Comparison and Analysis of the Experience of Sharia Supervision for Islamic Banking in other Countries: Lessons for Iran

Authors
Hossain Meisami
Sayyed Abbas Musavian
Mohsen Abdollahi
Hamed Amrollahi
10.30497/ies.2012.1103
Abstract
By comparing the experience of Sharia supervision in different countries, this paper
tries to analyze their similarities and dissimilarities. In addition, after reexamining
the interest-free banking system in Iran, it tries to provide a short-run, middle-run
and long-run plan for the application of the Sharia supervision in Iranian Islamic
banking system. Finally, the merits and demerits of the establishment of the Sharia
supervision in Iranian banks are highlighted and solutions for probable challenges
are provided. The results show that the Sharia supervision is possible and can help
the Iranian Islamic banks and financial institutions to strengthen the accordance of
their activity with Islamic rules and principals. In addition, the establishment of
Sharia supervision in banks can be considered as part of the banking system
evolution plan which is to be put in action in near future.
Keywords
islamic banking
Sharia supervision
Sharia council
Regulation
Iran
Islamic Economics Studies Bi-quarterly Journal
Volume 4, Issue 2 - Serial Number 8
November 2012
Pages 53-91