Grais, WafikPellegrini, Matteo2012-06-262012-06-262006-11https://hdl.handle.net/10986/9030This paper reviews institutions offering Islamic financial services (IIFS) corporate governance challenges and suggests options to address them. It first points out the importance of corporate governance for IIFS, where it would require a distinct treatment from conventional corporate governance and highlights three cases of distress of IIFS. It then dwells on prevailing corporate governance arrangements addressing IIFS' needs to ensure the consistency of their operations with Islamic finance principles and the protection of the financial interests of a stakeholders' category, namely depositors holding unrestricted investment accounts. It raises the issues of independence, confidentiality, competence, consistency, and disclosure that may bear on pronouncements of consistency with Islamic finance principles. It also discusses the agency problem of depositors holding unrestricted investment accounts. The paper argues for a governance framework that combines internal and external arrangements and relies significantly on transparency and disclosure of market relevant information.en-USCC BY 3.0 IGOACCOUNTABILITYACCOUNTINGACCOUNTING STANDARDSARTICLES OF ASSOCIATIONASSET CLASSIFICATIONAUDITINGBANK OF THAILANDBANKING LAWBANKING REGULATIONBANKING SUPERVISIONBANKING SYSTEMBANKSBIDBOARD OF DIRECTORSCAPITAL ADEQUACYCAPITAL MARKETSCAPITAL REQUIREMENTSCENTRAL BANKCOMPANYCOMPETITIVE ENVIRONMENTCOMPOUNDINGCONFLICT OF INTERESTCONNECTED LENDINGCONTRACTUAL RELATIONSHIPCOOPERATIVESCORPORATE CHARTERSCORPORATE DECISIONSCORPORATE GOVERNANCECORPORATE STRUCTURECORPORATIONSCOST OF CAPITALDEBTDEPOSITSDISCLOSUREDISTRIBUTION OF INCOMEDIVIDENDSDUE DILIGENCEDUE DILIGENCE PROCESSEQUALIZATIONEXCESSIVE RISKEXCESSIVE RISK TAKINGEXCLUSIVE COMPETENCEEXCLUSIVE DOMAINEXECUTIVE DIRECTORSEXTERNAL AUDITORSEXTERNALITIESFEDERAL DEPOSIT INSURANCEFEDERAL DEPOSIT INSURANCE CORPORATIONFIDUCIARY DUTIESFIDUCIARY DUTYFINANCIAL ACCOUNTINGFINANCIAL EXPERTISEFINANCIAL FIRMSFINANCIAL INDUSTRYFINANCIAL INFORMATIONFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL REPORTINGFINANCIAL RESOURCESFINANCIAL RISKSFINANCIAL SERVICESFINANCIAL STABILITYFINANCIAL SYSTEMSFINANCIAL TRANSACTIONFINANCIAL TRANSACTIONSGOVERNANCE ARRANGEMENTSGOVERNANCE SYSTEMINCORPORATEDINDIVIDUALSINSTITUTIONAL ENVIRONMENTINSTITUTIONAL STRUCTUREINSURANCE INDUSTRYINVESTMENT POOLSINVESTMENT RISKINVESTMENT RISKSINVESTMENT SERVICESISLAMIC BANKISLAMIC BANKINGJOINT VENTURELAWSLEGAL PROTECTIONLEGAL SYSTEMLEGISLATIONLIMITEDLIQUIDATIONMANAGEMENT COMPANIESMANAGERSMARKET DISCIPLINEMARKET RISKMARKET VALUEMINORITY SHAREHOLDERSMUTUAL FUNDSNON-BANKNONPERFORMING LOANSOPERATIONAL RISKOWNERSHIP STRUCTURESPERFORMANCE OF FIRMSPERSONSPROFITABILITYPROPRIETARYPROTECTION OF MINORITY SHAREHOLDERSPROTECTION OF SHAREHOLDERSPUBLIC POLICYRATING AGENCIESREGULATORY FRAMEWORKRESERVE BANK OF INDIARIGHTS OF SHAREHOLDERSRISK TAKINGSAVINGSSAVINGS ACCOUNTSSECURITIESSEPARATION OF OWNERSHIPSHAREHOLDERSHAREHOLDER VALUESHAREHOLDERSSHAREHOLDINGSOCIETIESSOCIETYSTAKEHOLDERSTAKEHOLDERSSTATE ASSETSSTATE OWNERSHIPSTATEMENTSTATEMENTSSTOCK MARKETSTOCK MARKETSSUPERVISORY AGENCIESTAKEOVERSTRANSPARENCYWorld Bankhttps://doi.org/10.1596/1813-9450-4052