Meeting Expectations: the Roles and Responsibilities of Shari’ah Scholars in Islamic finance

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.