Journal of Islamic Banking and Finance

Enhancing Islamic Financial Brand: Sharīʿah Board Theoretical Conceptual Framework
Tahreem Noor Khan

Abstract
Islamic banking is inherently a subset of the Islamic economic system, which fulfils the objectives of Islamic law. Implementation of Islamic law is possible with the presence of qualified and experienced Shariah scholars. However, with the growth of Islamic bank lot of criticism and negative attitude developed due to the limited number of Sharīʿah scholars, absence of central religious authority, differences in the interpretation about ribā and modes of finance (Zaman and Movassaghi, 2002; Grais, 2006). The existing literature proves that only verbal authenticity by Islamic banks and relying on high camouflaging of conventional banking products cannot build trust. Proactive approach is required to develop and maintain the status by providing product and service with clarity and honesty. The research implication suggests that Sharīʿah scholars can play an important role in building successful Islamic financial brand. Purpose- The aim of this research is to evaluate the existing data about Sharīʿah scholars. After reviewing the data, main issues and concerns are highlighted and based on that theoretical framework is suggested which can assist in improving the image of Sharīʿah scholars. Methodology/Approach: To investigate this research topic, qualitative, inductive and exploratory approach is adopted. The factors and issues about Sharīʿah scholars will be explored from existing data. Findings: Based on problems from literature review, some valuable suggestions and Quranic model is suggested to improve the performance, image and role of Sharīʿah scholars. Originality/Value of Paper: There are different studies and papers which discuss the issues and challenges of Islamic banks and in some way they discussed the challenges attached to Sharīʿah board as well. So far there is no research which investigates the issues and proposed theoretical model to enhance the role of Sharīʿah board activities and reputation. Due to the gap in study of this area, it is believed that the findings and suggestions of this research will be beneficial for the Islamic banking sector, helping to repair relationship with customers and constructing a strong Islamic financial brand.

Full Text: PDF     DOI: 10.15640/jibf.v3n1a7