Strengthening shariah governance systems in Islamic Financial Institutions (IFIs)

Shariah governance framework was introduced in 2011 and the industry of Islamic finance played an important role in identifying Islamic bank's products, practices, management, operations and instruments as shariah compliance (Miskam, 2013). Moreover, the shariah governance framework was further revised and published in 2019 by the Central bank of Malaysia which aims to gain the public trust and assurance in the aspect of business operations, management and integrity of the IFIs (Shariah Governance, 2019). The purpose of having a shariah governance system is simply within the reason of its existence, which is for shariah compliance as per within the fundamentals of the religion. There are a number of steps and measures that need to be taken, involving several different organs of governance and incurs monetary costs.