Islamic Banking: Shari'a Governance

Oman Client Alert: Curtis, Mallet-Prevost, Colt & Mosle LLP, 2012

7 Pages Posted: 13 Jun 2013

See all articles by Michael J. T. McMillen

Michael J. T. McMillen

Curtis, Mallet-Prevost, Colt & Mosle LLP; University of Pennsylvania Law School

Date Written: December 13, 2012


This article reviews certain of the corporate governance provisions of the Islamic Banking Framework of the Central Bank of Oman, specifically those pertaining to Shari`a supervisory boards and related Shari`a governance entites and mechanisms. The article considers requirments pertaining to the constitution of Shari`a boards, the qualifications of members of those boards, the roles and responsibilities of Shari`a supervisory boards, fiduciary duty and conflict of interest provisions, and management responsibilities of Shari`a supervisory boards.

Keywords: Islamic banking, Islamic finance, Shari`a, corporate governance, Shari`a boards

JEL Classification: G00, G20, G21, G24, G30, G32, G38, K00, K20, K23, K23, K33

Suggested Citation

McMillen, Michael J. T., Islamic Banking: Shari'a Governance (December 13, 2012). Oman Client Alert: Curtis, Mallet-Prevost, Colt & Mosle LLP, 2012, Available at SSRN:

Michael J. T. McMillen (Contact Author)

Curtis, Mallet-Prevost, Colt & Mosle LLP ( email )

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University of Pennsylvania Law School ( email )

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