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, 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 were 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 enabled IFIs to better safeguard the interest of their stakeholders, the scope of the Task Force was 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 developed the Policy Brief on Corporate Governance of IFIS that was drafted on a consensus-based document, resulting from fact-finding questionnaire, meeting and electronic consultations. The brief was addressed to policy-makers, Islamic banking regulators, supervisors and Islamic banks for possible adaptation.
Following this public consultation process, the Policy Brief was formally introduced at a press conference held in June 2011. The Policy Brief was circulated to policy makers, regulators, regional media, Islamic banking community and other international and regional stakeholders for adoption and implementation.
Policy Brief on Corporate Governance for Islamic Banks and Financial Institutions in the Middle East and North Africa Region English