National and Global Islamic Financial Architecture:
Problems and Possible Solutions for the OIC Member Countries
200
Chart ‎6.4: Regulation & Supervision of Islamic Finance (Separate Dept./Unit)
6.2.3. Shariah Governance
Chart 6.5 shows that there are regulatory requirements on Shariah governance issues in most
countries. While 66.7% of the countries have requirements for Islamic banks and takaful
sectors, for capital markets 58.3% of the countries have such requirements. The status of
legal/regulatory requirements for Shariah governance for all financial sectors is ‘developing’.
Chart 6.6 shows that 58.3% percent of the countries have some kind of central Shariah body
overseeing the overall Shariah related issues for the Islamic banking. For the takaful and
capital market sectors, the corresponding figures are 50% and 41.7%. Thus, the status of
central Shariah boards for banking and takaful sectors is ‘developing’ and for capital markets it
is ‘underdeveloped’.
Chart ‎6.5: Legal/Regulatory Requirements for Shariah Governance
Chart ‎6.6: Central Shariah Supervisory/Advisory Board
41,7
33,3 33,3
0
10
20
30
40
50
Banking Takaful Capital Market
Percentage of Total
66,7 66,7
58,3
50
55
60
65
70
Banking Takaful Capital Market
Percentage of total
58,3 50,0
41,7
0
20
40
60
80
Banking Takaful Capital Market
Percentage of total