Financial crimes: Prohibition in Islam and prevention by the Shari 'a Supervisory Board of Islamic financial institutions
Abstract
Purpose
The purpose of this paper is to establish that financial crimes are unlawful (haram) in Islam and accordingly, the responsibilities of the Sharia's Supervisory Boards of Islamic financial institutions include the prevention and control of financial crimes.
Design/methodology/approach
The paper presents an analogy (qiyas) of the injunctions in the Qur'an and Sunna.
Findings
Financial crimes are prohibited in Islam as much as, if not more than, their prohibition by temporal laws.
Practical implications
The responsibilities of the Shari'a Supervisory Boards in ensuring “Shari'a‐compliance” on the part of the Islamic financial institutions include a wider ambit. It includes the prevention and control of financial crimes.
Originality/value
The paper provides additional dimension to Sharia's governance framework for the Islamic financial services industry.
Keywords
Citation
Faridah Abdul Jabbar, S. (2010), "Financial crimes: Prohibition in Islam and prevention by the
Publisher
:Emerald Group Publishing Limited
Copyright © 2010, Emerald Group Publishing Limited