Turnitin Artikel Meeting Expectations The Roles and Responsibilities of Shariah Scholars

Islamic finance uses the Shari’ah as the backbone of its system. The Shari’ah not only contains the principles and foundations upon which the financial system is established, it also provides guidance for setting the industry’s direction. Practically speaking, it is the Shari’ah scholars, in their role as interpreters of the Shari’ah, who are charged with guiding the industry. They have a key role to play in maintaining the credibility and integrity of the industry by requiring Islamic financial institutions to adhere not only to the Shari’ah’s technical requirements but to its values and principles as well. Their participation is, thus, vital to the industry’s development. This chapter discusses the roles of Shari’ah scholars in the development of the Islamic finance industry and the responsibilities assigned to Shari’ah boards to ensure that the industry is moving in the right direction and to maintain its credibility and integrity. The recent developments in regulating the practices of Shari’ah supervision and institutionalizing the Shari’ah governance framework will also be discussed. The chapter ends by discussing some challenges faced by Shari’ah scholars and by Shari’ah governance practices.