. S., Rahman, M. T., & Chowdhury, M. A. H. (2021). The Impact of Shariah Supervisory Board and Shariah Audit Committee on Corporate Social Responsibility Adoption at Islamic Banks in Bangladesh. The Journal of Asian Finance, Economics and Business, 8(3), 479-485.
Islam, K. M. A, & Bhuiyan, A. B. (2021). Determinants of the Effectiveness of Internal Shariah Audit: Evidence from Islamic Banks in Bangladesh. The Journal of Asian Finance, Economics, and Business, 8(2), 223-230.
Kaabachi, S., & Obeid, H. (2016). Determinants of Islamic banking adoption in Tunisia: empirical analysis. International Journal of Bank Marketing, 33(6), 786-807.
Kaplan, S. N., & Reishus, D. (1990). Outside directorships and corporate performance. Journal of Financial Economics, 27(2), 389-410.
Kasim, N., NuHtay, S. N., & Salman, S. A. (2013). Comparative analysis on AAOIFI, IFSB and BNM Shari’ah governance guidelines. International Journal of Business and Social Science, 4(15), 220-227.
Lee, K. H., & Ullah, S. (2011). Customers’ attitude toward Islamic banking in Pakistan. International Journal of Islamic and Middle Eastern Finance and Management, 4(2), 131-145.
Li, Y., Armstrong, A., & Clarke, A. (2014). Relationships of corporate governance mechanisms and financial performance in Islamic banks: a meta-analysis. Journal of Law and Governance, 9(1), 50-63.
López Iturriaga, F. J., & Morrós Rodríguez, I. (2014). Boards of directors and firm performance: the effect of multiple directorships. Spanish Journal of Finance and Accounting/Revista Española de Financiación y Contabilidad, 43(2), 177-192.
Majid, M. Z. A., & Ghazal, R. (2012). Comparative analysis of Islamic banking supervision and regulation development. Money and Economy, 6(3), 114-162.
Mohammed, S. A. S. A. N., & Muhammed, D. J. (2017). Financial crisis, legal origin, economic status and multi-bank performance indicators. Journal of Applied Accounting Research, 8(2), 208-222.
Mollah, S., & Zaman, M. (2015). Shari’ah supervision, corporate governance and performance: Conventional vs. Islamic banks. Journal of Banking & Finance, 58, 418-435.
Nawaz, T., Haniffa, R., & Hudaib, M. (2020). On intellectual capital efficiency and shariah governance in Islamic banking business model. International Journal of Finance & Economics. Early View. https://doi.org/10.1002/ijfe.1986
Safieddine, A. (2009). Islamic financial institutions and corporate governance: New insights for agency theory. Corporate Governance: An International Review, 17(2), 142-158.
Safiullah, M., & Shamsuddin, A. (2018). Risk in Islamic banking and corporate governance. Pacific-Basin Finance Journal, 47, 129-149.
Shafii, Z., Salleh, S., & Shahwan, S. H. (2010). Management of Shariah non-compliance audit risk in the Islamic financial institutions via the development of Shariah compliance audit framework and Shariah audit programme. Kyoto Bulletin of Islamic Area Studies, 3(2), 3-16.
Shahzad, M. A., Saeed, S. K., & Ehsan, A. (2017). Sharī’ah Audit and Supervision in Sharī’ah Governance Framework: Exploratory Study of Islamic Banks in Pakistan. Business & Economic Review, IM Sciences, Peshawar, 9(1), 103-118.
Siddiqui, R. (2010). A Shari’ah scholar’s place on the board. Retrieved from https://gulfnews.com/business/a-sharia-scholars-place-on-the-board1.625445#:~:text=Funds%2Dat%2DWork%2C%20a,than%20previous%20Sharia%20scholar%20reports.
Suhartanto, D., Farhani, N. H., & Muflih, M. (2018). Loyalty Intention towards Islamic Bank: The Role of Religiosity, Image, and Trust. International Journal of Economics & Management, 12(1), 137-151.
Sulub, S., Salleh, Z., & Hashim, H. A. (2018). Determinants of corporate governance disclosures of Islamic banks in Sudan: implications for shariah governance. Afro-Asian Journal of Finance and Accounting (Forthcoming).
Sulub, s. a., Salleh, Z., & Hashim, H. A. (2018a). A review of corporate governance and corporate social responsibility disclosure of Islamic banks: a call for additional transparency. Journal of Sustainability Science and Management, 4, 147-168.
Sulub, S. A., Salleh, Z., & Hashim, H. A. (2020). Corporate governance, SSB strength and the use of internal audit function by Islamic banks. Journal of Islamic Accounting and Business Research, 11(1), 152-167.
Sulub, Y. A., & Salleh, M. C. M. (2019). Financial Performance of Islamic and Conventional Banks in Malaysia: A Comparative Analysis. International Journal of Management and Applied Research, 6(4), 375-385.
Thomson Reuters. (2018). Islamic finance development report. Retrieved from https://ceif.iba.edu.pk/pdf/Reuters-Islamic-finance-development-report2018.pdf
Vafeas, N. (1999). Board meeting frequency and firm performance. Journal of Financial Economics, 53(1), 113-142.
Wan Abdullah, W. A. W., Percy, M., & Stewart, J. (2015). Determinants of voluntary corporate governance disclosure: Evidence from Islamic banks in the Southeast Asian and the Gulf Cooperation Council regions. Journal of Contemporary Accounting & Economics, 11(3), 262-279.
Yazkhiruni, Y., Nurmazilah, M., & Haslida, A. H. (2018). A Review of shariah Auditing Practices in Ensuring Governance in Islamic Financial Institution (IFIs) – A Preliminary Study. Advances in Social Sciences Research Journal, 5(7), 196-210. Retrieved from https://journals.scholarpublishing.org/index.php/ASSRJ/article/view/4873/3022
Published
2021-03-09
How to Cite
Sulub, Y. A., & Sulub, S. A. (2021). MULTIPLE DIRECTORSHIPS OF SHARI’AH COMMITTEES IN ISLAMIC BANKS: DO INTERNAL AUDIT AND FINANCIAL PERFORMANCE MATTER?. International Journal of Islamic Banking and Finance Research, 5(1), 1-15. https://doi.org/10.46281/ijibfr.v5i1.702
Section
Original Articles/Short Communications
Copyright (c) 2021 Yasin Ahmed Sulub, Saed Ahmed Sulub
This work is licensed under a Creative Commons Attribution 4.0 International License.
