Global Regulatory Bodies Research Articles

Enhancing ethical standards in clinical trials: A deep dive into regulatory compliance, informed consent, and participant rights protection frameworks

This study critically examines the ethical standards governing clinical trials, focusing on regulatory compliance, informed consent, and the protection of participant rights. The purpose is to assess the current ethical frameworks and explore emerging trends that shape the evolving landscape of clinical research. Through a detailed review of existing literature, this paper analyzes how global regulatory bodies and ethical guidelines, such as Good Clinical Practice (GCP) and the Declaration of Helsinki, guide the ethical conduct of trials while identifying gaps that have emerged due to advances in technology and the globalization of clinical research. Key findings reveal that while informed consent remains central to participant autonomy, challenges persist in ensuring true comprehension across diverse populations, particularly in the context of complex interventions and digital tools. The growing use of artificial intelligence (AI), decentralized trial designs, and precision medicine introduces both opportunities and ethical dilemmas, especially regarding data privacy, participant selection, and regulatory harmonization in multinational trials. Conclusions emphasize the need for adaptive ethical frameworks that address the unique risks and benefits associated with these emerging trends. Recommendations include strengthening global regulatory harmonization, enhancing transparency in AI-driven research, and ensuring that participant rights, particularly data security and informed consent, are prioritized in evolving clinical trial designs. These steps are crucial for maintaining public trust and advancing medical research ethically and responsibly.

Anonymity Unmasked The Role of Cryptocurrencies in Global Money Laundering

This research paper examines the intersection of cryptocurrencies and financial crime, particularly focusing on money laundering. It examines how these digital assets are employed in illicit financial activities, investigates the methodologies used to obscure transaction trails, evaluates regulatory responses to these risks, and presents practical case studies highlighting the real-world criminal use of cryptocurrency. The study, covering data from 2020 to 2024, combines a thorough review of existing literature with empirical analysis of blockchain transactions and case studies. The novelty of this study is the use of blockchain analysis methods for monitoring cryptocurrency transactions in the blockchain and detecting criminal money laundering techniques. It also examines how the criminals use mixers to exponentially expand the transaction trail and hide the money flow. Our analysis reveals that cryptocurrencies are often viewed as tools for anonymity but the underlying technology provides tracking of transactions, albeit with challenges, particularly when advanced techniques such as coin mixers, privacy coins, and decentralized exchanges are used. Case studies, including high-profile hacks, highlight the complexities of tracing illicit funds and challenges faced by law enforcement agencies. Despite efforts by global regulatory bodies, regulations on digital assets vary significantly around the world, allowing criminals to exploit jurisdictions with lax regulations for their illicit activities. The study concludes that cryptocurrencies pose notable risks of money laundering, advancement in digital forensic tools, enhanced regulatory measures, and greater international cooperation are essential to address these risks. This research contributes to the understanding of money laundering through cryptocurrencies and underscores the need for continuous improvement of regulation and technology to ensure finance remains safe in the age of innovation.

Interconnected influence: Unraveling purdue pharmaceutical's role in the global response to the opioid crisis

BackgroundThe global pharmaceutical industry has a long history of prioritizing profits over public health through widespread practices such as price gouging, deceptive marketing, and fraud. A prominent example of this issue is the mislabeling and mass-marketing of OxyContin by Purdue Pharmaceuticals (Purdue) that catalyzed the opioid crises in and beyond the United States. MethodsGuided by Actor-Network Theory, this case study employs Visual Network Analysis to map the actors-networks involved in responding to the harms caused by Purdue. Data was generated from peer-reviewed and grey literature published between 2007 and 2022 (n = 40) and imported into Gephi visualization software where centrality metrics were applied. ResultsA total of 39 actors and 99 relationships were visualized based on the relational thinking that actors who are heavily interconnected with others are rendered important. Centrality measures identified the socio-technical centrality of Purdue in influencing the response to the harms it caused. Purdue exerted influence through various avenues, most prominently through the creation and cooptation of pain advocacy groups, their close ties with United States elected officials, and through embedding pro-opioid messaging in international guidance documents. In doing so, Purdue was able to extend the reach and impact of their opioid promotion, while simultaneously limiting the capacity of regulatory bodies to pursue accountability and implement policies to mitigate opioid-related harms. ConclusionThis study advances understandings of the complex interplay between transnational pharmaceutical companies, global health systems, regulatory bodies, and public health. In doing so, we underscore the need for stronger regulation and increased transparency surrounding the interactions between pharma, patient groups, governments, and international organizations to better address and prevent future harms.

Bumping along: Healthcare students' perspectives on interprofessional education

Background: Global regulatory bodies and the PM&DC (Pakistan Medical and Dental Council) share a competency framework that emphasizes the importance of graduates being effective communicators and collaborators in the healthcare system to achieve positive patient outcomes. However, due to unclear roles, conflicting power dynamics, and varying educational qualifications among healthcare professionals, effective interprofessional teamwork is often not realized, leading to suboptimal outcomes. Objective: To evaluate the attitudes and readiness of healthcare students towards inter-professional education. Methods: This comparative cross-sectional study was conducted from March to August 2020 by utilizing a prevalidated inventory called the Readiness of Interprofessional learning scale (RIPLS) to assess the readiness of students in healthcare programs. Data was collected using Google Forms, and the Kruskal-Wallis Test was employed to compare perceptions among the four groups. Results: 157 students completed the questionnaire, resulting in a response rate of 58%. All four groups demonstrated high readiness for mutual learning (mean rank=78.78) although physiotherapy students had higher scores (mean rank=79.36) compared to the other groups, while nursing students had the lowest scores (mean rank=77.92). Conclusion: The positive attitude of students towards interprofessional education and collaboration highlights the need for integration with other healthcare disciplines at both the curricular and co-curricular levels. Clinical case studies, problem-based learning, and simulations can be effective methods for fostering students' understanding of each profession's role.

MASTERING COMPLIANCE: A COMPREHENSIVE REVIEW OF REGULATORY FRAMEWORKS IN ACCOUNTING AND CYBERSECURITY

In the rapidly evolving landscape of business and technology, the intersection of accounting and cybersecurity has become a focal point for organizations striving to maintain integrity, security, and regulatory adherence. This paper presents a meticulous examination of regulatory frameworks governing both accounting and cybersecurity domains. The study aims to provide a comprehensive understanding of the intricate compliance landscape, offering valuable insights for practitioners, policymakers, and scholars. The investigation unfolds through a dual lens, meticulously dissecting the regulatory intricacies surrounding financial reporting in accounting and the safeguarding of digital assets in cybersecurity. A critical analysis of prominent global regulatory bodies, such as the Financial Accounting Standards Board (FASB), the International Financial Reporting Standards (IFRS), and cybersecurity standards like ISO 27001 and NIST Cybersecurity Framework, forms the cornerstone of this research. The paper delves into the historical evolution of accounting and cybersecurity regulations, identifying key milestones and paradigm shifts that have shaped the current regulatory environment. It explores the synergies and dissonances between these two critical domains, shedding light on how compliance efforts in one area may impact the other. Furthermore, the study investigates the challenges and opportunities presented by emerging technologies such as blockchain, artificial intelligence, and cloud computing in the context of regulatory compliance. By examining real-world case studies and industry best practices, this thesis provides practical insights for organizations seeking to navigate the complex terrain of compliance in an era of digital transformation. The paper offers a holistic and forward-looking perspective on the regulatory frameworks governing accounting and cybersecurity. Through its comprehensive analysis, the thesis aims to equip professionals and academics with the knowledge and tools necessary to navigate the intricate regulatory landscape, fostering a proactive and adaptive approach to compliance in the dynamic business environment.
 Keywords: Regulatory Frameworks, Accounting, Cybersecurity, Cloud Computing, Blockchain

Do Islamic banks use institutional theory in the light of Shariah governance? Empirical evidence from a Muslim dominant country

The present paper examines the application of institutional theory (hereafter IT) mechanisms (isomorphism and legitimacy) in Shariah governance (henceforth SG) practices and in operations, as it best illuminates the operational guidelines and procedures for the Islamic banks to attain legitimacy. More specifically, the study aims to empirically explore the SG of Islamic banks in Bangladesh from the viewpoint of IT mechanisms. The study applied a qualitative case study method and a semi-structured face-to-face (individual) interview with various stakeholders connected with Bangladesh's Islamic banks and SG practices. The study finds that Islamic banks face pressure from the administration, regulators, and government in performing their activities and functions. More importantly, most Islamic banks replicate one leading Islamic bank, which indicates the presence of mimetic or cultural-cognitive isomorphism. Conversely, normative pressure covers the existing practicing environment, people's social awareness, knowledge, willingness, and accountability of the Board of Directors (BOD) towards the people concerning Shariah compliance with policymaking. Moreover, socio-political norms, regulations, and corruption influenced policymaking, preparation of SG guidelines, and their implementation. The study significantly contributed to national regulatory bodies by exploring the presence of significant pressures on diverse stakeholders. The study has several policy contributions for the Islamic banks and the Central Bank of Bangladesh. Notably, the study will help global regulatory bodies and policymakers minimize multifaceted pressures, improve SG practices, and enhance the quality of Shariah compliance.

Treatment-emergent antidrug antibodies related to PD-1, PD-L1, or CTLA-4 inhibitors across tumor types: a systematic review

BackgroundIncreased understanding of how the immune system regulates tumor growth has innovated the use of immunotherapeutics to treat various cancers. The impact of such therapies, including programmed cell death protein...

The sociology of global health: Inequality, disease‐related stigma, and the rise of nongovernmental organizations

AbstractThis article is a review of global health literature, emphasizing the evolution in health terminology in recent decades and noteworthy research areas of global health. This review identifies global inequality and disease‐related stigma as key social determinants of health and central problems improving health outcomes. Within global health, there is a growing discourse surrounding health disparities, particularly among the world's most disadvantaged populations. Additionally, the field notes an increase in global health nonprofits, international governmental organizations (IGOs), and regulatory bodies. As such, this paper examines the scope of empirical global health research with consideration of inequality and stigma as well as the role of nongovernmental organizations (NGOs) in health outcomes for the developing world. The review also discusses the role of IGOs and global health regulatory bodies in shaping development and health outcomes. A broad review of literature finds that although chronic noncommunicable diseases (NCDs) are currently the largest cause of poor health in the world's most impoverished nations, these are largely untargeted by NGO efforts, which may exacerbate the state of global inequality. However, the impact that NGOs could have on ameliorating the effects of NCDs remains understudied and is a promising direction for future scholarly efforts.

Heavy metals in five commonly consumed fish species from River Swat, Pakistan, and their implications for human health using multiple risk assessment approaches

This study analyzed the levels of heavy metals bioaccumulation in commonly consumed riverine fish species, including G. cavia, T. macrolepis, G. gotyla, S. plagiostomus, and M. armatus from River Swat in Pakistan, and quantify their potential risk to children and adults in general and fisherfolk communities using multiple pollution and risk assessment approaches. The highest metal detected by inductive coupled plasma mass spectrometry (ICP-MS) was Zn, which ranged from 49.61 to 116.83 mg/kg, followed by Fe (19.25–101.33 mg/kg) > Mn (5.25–40.35 mg/kg) > Cr (3.05–14.59 mg/kg) > Ni (4.26–11.80 mg/kg) > Al (1.59–12.25 mg/kg) > Cu (1.24–8.59 mg/kg) > Pb (0.29–1.95 mg/kg) > Co (0.08–0.46 mg/kg) > Cd (0.01–0.29 mg/kg), demonstrating consistent fluctuation with the safe recommendations of global regulatory bodies. The average bioaccumulation factor (BAF) values in the examined fish species were high (BAF > 5000) for Pb, Zn, Mn, Cu, Cr, Ni, and Cd, bioaccumulate (1000 > BAF < 5000) for Co, and probable accumulative (BAF <1000) for Fe, and Al, while the overall ∑heavy metals pollution index (MPI) values were greater than one (MPI > 1) indicating sever heavy metals toxicity in G. cavia, followed by S. plagiostomus, M. armatus, G. gotyla, and T. macrolepis. The multivariate Pearson's correlation analysis identified the correlation coefficients between heavy metal pairs (NiCr, CuCr, PbCr, AlCo, CuNi, and PbNi), the hierarchical cluster analysis (CA) determined the origin by categorizing heavy metal accumulation into Cluster-A, Cluster-B, and Cluster-C, and the principal component analysis (PCA) discerned nearby weathering, mining, industrial, municipal, and agricultural activities as the potential sources of heavy metals bioaccumulation in riverine fish. As per human risk perspective, S.plagiostomus contributed significantly to the estimated daily intake (EDI) of heavy metals, followed by G.cavia > M.armatus > G.gotyla > T.macrolepis in dependent children and adults of the fisherfolk followed by the general population. The non-carcinogenic target hazard quotient (THQ) and hazard index (HI) values for heavy metal intake through fish exposure were < 1, while the carcinogenic risk (CR) for individual metal intake and the total carcinogenic risk (TCR) for cumulative Cr, Cd, and Pb intake were within the risk threshold of 10−6–10−4, suggesting an acceptable to high non-carcinogenic and carcinogenic risk for both children and adults in the fisherfolk, followed by the general population.

Sustainable shipping management: Definitions, critical success factors, drivers and performance

Sustainable shipping management (SSM) is one of the greatest challenges in the 21st century which attracts much attention and interest from global regulatory bodies, industry players, and academics. The objective of this study is to review and consolidate the topic of SSM, specifically, the definitions, critical success factors (CSFs), drivers, and their effects on organizational performance. A systematic review of academic journals is conducted. The review suggests that (1) there are seven CSFs of SSM, namely, government support, organizational commitment, strategic alignment, relationship management, knowledge management, technology acceptance, and performance measurement; (2) shipping firms are motivated to adopt SSM due to institutional pressure and the desire to enhance organizational performance; (3) SSM can lead to better financial and non-financial performances but the relationships are contingent on external and internal conditions. External conditions consist of the stakeholder influence capacity and shippers' belief whereas internal conditions involve the firms’ competitive strategy, continuous improvement capability, green capability, innovation capability, pace, and consistency. This study contributes to the literature by consolidating the scattered research on SSM, providing greater theoretical insight into the CSFs of SSM, the drivers of SSM, the impact SSM has on performances and implications to academia, government and policymakers, and strategic team of shipping companies to manage sustainability in the maritime transport industry.

Impacts of climate pact on global oil and gas sector stocks

PurposeThe purpose of this study is to examine the impacts of the Glasgow Climate Pact on global oil and gas sector stocks. Further, this study also examines if the nations' Climate Change Performance Index (CCPI) and World Energy Trilemma Index (WETI) drive the abnormal returns around the event.Design/methodology/approachThe authors apply the event study analysis to 691 global oil and gas firms across 52 countries. Further, they apply the cross-sectional examination of cumulative abnormal returns (CARs) across 502 firms.FindingsThe emerging markets experienced significant negative abnormal returns on the event day. The CCPI negatively affects longer pre-event CARs, while WETI significantly negatively associates with CARs during longer pre- and post-event windows. Volatility is negatively related to pre- and post-event abnormal returns, while past returns positively drive pre-event period CARs but negatively drive post-event window CARs. This study finds an interesting association between liquidity (CACL) and CARs, as CACL positively drives pre-event CARs, but post-event CARs are negatively associated with CACL. The CARs do not significantly correlate with leverage, size and book-to-market ratio.Practical implicationsThis study's findings on the impact of climate risks on financial markets have significant implications for global regulatory bodies. Policymakers should reduce stock volatility and enhance environmental disclosures by publicly traded companies to accurately price and assess the potential impacts of climate risks. Governments should examine the effects of environmental restrictions on investor behavior, especially in developing countries with limited access to capital. Therefore, policymakers need to consider the far-reaching impacts of environmental regulations while introducing them.Originality/valueClimate risks are expected to impact the global financial market significantly. Prior studies provide limited evidence on how such climate pacts impact the oil and gas sector. Hence, this study, while bridging this gap, provides important implications for policymakers and stakeholders, particularly the emerging markets that are more sensitive.

Regulators Face Novel Challenges as Artificial Intelligence Tools Enter Medical Practice

This JAMA Forum discusses artificial intelligence tools and the regulatory challenges for global regulatory bodies, including the US Food and Drug Administration, in creating new policies to ensure the safety and efficacy of these tools for patients.

Glasgow climate pact and the global clean energy index constituent stocks

PurposeThis study examined the impact of the Glasgow Climate Pact on the abnormal returns of global clean energy stocks. Further, this study examines which country-specific and firm-specific variables drive the cumulative abnormal returns (CARs) of clean energy stocks.Design/methodology/approachThe authors used the event study method and cross-sectional multivariate regression model. The clean energy stocks in this study are limited to 81 constituent firms of the S&P Global Clean Energy Index across 17 nations. The final sample includes 80 firms and the sample period ranges from January 26, 2021, to December 07, 2021.FindingsThe study finds that the Glasgow Climate Pact negatively affects the stock returns of clean energy firms. Moreover, the climate change performance index (CCPI) positively impacts cumulative abnormal returns (CARs), signifying that clean energy investors react positively to firms in nations with good CCPI scores. The environmental, social and governance (ESG) measure for the shorter window (−1, +1) exhibited a negative relationship with CARs. The firm-specific variables (BTM, stock liquidity, size and past returns) exhibit a negative relationship with CARs in different event windows.Research limitations/implicationsThe authors use the CCPI as a proxy for the stringency of environmental policies in any nation. The authors extend the existing literature by employing firm-specific variables and supporting previous findings. Their findings have policy implications for clean energy investors, policymakers and other market participants.Practical implicationsClimate risks impact the global financial market, so the findings have implications for global regulatory bodies. Currently, there are bankruptcy cases due to climate risks. Because financial markets must play a critical role in shifting the economy toward a green one, regulators can use the cross-sectional drivers of this study to shape policy. It is also critical for regulators to reduce stock price volatility in the event of the implementation of environmental regulations and improve environmental disclosures by publicly traded companies. Furthermore, governments are interested in researching the effects of environmental regulations to protect stakeholders' interests. These regulations significantly impact emerging markets because they lack the same solid institutional frameworks as developed markets.Originality/valueThe authors provide evidence that firms with better ESG scores and larger firm sizes have experienced fewer abnormal returns, as these firms have stable financial and non-financial fundamentals. This timely study on the ongoing regulatory shift in environmental policy will help investors, policymakers, firms and other stakeholders make relevant decisions.

IMO off course for decarbonisation of shipping? Three challenges for stricter policy

The maritime shipping industry is responsible for around 3 % of global greenhouse gas (GHG) emissions, and is now under pressure to decarbonise. Until now, the shipping industry’s main regulator, the International Maritime Organisation (IMO), has failed to implement sufficient policy instruments to support the emission reduction targets set in its Initial GHG Strategy introduced in 2018, and the implemented policy mix lacks consistency and comprehensiveness. This could be considered surprising given that shipping is one of few sectors with a main, global regulatory body, which should allow for a comprehensive and consistent policy mix. This is the puzzle examined in this paper. We identify three main challenges for more consistent, comprehensive and stricter regulation of GHG emissions from international shipping: (1) lack of capacity within the IMO to regulate multiple and emerging technologies, (2) uncertainty around the IMO’s regulatory mandate, and (3) lack of political consensus during negotiations. If the IMO is to play a more progressive role in mitigating climate change, these factors needs to be considered to ensure that the combination of policy instruments are able to achieve set emission reduction targets.

Historical Perspective of Probiotics and Role of Regulating Bodies Globally

Gut microbiota stimulates benefits on the health of the host and helps to prevent the diseases. Probiotics are described as “live microbes which when administered in sufficient amounts provides host with the benefit on the health.” Louis Pasteur at the start of nineteen hundreds identified the microbes accountable for the fermentation process, while E. Metchnikoff related improved longevity of Bulgarian rural inhabitants by daily intake of fermented dairy products like yogurt. Lactobacillus are considered as probiotics by Metchnikoff as they have positive health benefits on the health of consumers. Importance in the Probiotics field has increased because of developing probiotic industry. The availability of Probiotics in medicine and food products is already present in the international markets and because of this regulatory bodies play an important role across the globe. This article will discuss the history of Probiotics, different categories of probiotics used and global regulatory bodies.

SERPENT CODE POINT KINETIC PARAMETERS ANALYSIS: A NEXUS FOR NIGERIA RESEARCH REACTOR – 1 CORE CONVERSION USING ENRICHED URANIUM DIOXIDE FUEL

The International Atomic Energy Agency (IAEA) requires that all test and research reactors operating on Higher Enriched Uranium (HEU) should be converted to Low Enriched Uranium (LEU) for safety and security purposes. Nigeria having a Miniature Neutron Source Reactor (MNSR) has been long interested in fuel technological research not just to develop the area but also to meet with resolution on the nuclear treaty set out by the global nuclear regulatory body. In this study, reactor kinetic parameters such as effective delayed neutron fractions, prompt neutron lifetime as well as mean neutron generation time were analysed for Nigerian Research Reactor-1 (NIRR-1). Serpent Monte Carlo code 1.17 is used in the analysis. For delayed neutron parameters determination, we used fission probability iteration under one averaged generation time and neutron population rate.The calculated values for delayed neutron were recorded as analogue prompt and implicit prompt neutron lifetime, reproduction time and emission time are in the order of 3×10-7 (s), in agreement with the calculated data from the nuclear data libraries and some literature.The result for delay neutron fraction and other time-based parameters support the fuel core conversion for NIRR-1.The computational and pictorial results obtained from Serpent code simulation described well the transient behavior of the delayed neutron in this reactor.The analytical results also spelled out the relevance and compatibility of low enriched uranium dioxide fuel over higher enriched type.The result of this study conforms with other results obtained from similar reactors but with different Monte Carlo codes and with higher enriched uranium

From Theoretical Network to Bedside: Translational Application of Brain-Inspired Computing in Clinical Medicine

Advances in the brain-inspired computing space are growing at a rapid rate, and many of these emerging strategies are in the field of neuromorphic control, robotics, and sensor development, just to name a few. These innovations are disruptive in their own right and have numerous, multi-dimensional medical applications within precision medicine, telematics, device development, and informed clinical decision making. For this discussion, I will define brain-inspired computing in the scope of simulating the architecture of the brain and discuss the realization of integrating hardware and other technologies with the applications of medicine, along with the considerations for the regulatory pathway for approval and evaluating the risk/consequences of failure modes. This perspective is a call for continued discussion of the development of a pathway for translating these technologies into medical treatment and diagnostic strategies. The aim is to align with global regulatory bodies and ensure that regulation does not limit the capacity of these emerging innovations while ensuring patient safety and clinical efficacy. It is my perspective that it is and will continue to be critical that these technologies are correctly perceived and understood in the lens of multiple disciplines in order to reach their full potential for medical applications.

СУЧАСНІ ДЕТЕРМІНАНТИ ЗОВНІШНЬОТОРГОВЕЛЬНОЇ ПОЛІТИКИ РОЗВИНЕНИХ КРАЇН СВІТУ

The article is devoted to the definition of modern determinants of the developed countries’ foreign trade policy. It was determined that at the current stage of global development, the consequences of the global pandemic and local military conflicts, in particular in Ukraine, have a destabilizing effect on world dynamics. It is concluded that since the value of trade in goods is increasing at a significant rate, while growth in the volume of trade remains low, this may indicate a significant increase in commodity prices. This is due to the instability of supply and demand in the world market, as well as the significant inflationary burden in the countries. Modern globalization processes are also analysed. It is concluded that the world is currently faced with deglobalization 2.0, which is characterized by a decline in the role of leading states, trade wars, problems of integration development, in particular, Brexit, etc. Since trade is a key indicator of the globalization processes’ development, there is a need to revise the existing system of its regulation. Global regulatory bodies, including the WTO, are not up to the task of global governance, and states are resorting to protectionist measures to protect their national interests and sovereignty. As a result, the number of protectionist measures in the world economy has increased significantly compared to liberalization measures in recent years. It was concluded that developing countries are mostly prefer trade liberalization, while developed countries actively use protectionist subsidies. Recent trends reflect the changing nature of protectionism, namely the increasing role of non-tariff restrictions and covert protectionism, including domestic investment and support for domestic producers. Protectionism as a phenomenon negatively affects market, political and economic relations between partner countries. Key words: international trade, protectionism, liberalization, foreign trade policy, globalization.

A proposed centralized Shariah governance framework for Islamic banks in Bangladesh

PurposeThe purpose of this study is to propose a centralized Shariah governance framework (CSGF) for the Islamic banks and Shariah governance in Bangladesh as such, the existence and practices of the Shariah governance framework (SGF) are decentralized and diversified.Design/methodology/approachThe paper implements a qualitative case study approach to develop a CSGF for the Islamic banks in Bangladesh. The data has been collected from 17 respondents through semi-structured interviews with a combination of regulators, Shariah supervisory board members, Shariah department executives and Shariah experts from the central bank and Islamic banks in Bangladesh.FindingsThis study proposes a CSGF which is comprising two-tier Shariah supervisory boards (SSBs), i.e. institutional SSB and centralized Shariah supervisory board (CSSB) under the central bank to monitor the overall functions of SG. The study recommends the setting up of four departments under the central bank to enhance the functions of CSSB. Besides, the central bank can introduce Shariah rating, external Shariah audit and external Shariah review through Islamic rating agencies and Islamic Chartered Accountant Firms for transparency and quality compliance which are more desired from the public and other stakeholders.Research limitations/implicationsThe study significantly contributed to the national and global regulatory bodies by providing a structural CSGF for the Islamic banks to perform their functions and activities smoothly.Practical implicationsThe study outlines a CSGF for the Islamic banks in Bangladesh as the existing practices are diversified and decentralized. Therefore, this framework would be helpful for the central bank and Islamic banks in Bangladesh to promote unique practices of the SGF.Originality/valueThis is the first research that provides a structure of CSGF for Islamic banks in Bangladesh, while the central bank of Malaysia developed the first SGF. There is no study concerning the demographic figure of CSGF of Islamic banks in the entire literature.

Why does Shariah governance framework important for Islamic banks?

PurposeThe purpose of this paper is to explore the question “Why is Shariah Governance Framework (SGF) important for Islamic banks?”Design/methodology/approachA semi-structured face-to-face personal interview is used to accomplish the research objectives. This study has collected data from the concerned bodies related to Shariah Governance (SG) from the central bank and Islamic banks of Bangladesh.FindingsThis study states SG as a process of confirming Shariah compliance in the overall functions of the Islamic banks, while Shariah denotes some rules, regulations, guidelines, objectives and directions to enhance accurate functions and activities, which are solely based on Shariah principles. SGF is important for Islamic banks to implement Shariah principles, confirm Shariah compliance and monitor the functions of the banks. Besides, it is needed for a well, efficient, effective, profitable business and higher performance and, finally, to eliminate the confusion among the management, executives, conventional bankers and banks.Research limitations/implicationsThis study significantly contributes to the national and global regulatory bodies by providing evidence that why do Islamic banks and financial institutions require a sound SGF. It is recommended that there should be a sound and robust SGF to protect and fulfill the interest, expectations and demands of different stakeholders, which can easily draw their attention, intention and interest.Originality/valueThis is the first research that extends the literature of Islamic banking and SG by highlighting the importance of SGF. This study claims that to be a complete Islamic bank as well as protecting the unique identity from the general banks and corporate governance system, SG manual is required.