A comparative analysis on regulations and treatment of shariah non-compliance risk for Islamic banks in Malaysia and Turkey

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dc.authorid0000-0001-7786-8893en_US
dc.contributor.authorAzrak, Tawfik
dc.contributor.authorKachkar, Omar
dc.contributor.authorAlfares, Marwa
dc.contributor.authorKachkar, Omar
dc.contributor.otherYönetim Bilimleri Fakültesi, İşletme Bölümü
dc.date.accessioned2024-03-06T13:57:47Z
dc.date.available2024-03-06T13:57:47Z
dc.date.issued2023en_US
dc.departmentİHÜ, Yönetim Bilimleri Fakültesi, İşletme Bölümüen_US
dc.description.abstractIslamic banks and conventional banks operate in different ways, thus, Islamic banks have different risk portfolios. Islamic banks are exposed to a unique kind of operational risk that is Sharia non-compliance risk (SNCR). The aim of this study is to examine the existing regulations and practices on SNCR in Turkey and Malaysia. The regulatory framework and guidelines in both countries have been critically analysed. This study has found that BNM has developed various advanced measures and procedures to manage SNC risk. the Central bank of Malaysia (BNM) has its own Sharia governance framework to effectively treat any SNC events. The Framework includes clear guidelines on SNCR management including control function, shariah risk management function, shariah review and sharia audit. This framework has played a key role in strengthening public confidence in the integrity, management and business operations of Islamic financial institutions including Islamic banks (IBs). On the other hand, the local standards of participation banks in Turkey are still in the process of formation. Up until now participation banks still operate under Turkish banking law which regulates Islamic banks as well as conventional banks with the same legislation. Thus, many experts believe that the sections which regulate the participation banks were not written in accordance with proper sharia guidance and its incompatible with shariah. Consequently, the absence and lack of proper sharia governance lead to misconceptions and complaints about the Islamic banking operations and occasionally faulty practices.en_US
dc.identifier.citationAzrak, T., Kachkar, O. A. ve Alfares, M. (2023). A comparative analysis on regulations and treatment of shariah non-compliance risk for Islamic banks in Malaysia and Turkey. First Annual North American Conference on Islamic Finance, 20-21 October 2023, USA.en_US
dc.identifier.endpage22en_US
dc.identifier.startpage1en_US
dc.identifier.urihttps://hdl.handle.net/20.500.12154/2463
dc.institutionauthorKachkar, Omar
dc.institutionauthorid0000-0001-7786-8893en_US
dc.language.isoen
dc.relation.ispartofFirst Annual North American Conference on Islamic Financeen_US
dc.relation.publicationcategoryKonferans Öğesi - Uluslararası - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/embargoedAccessen_US
dc.subjectIslamic Banksen_US
dc.subjectSharia non-Compliance Risken_US
dc.subjectTreatmenten_US
dc.subjectShariah Governanceen_US
dc.subjectTurkeyen_US
dc.subjectMalaysiaen_US
dc.titleA comparative analysis on regulations and treatment of shariah non-compliance risk for Islamic banks in Malaysia and Turkeyen_US
dc.typeConference Object
dspace.entity.typePublication
relation.isAuthorOfPublication1f8dadc2-d94c-4abd-bf1f-c94454591660
relation.isAuthorOfPublication.latestForDiscovery1f8dadc2-d94c-4abd-bf1f-c94454591660
relation.isOrgUnitOfPublicationc9253b76-6094-4836-ac99-2fcd5392d68f
relation.isOrgUnitOfPublication.latestForDiscoveryc9253b76-6094-4836-ac99-2fcd5392d68f

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