Islamic Banking: Shari'a Governance

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

7 Pages Posted: 13 Jun 2013  

Michael J. T. McMillen

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

Date Written: December 13, 2012

Abstract

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: https://ssrn.com/abstract=2277630

Michael J. T. McMillen (Contact Author)

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

101 Park Avenue
35th Floor
New York, NY 10178-0016
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+1-212-696-6157 (Phone)

University of Pennsylvania Law School ( email )

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Philadelphia, PA 19104-6204
United States
1-610-865-1295 (Phone)

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