Governance: Exploring the Islamic Approach and its Relevance for the Modern Context

Mohammed Veqar Ashraf-Khan, Mohammad Shahadat Hossain

Abstract


Managing this wealth (amanah) leads to the basic concept of Islamic accountability where proper disclosure and transparency in every business transaction or service is encouraged. This paper attempts to explore the characteristics and application of the principles of Islamic governance. Using qualitative research methods, this study further focuses on trust and accountability with respect to governance mechanisms as required by Islamic principles and in light of today's world affairs. As a doctrinal research, the researcher reviews the relevant literature to identify the main features of government such as shura, caliphate, accountability, transparency, justice and equality as well as the current need for trust in public and private government. The findings of this study are that the Koran and the Sunnah of the Prophet Muhammad (SAW) have provided many guidelines in the field of constitutional affairs that can help the government system. The Qur'an is flexible enough not to mention the details and details that are left for Muslims to formulate according to their particular circumstances. Finally, the aim of this paper is to inform policy makers and practitioners about the main doctrines that have been proposed by the Qur'an and which can be applied for the effective management of our affairs

Keywords


governance, Islam, trust, transparency, accountability, stakeholders

Full Text:

PDF

References


Abbas, M. (2018). Good Governance in Islam. Islamic Research Foundation International. Irfi. http://irfi.org/articles/articles_351_400/good_governance_in_islam.htm

Ali, M. M. (2011). Holy Quran. Ahmadiyya Anjuman Ishaat Islam Lahore USA.

Ashraf-Khan, M. . (2018). Anti-Corruption Efforts in the Islamic World: An Investigation. ICIA.

Ayuso, S., Rodríguez, M. A., García-Castro, R., & Ariño, M. A. (2014). Maximizing stakeholders’ interests: An empirical analysis of the stakeholder approach to corporate governance. Business & Society, 53(3), 414–439.

Bangladesh Institute of Islamic Thought. (2005). Research in Public Administration: An Islamic Perspective.

Bendell, J. (2017). Terms for endearment: Business, NGOs and sustainable development. Routledge.

Bovens, M., Schillemans, T., & Goodin, R. E. (2014). Public accountability. The Oxford Handbook of Public Accountability, 1(1), 1–22.

Braithwaite, V., & Levi, M. (1998). Trust and governance. Russell Sage Foundation.

Chapra, M. U. (2016). The future of economics: An Islamic perspective (Vol. 21). Kube Publishing Ltd.

Choudhury, M. A. (2011). Islamic economics and finance: An epistemological inquiry. Emerald Group Publishing.

Colvin, R. M., Witt, G. B., & Lacey, J. (2016). Approaches to identifying stakeholders in environmental management: Insights from practitioners to go beyond the ‘usual suspects.’ Land Use Policy, 52, 266–276.

De Schepper, S., Dooms, M., & Haezendonck, E. (2014). Stakeholder dynamics and responsibilities in Public–Private Partnerships: A mixed experience. International Journal of Project Management, 32(7), 1210–1222.

Denyer, D., & Tranfield, D. (2006). Using qualitative research synthesis to build an actionable knowledge base. Management Decision.

Devine-Wright, P. (2011). Enhancing local distinctiveness fosters public acceptance of tidal energy: A UK case study. Energy Policy, 39(1), 83–93.

Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the corporation: Concepts, evidence, and implications. Academy of Management Review, 20(1), 65–91.

Duit, A., & Galaz, V. (2008). Governance and complexity—emerging issues for governance theory. Governance, 21(3), 311–335.

Elghuweel, M. I., Ntim, C. G., Opong, K. K., & Avison, L. (2017). Corporate governance, Islamic governance and earnings management in Oman. Journal of Accounting in Emerging Economies.

Freeman, R. E. (1984). Strategic management: A stakeholder perspective, Boston: Pitman.

George, R. P. (2014). The clash of orthodoxies: Law, religion, and morality in crisis. Open Road Media.

Gray, R., Kouhy, R., & Lavers, S. (1995). Corporate social and environmental reporting. Accounting, Auditing & Accountability Journal.

Hamid, A. A., Haniff, M. N., Othman, M. R., & Salin, A. S. A. P. (2011). The comparison of the characteristics of the Anglo-Saxon governance model and the Islamic governance of IFIs. Management & Accounting Review (MAR), 10(2), 1–12.

Hopper, T. (2017). Neopatrimonialism, good governance, corruption and accounting in Africa: Idealism vs pragmatism. Journal of Accounting in Emerging Economies.

Hufty, M. (2011). Governance: Exploring four approaches and their relevance to research. Research for Sustainable Development: Foundations, Experiences, and Perspectives, 165–183.

IMF. (2005). Good Governance: The IMF’s Role. http://www.imf.org/external/pubs/ft/exrp/gvern/govindex.htm

Kim, C.-K. (2014). Anti-corruption initiatives and e-government: a cross-national study. Public Organization Review, 14(3), 385–396.

Lerman, A. E., & Weaver, V. M. (2014). Arresting citizenship: The democratic consequences of American crime control. University of Chicago Press.

Lewis, M. K. (2014). Principles of Islamic corporate governance. In Handbook on Islam and Economic Life. Edward Elgar Publishing.

Mahomedy, A. C. (2013). Islamic economics: Still in search of an identity. International Journal of Social Economics.

Mergel, I., & Bretschneider, S. I. (2013). A three‐stage adoption process for social media use in government. Public Administration Review, 73(3), 390–400.

Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Academy of Management Review, 22(4), 853–886.

Moore, M. (2001). Understanding Variations in Political Systems in Developing Countries: A Practical Framework. Unpublished.

Moyo, K. (2017). An analysis of the impact of corruption on the

realisation of the right to development. South African Journal on Human Rights, 33(2), 193–213.

Muhamad Sori, Z., Mohamad, S., & Shah, M. (2015). Shariah governance practices in Malaysian Islamic financial institutions. Available at SSRN 2579174.

Ness, K. E., & Mirza, A. M. (1991). Corporate social disclosure: A note on a test of agency theory. The British Accounting Review, 23(3), 211–217.

Nikolaeva, R., & Bicho, M. (2011). The role of institutional and reputational factors in the voluntary adoption of corporate social responsibility reporting standards. Journal of the Academy of Marketing Science, 39(1), 136–157.

Ntim, C. G., Opong, K. K., & Danbolt, J. (2012). The relative value relevance of shareholder versus stakeholder corporate governance disclosure policy reforms in South Africa. Corporate Governance: An International Review, 20(1), 84–105.

Paler, L. (2013). Keeping the public purse: An experiment in windfalls, taxes, and the incentives to restrain government. American Political Science Review, 706–725.

Phillips, R. (2003). Stakeholder legitimacy. Business Ethics Quarterly, 25–41.

Robichau, R. W. (2011). The mosaic of governance: creating a picture with definitions, theories, and debates. Policy Studies Journal, 39, 113–131.

Rothstein, B. (2011). The quality of government: Corruption, social trust, and inequality in international perspective. University of Chicago Press.

Saito, H., & Ruhanen, L. (2017). Power in tourism stakeholder collaborations: Power types and power holders. Journal of Hospitality and Tourism Management, 31, 189–196.

Snider, K. F., & Rendon, R. G. (2012). Public procurement: Public administration and public service perspectives. Journal of Public Affairs Education, 18(2), 327–348.

TI (Transparency International). (2017). Corruption Perceptions Index 2017. https://www.transparency.org/news/feature/corruption_perceptions_index_2017

Welter, F., & Smallbone, D. (2011). Institutional perspectives on entrepreneurial behavior in challenging environments. Journal of Small Business Management, 49(1), 107–125.

Zürn, M. (2018). A theory of global governance: Authority, legitimacy, and contestation. Oxford University Press.




DOI: https://doi.org/10.15575/ijik.v11i1.10433

Refbacks

  • There are currently no refbacks.


Copyright (c) 2021 Mohammed Veqar Ashraf-Khan and Mohammad Shahadat Hossain

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

 IJIK: International Journal of Islamic Khazanah has been indexed on:

Google ScholarDOAJ

 

 UIN Sunan Gunung Djati
Jalan Abdul Haris Nasution No.105, Cibiru, Kota Bandung, Jawa Barat, Indonesia
Handphone: +628993123454

E-mail: IJIK@uinsgd.ac.id

Lisensi Creative Commons

IJIK are licensed under Attribution-ShareAlike 4.0 International

 
Flag Counter
View my Stats ( Click