Sharia Supervision in Islamic Banks The Islamic Bank in the Kingdom of Thailand is a model "An analytical study"

Abstract

The existence of the Shari’a Supervisory Board to monitor the performance of Islamic banks is one of the most important components of Islamic banks industries, and there is no doubt that Shari’a supervision has a significant role in making sure that financial transactions comply with the teachings of Islam, and that they are free from suspicions and elements prohibited by Islamic law. In the case of an Islamic bank in the Kingdom of Thailand, the Islamic Bank had established an advisory board made up of professors and specialists in Islamic jurisprudence and called it the advisory Council, to provide advice and guidance to the senior management on the operations of the bank as well as, to evaluate the bank’s performance and its commitment to the application of Islamic rulings. The researcher relied on a personal interview with the advisory board officials to obtain information, and it found that there are some observations that may affect the decisions and effectiveness of the advisory board of the bank, such as the lack of complete independence of the board when issuing decisions and other matters. The researcher has made recommendations that hopefully will advance the work of the advisory council and its procedures.

Keywords: banks, Supervision, advisory