The aim of this book is to explore and analyze the Islamic axioms, foundation principles and values underpinning the field of governance in an attempt to construct the architectonics of a new systemic and dynamic theory and formulate the articulation of ‘Islamic governance’. This discursive and abstract, rather than being an empirical exercise, assumes to produce a ‘good governance’ framework within its own formulation through a value-shaped dynamic model according to maqasid al-Shari’ah (higher objective of Shari’ah) by going beyond the narrow remit of classical and contemporary discussions produced on the topic, which propose a certain institutional model of governance based on the classical juristic (fiqh) method. Through an exclusive analytical discursive approach in this book, readers will find that Islam as one of the major religions in the contemporary world with the claim of promising the underpinning principles and philosophical foundations of worldly affairs and institutions through a micro method of producing homoIslamicus could contribute towards development of societies by establishing a unique model of governance from its explicit ontological worldview through a directed descriptive epistemology.

The translation of an essay first published in Egypt in 1925, which took the contemporaries of its author by storm. At a time when the Muslim world was in great turmoil over the question of the abolition of the caliphate by Mustapha Kamal Ataturk in Turke

A practical guide for robust sharī'ah governance ofthe Islamic banking industry Debate in the market on the extent of sharī'ahcompliance of Islamic banks, their products, and activities haspiqued stakeholders' interest. In Foundations of Sharī'ahGovernance of Islamic Banks, Karim Ginena and Azhar Hamidexplore the depths of sharī'ah governance to unravelits mysterious dimensions, and equip academics and practitionerswith a solid understanding of the subject, which has become aserious challenge and thus deserves dedicated attention. The authors make a strong case for the need to contain thesharī'ah risk that Islamic banks experience, andpresent a compelling argument for how this should be done. Ginenaand Hamid propose a robust sharī'ah governance modelthat comprehensively tackles thisrisk, and helps improve the extentof sharī'ah compliance of market players. The authorsdetail the internal, external, and institutional arrangementsneeded to promote responsible sharī'ah governance, andcritically analyze current laws, regulations, and industrypractices on the topic. The chapters of the book do thefollowing: Examine the roots, characteristics and objectives ofsharī'ah and its relation to financial dealings; Probe the role of regulators in sharī'ahgovernance, explore the different approaches adopted by bankingsupervisors, and provide examples of relevant legal and regulatorymeasures; Explain to bank directors and management the fiduciary dutythey assume with respect to sharī'ah compliance, anddetail how they could discharge this responsibility in line withbest practices; Elaborate on the purpose of the Sharī'ahSupervisory Board (SSB), its responsibilities, competence criteria,internal regulations, and key governance guidelines; additionally,they explore different SSB models; Describe the internal sharī'ah control systemincluding its six components, and examine the internalsharī'ah audit function as well as different stages ofconducting a sharī'ah audit; Clarify the role of a sharī'ah auditor, withguidance on reporting lines, scope of duties, authority, andpractical ways on fulfilling tasks, such as a samplesharī'ah risk assessment grid and auditchecklists; Discuss the newly emerging external sharī'ahadvisory firms that are expected to play a key role in the comingyears and the services they provide. Through an effective treatment of each of these elements, andthe way that they interact with one another, the book offers afresh take on how robust sharī'ah governance of Islamicbanks can be successfully accomplished. It is a comprehensiveresource for academics, regulators, directors, lawyers, auditors,consultants, employees, and customers of Islamic banks interestedin learning more about these challenges. This essential readingpersuasively extends the discourse on the subject and addressescritical sharī'ah issues that have policy implicationsfor decision makers in jurisdictions aiming to attract thefast-growing Islamic finance industry or increase their marketshare.

This book advances an Islamic political philosophy based on the concept of Ihsan, which means to do beautiful things. The author moves beyond the dominant model of Islamic governance advanced by modern day Islamists. The political philosophy of Ihsan privileges process over structure, deeds over identity, love over law and mercy and forgiveness over retribution. The work invites Muslims to move away from thinking about the form of Islamic government and to strive to create a self-critical society that defends national virtue and generates institutions and practices that provide good governance.

After barely half a century of experience, Islamic banking has become established as a new niche industry across the world offering new and sophisticated financial products designed to be compliant with the principles of Islamic legal principles and common law. This comprehensive book explores the theory, principles and practices underpinning this rapidly expanding sector of banking. Expert contributors ¿ including eminent scholars and senior practitioners in the field ¿ examine the roots of the principles of ethical Islamic financial transactions, which have evolved over several millennia, on issuesincluding usury, interest rates, financial contracting for funding enterprises, for mortgages, for leasing and other financial transactions. Regulatory and governance issues are discussed, and the practice and operation of Islamicfinancial institutions are explained via three distinct case studies. Importantly, the final chapter looks at what steps are being taken to provide professional accreditation to Islamic banking professional personnel, and prescribes requirements for training in this growing industry.

Presents an analysis of key areas in governance from an Islamic standpoint. This book draws on classical Islam and contemporary sources to provide a comprehensive Islamic governance framework to contrast with the Western position.

Islam has had a significant impact on world history, not only as a major religion that has directed the personal beliefs and actions of individuals, but also as the basis of a distinct system of government that has developed its own institutions, practices and philosophies. This new Routledge Major Work collection is concerned with the development of political thought in Islam. By political thought is meant, broadly, the study and interpretation of Islamic political culture, ideas, beliefs, and institutions; the contribution of key political theorists and authorities to the understanding or practice of governance; what people and groups believed about political authority and institutions and their political convictions; and how politics in the Islamic world has related to and interacted with other disciplines, such as religion, law, ethics, and philosophy. Although contemporary issues in Islamic political thought are very much in the public focus at the moment, this set also focuses on the history and development of Islamic political theories and thought, from their inception until the twentieth century. Political thought in the Muslim world is connected to its history and by understanding the past, those who study contemporary political thought will have a better grounding to understand current and future developments. Moreover, understanding how Islamic political thought developed also helps shed light on the political thought of other civilizations, such as Western political thought. Political thought in Islam did not develop in isolation it responded to and interacted with the political institutions and theories of other civilizations throughout history.