Financial crimes

Prohibition in Islam and prevention by the Shari 'a Supervisory Board of Islamic financial institutions

Research output: Contribution to journalArticle

5 Citations (Scopus)

Abstract

Purpose – The purpose of this paper is to establish that financial crimes are unlawful (haram) in Islam and accordingly, the responsibilities of the Sharia's Supervisory Boards of Islamic financial institutions include the prevention and control of financial crimes. Design/methodology/approach – The paper presents an analogy (qiyas) of the injunctions in the Qur'an and Sunna. Findings – Financial crimes are prohibited in Islam as much as, if not more than, their prohibition by temporal laws. Practical implications – The responsibilities of the Shari'a Supervisory Boards in ensuring “Shari'a-compliance” on the part of the Islamic financial institutions include a wider ambit. It includes the prevention and control of financial crimes. Originality/value – The paper provides additional dimension to Sharia's governance framework for the Islamic financial services industry.

Original languageEnglish
Pages (from-to)287-294
Number of pages8
JournalJournal of Financial Crime
Volume17
Issue number3
DOIs
Publication statusPublished - 20 Jul 2010

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supervisory board
Islam
offense
sharia
responsibility
financial service
governance
Law
Islamic financial institutions
Supervisory board
Crime
Prohibition
industry
methodology
Values

Keywords

  • Crimes
  • Finance
  • Insider trading
  • Islam

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)
  • Law

Cite this

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abstract = "Purpose – The purpose of this paper is to establish that financial crimes are unlawful (haram) in Islam and accordingly, the responsibilities of the Sharia's Supervisory Boards of Islamic financial institutions include the prevention and control of financial crimes. Design/methodology/approach – The paper presents an analogy (qiyas) of the injunctions in the Qur'an and Sunna. Findings – Financial crimes are prohibited in Islam as much as, if not more than, their prohibition by temporal laws. Practical implications – The responsibilities of the Shari'a Supervisory Boards in ensuring “Shari'a-compliance” on the part of the Islamic financial institutions include a wider ambit. It includes the prevention and control of financial crimes. Originality/value – The paper provides additional dimension to Sharia's governance framework for the Islamic financial services industry.",
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author = "{Abdul Jabbar}, {Siti Faridah}",
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language = "English",
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AB - Purpose – The purpose of this paper is to establish that financial crimes are unlawful (haram) in Islam and accordingly, the responsibilities of the Sharia's Supervisory Boards of Islamic financial institutions include the prevention and control of financial crimes. Design/methodology/approach – The paper presents an analogy (qiyas) of the injunctions in the Qur'an and Sunna. Findings – Financial crimes are prohibited in Islam as much as, if not more than, their prohibition by temporal laws. Practical implications – The responsibilities of the Shari'a Supervisory Boards in ensuring “Shari'a-compliance” on the part of the Islamic financial institutions include a wider ambit. It includes the prevention and control of financial crimes. Originality/value – The paper provides additional dimension to Sharia's governance framework for the Islamic financial services industry.

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