PAKİSTAN VE NİJERYA İLE KARŞILAŞTIRMALI OLARAK AFGANİSTAN’DAKİ İSLAMİ FİNANSAL KURUMLARIN ŞER’İ YÖNETİŞİM ÇERÇEVESİ

Abstract

The existence of Sharia governance in the structure of Islamic Financial Institutions (IFIs) guarantees the compliance of the IFI to the Sharia principles and prevents the top management of the IFI from involving in high-risk business activities. This research studies the concept of Sharia governance framework of IFIs operating in Afghanistan, the structure of Sharia governance, hierarchy, and authorities are articulated. The study elaborates on the initiation of the Sharia governance framework of the IFIs of Afghanistan. In order to find a clear picture of the challenges in the implementation of the Sharia governance framework, a questioner was developed, and interviews were conducted with ten persons from the senior practitioners of Islamic finance sector. The research found that the Islamic financial institutions in Afghanistan have a comprehensive NSGF in place, which guides its operations. The study highlighted the challenges as the lack of Islamic banking law and lack of qualified Sharia scholars who have experience in the finance and banking sector to serves on the Sharia board. Lack of sharia-compliant products in the market, lack of public awareness, and irrelevant interventions of the shareholders in the operation of the IFIs are also highlighted as challenges.