Islam as a religion plays an important political role in any muslim communities unlike. Craig considine reflects on the pluralistic nature of the prophets state in medina, illustrated by his covenants with people of other faiths. It is an essential prerequisite for all state and nonstate organisations to abide by the principles of good governance in order to move. One who fears allah swt most is the noblest in islam 49. Corporate governance and ethics of islamic finance institutions parvez ahmed abstract islamic finance has grown impressively since its modest beginnings with the establishment of egypts mitt ghamar saving bank in 1963. It is an essential prerequisite for all state and nonstate organisations to abide by the principles of. Allah defines the laws of islam3, and mankind may not make a law in contradiction to the laws of allah4.
Both of them do develop an islamic theory on governance in their discourse, trying to adapt classical concepts as. In order to build a sound society a systematic framework must be structured. They have to do with social and cultural security, different structures of relative prices capital labour, environmental externalities, new forms of accountability and. What are the essential features of the islamic political. Bush advocated democratization of the middle east region. Clearly, the structure of this political and social system, and. It is a different matter though that the muslims are busy in reversing this process. Islamic governance and democracy intersection and separation kenji tomita abstract during the iraq war in 2003, the u. Islamic states followed a system of government based on the coexistence of sultan and ulama. An islamic perspective on governance new horizons in money and finance by zafar iqbal and mervyn k. The holy quran describes good governance as the law of justice, a just and principled order and compliance of rights and responsibilities in a society. Islamic governance theory in moroccan islamist discourse.
There is a growing concern emerged with a great profile regarding the islamic principles of corporate governance. Sep 18, 2011 the model of good governance in islam article pdf available in african journal of business management 52718 sep 2011. Corporate governance and ethics of islamic finance institutions i. Islam recognises the preference of one over the other only on the basis of taqwa piety or fear of god. What is clear is the goal of the state and the principles that should be followed by the government. The initial study submits that islam presents distinctive values and special characteristics of corporate governance with aim to uphold. In public administration all the key public functionaries ought to be people of high calibre, just and energetic and must possess qualities of head and heart. Good governance, islam, divine leader, governance of apostle of god, nondemocratic governor, unity of command, people oriented.
It was originally published in 1961 by university of california press, and a revised edition was published in 1980 by islamic book trust. Then he continues logically to discuss insinuated misgivings, such as islam is not a competent religion to govern. Political islam is a very wide ideological concept that includes diverse political movements and trends khan, 2014. Apr 18, 2010 good governance an islamic perspective 1. Islamic corporate governance model in islam has its own unique features and presents distinctive characteristics in comparison with the western concept of. In most cases, governance failure has been marked as the prime hindrance towards development. After the late naraqi, imam khomeini was the only faqih to deal tacitly with the governance of the jurist for the first time and proved the point. Some of these laws 2 islam is derived from the arabic word for peace and it is harmony to the laws of allah, and the teachings of islam are based on the nature of mankind. Corporate governance and ethics of islamic finance. Standard and poors estimates the islamic financial services industry as having the potential to. Purpose of the paper the measure of the effectiveness of any system of governance is the.
Hafeez advocatelegal consultant, the islamia university of bahawalpur abstract corporate governance is a set of relationship between a companys boards, its shareholders, and other stakeholders as well as. It does not recognise any discrimination on the basis of language, colour, territory, sex or descent. No nation can dream of development without good governance. As a term, it has been used to describe various historical polities and theories of governance in. It seeks to clarify that islam is an allembracing religion consisting of a set of laws and injunctions which are requisites for the establishment of an ideal society. Arabic as hakatha hukm alislam, outlines the basic structure of a system of government, based on the laws of allah, which. Influence of accountability and transparency on governance. Anis is meritorious professor and vice chancellor, riphah international university, islamabad. An overview of irans population and political structure. This paper attempts to provide comparative study on the concept of corporate governance from western and islamic perspectives. Dec 15, 2014 the abovementioned political structure is based on the government of the shura hukm alshura or shuracracy.
In practical terms, it would be a kind of pyramidal and highly hierarchical structure, with the figure of the emir on top, as he should be responsible for any decision and action made by the state in any possible field. No god but god updated edition by reza aslan teachers guide. Thus the basic premise of an islamic state is an everrevolving domain. Mar 29, 2015 introduction to islam the word islam is derived from arabic word s l m and its mean surrender, obedient and as well as peace and this mean that a person can have a physical and mental peace only. In the words of fourth rightly guided caliph hazrat ali ra they should have the qualities of refinement, experience, alertness, power of comprehending problems, secrecy. The principles of state and government in islam is a book written by muhammad asad.
In recent decades, especially following the islamic revolution and the establishment of religious authority as the head of government in the modern nation. This study is therefore necessary because many countries of the world are faced with social. Durham etheses constructing the architectonics and. Islam agrees with liberal democracy that among the important issues to be decided by the people is that of choosing their rulers. The overriding objective of islam is to establish a just sociomoral and economicpolitical order in this world. Sep 30, 2016 before going to the concept of good governance in islam, we must know what governance is. Before going to the concept of good governance in islam, we must know what governance is. It is thus, against the aforementioned that, this paper looks at the influence of accountability and transparency on good governance in islam. As an analogy, the manufacturer of any complex machine or complex office equipment2 will always provide a handbook, which will have instructions about all the correct things to do. Indeed, it originated as an academic piece and is unlikely to find the wide. Principles of good governance in islam mile webinar.
Christianity in the secular state models of the west. Jul 25, 20 principles of good governance in islam mile webinar. Principles of good governance in islam mohammad azram main thesis the first impression and the main thesis of this chapter is that the quran does not teach us the art of slavery. Nov 07, 2015 in his covenant with the christian monks of mount sinai in egypt, the prophet of islam guaranteed protection for christians in east and west, near or far, arabs or non arabs, known or unknown, meaning that he intended to protect christians of all backgrounds who lived anywhere in the world. Governance in the holy quran this article is intended to be read both by muslims1 and by those who are not muslims.
Examining the newest historical research on islam and the earliest quranic. A torrent of abuse and accusations of treachery have followed. Finally, in comparison with existing national shariah governance models in the middle east and southeast asia, the study evaluates the new shariah governance and application model for islamic financial institutions that has been enforced by the state bank of pakistan. An islamic state is a form of government based on islamic law.
The first impression and the main thesis of this chapter is that the quran does not teach us the art of slavery. Ibrahim illustrated guide to abrief understanding islam dr. Principles of good governance in islam iium repository. Corporate governance and ethics of islamic finance institutions. The worlds 500 most influential muslims, 2020 the muslim 500. Arabic as hakatha hukm al islam, outlines the basic structure of a system of government, based on the laws of allah, which. Principles of good governance in islam iium repository irep. Standard and poors estimatesthe islamic financial services industry as having the potential to. Published by european centre for research training and. The difference rooted from the fact the islamic perspective sees the corporate governance practice as muslims obligation to god, thus leads to the existence and obedient of the implicit contract with god and explicit contract with humans.
Islam is a complete system of life and it therefore sets out a. An analysis of corporate governance in islamic and western perspectives dr. Islamic corporate governance model in islam has its own unique features and presents distinctive characteristics in comparison with the western concept of the anglosaxon and the european models. Introduction to islam the word islam is derived from arabic word s l m and its mean surrender, obedient and as well as peace and this mean that a person can have a physical and mental peace only. William daoud peachy michael abdulhakim thomas tony abukhaliyl sylvester idris palmer. In the end, these placed god and islam itself as key players in the corporate governance practice. A major ethical component of any economic activity in islam is to provide justice, honest and fairness and to ensure all parties their rights and dues. Introduction to corporate governance cg corporate governance cg is an important effort to ensure accountability and responsibility and is a set of principles, which should be incorporated into every part of the organization. Corporate governance is the process and structure used to direct and manage the business and affairs of the company towards enhancing. The islamic system of governmentthe islamic system of.
The islamic political system ensures equality for all citizens before the law. Governance is regulation and delivery of duties and rights as per policies and thus good governance implies to deliverance if these duties in best manner. A paper for the 5th annual conference of the center for the study of islam and democracy. As an analogy, the manufacturer of any complex machine or complex office equipment2 will always provide a handbook, which will. Published by european centre for research training and development uk. Political aspects of islam are derived from the quran, the sunnah muslim history, and elements. The governance of islam in western europe a state of the art report marcel maussen working paper no. Department of general studies, university of maidugurinigeria 2. He begins by disclosing the plots and conspiracies made by the enemies to annihilate islam. Shariah and good governance the theme of an islamic society is built on the notion of justice and equity.
An outline of governance from a quranic perspective. This was understood from the fact that the prophet chose not to appoint his successor, but left it to the muslims to. Concept of good governance in islam alquran classes. Concept of public administration in islam quranic guidance on good governance concept of governance and its application in the light of quran and sunnah governance structure in islam governance under pious khalifat particular letters of hazrat umar r. Influence of accountability and transparency on governance in. Corporate governance in the islamic banking system in. Hence the idea to promote good governance, organized by the shariah, is compatible with islam. In the words of fourth rightly guided caliph hazrat ali ra they should have the qualities of refinement, experience, alertness, power of comprehending problems, secrecy, freedom from greed.
In the words of fourth rightly guided caliph hazrat ali ra they should have the qualities of refinement, experience, alertness, power of. There is no detailed prescription about the form of government in the quran. Governance, therefore, relates to the mechanism, structure and process that guide political and socioeconomic relationship of a country. Owing to the reasons the world, even muslim world, is unable to reap the fruits of these teachings.
As indicated earlier, imam khomeini had once discussed the question of governance of the jurist in. This isim annual lecture was delivered on 8 december 2003 at the academy building, leiden university. The islamic system of governmentthe islamic system of government. Please click on the pdf link at the bottom of this page to download the. Justice, democracy, and shariah by imadaddean ahmad, ph. Corporate governance in the islamic banking system in pakistan. An important islamic concept concerning the structure of ruling is shura.
Corporate governance and ethics of islamic finance institutions abstract islamic finance has grown impressively since its modest beginnings with the establishment of egypts mitt ghamar saving bank in 1963. It is no secret that christians are being persecuted. So a crack has appeared in the protective wall surrounding islam, despite your. Lewis reads like a carefully constructed dissertation setting forth a theory of justice, taxation, government finance and accountability, governance and corruption grounded in islam. Translation for governance in the free englisharabic dictionary and many other arabic translations. The islamic system of governmentthe islamic system of government translated by z. Then he continues logically to discuss insinuated misgivings, such as. Also, with the establishment, in iran, of the khatami administration in 1997, lively discussions began on the relationship between the. Imam khomeinis movement, the idea of establishing an islamic government.
Today the concept of good governance is gradually being seen as a panacea to developing countries. While islam prohibits interest, it allows trade and earning of profit. The first example that we will touch on was during existential threat of al ahzaab this was when all of the significant powers of arabia sided with quraysh and decided that they were going to finish off the prophet, his leadership, the islamic communitystatesociety and. Islam is a set of teachings that has been revealed by allah to mankind. Oct 10, 2009 an islamic perspective on governance new horizons in money and finance by zafar iqbal and mervyn k.
772 1427 197 698 219 483 798 65 127 423 1276 987 184 1177 921 1520 1026 786 799 940 741 227 683 1274 395 402 878 1046 528 1072 861 1365