نظرية الحوكمة الشرعية للمؤسسات المالية دراسة تطبيقية لنظام الحوكمة الشرعية لدولة الكويت

Abstract

This research aimed to study three focal points: The first point focuses on the study of the nine core governance principles identified by UNDP, and the extent to which these principles are rooted in Islam. It also discussed the most important modern theories of governance: agency theory, juridical person, social responsibility, and work ethics. Nevertheless, when looking at Islamic literature, many references and applications of these theories and concepts can be found. The second point focused on build a theory of the Shariah governance for financial institutions by demonstrating the concept of Shariah governance, its principles, and key pillars that guarantee the effectiveness of the Shariah governance system. The third point examines the Shariah governance system in Kuwait, and to study and analyze the latest guidelines of Shariah governance issued by the Central Bank of Kuwait and the Capital Markets Authority of Kuwait. To achieve these objectives, appropriate research methodology was utilized. The Istiqr’ methodology was used to discuss the details that are related to the principles and theories of governance in Islamic heritage. The deductive approach was also used to extract the most important provisions of the theory of Shariah governance for the financial institutions. Descriptive analytical method has been employed to study and document the chronological development of the Shariah governance system in Kuwait. The study concluded that most of the modern principles and theories of governance have roots in Islam, but Muslims have fell short of developing these concepts in a way that keeps them abreast of our current era, resulting in Western literature taking the lead. In regards to the theory of Shariah governance, getting involved in forbidden transactions is inevitable unless one is aware of it and can be circumvented. As for financial institutions, this issue takes the necessary measures to avoid them through an effective system of Shariah governance. The development of the Shariah governance system in Kuwait has been examined and documented by revealing the major remarks and challenges it faces.