Task Force on Corporate Governance in IFIS

As part of its regional work to advance corporate governance, Hawkamah with the support of a number of Islamic Financial Institutions, has set up a Task Force on Corporate Governance of Islamic banks and financial institutions (IFIS) following to its meeting in Doha, Qatar in November 2008. The chief objectives of the Task Force are to develop a Policy Brief on Corporate Governance of IFIS, identifying corporate governance challenges and priorities for standardization faced by the IFIS and proposing concrete recommendations for implementation. With a view of promoting greater understanding on the corporate governance practices and thereby enables IFIs to better safeguard the interest of their stakeholders, the scope of the Task Force to include documenting the corporate governance practices prevalent in the IFIS across the Middle East and North Africa region and conducting workshops, seminars and conferences on governance issues and challenges faced by the Islamic finance industry. The Task Force will develop the Policy Brief on Corporate Governance of IFIS that will be drafted on a consensus-based document, resulting from fact-finding questionnaire, meeting and electronic consultations. The brief then will be addressed to policy-makers, Islamic banking regulators, supervisors and Islamic banks for possible adaptation.

A Survey of Corporate Governance in Islamic Financial Institutions (IFIs) Across the Middle East and North Africa

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Hawkamah is now inviting the public to provide their feedback on the policy recommendations put forth in the Policy Brief, by no later than Monday September 6, 2010.

Following this public consultation process, the Policy Brief will be formally introduced around the time of the Hawkamah's annual conference which will be held this year in Muscat, Oman on October 31 - November 1, 2010. The Policy Brief will be circulated to policy makers, regulators, regional media, Islamic banking community and other international and regional stakeholders for adoption and implementation and will be one of Hawkamah's main areas of corporate governance advocacy in the years to come.

We look forward to your feedback and engagement with Hawkamah's work.

Draft Policy Brief on CG of Islamic Banks and FIs