Running summarizing tools on a new article

Abstract: This chapter discusses corporate governance, its importance to the banking sector, and some of its challenges relating to the economic and financial crisis of 2007. It looks back in history at the hisba system and juxtaposes the OECD and Islamic principles of corporate governance. Sharī‘ah compliance is identified as one of the key outstanding needs of Islamic banks not addressed by corporate governance codes and principles issued by organizations like the OECD; thus, an adapted corporate governance understanding is presented along with guidance on the topic by the Islamic Financial Services Board (IFSB) and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The chapter also defines sharī‘ah risk as well as sharī‘ah governance and proposes a comprehensive model for sharī‘ah governance of Islamic banks. Finally, the chapter closes by discussing the sharī‘ah compliance-related responsibilities of the Board of Directors (BOD) and management.