Sharia boards, managerial strategies and governance practices in Islamic banks: Critical insights using Goffman’s lens

Purpose – The study applies Erving Goffman’s (1974) “frame analysis” principles to examine how Sharia governance is practiced in Islamic banks and explores the interaction and strategies adopted by bank managers to influence the decisions of Sharia scholars. The study also aims to identify inherent flaws in the Sharia compliance review system. Design/methodology/approach – The study employs the principles of Goffman as a lens to critically analyse a rich dataset obtained through interviews undertaken with 46 key players operating in the governance framework of the Malaysian Islamic banking industry due to its progressive Islamic governance framework. Findings – The study demonstrates that managers of Islamic banks may engage in “passing” and “covering” strategies while interacting within the governance structure. Concurrently, Sharia boards (SBs) implement “protective practices” during their interactions, adding complexity to their responsibilities within the banks. Consequently, SBs cannot merely be viewed as instruments for legitimising banking operations. This raises questions about the “impression management,” “concealment” and “competence” strategies employed by managers and SB members, as suggested by Goffman’s framework. These findings indicate that there is room for further enhancement in the governance practices of Islamic banks. Research limitations/implications – Future research could explore aspects related to the governance of Islamic banks, such as investigating the independence and effectiveness of internal Sharia officers. Examining the strategies employed during their interactions with external Sharia boards and other stakeholders could provide further valuable insights. Practical implications – By highlighting shortcomings in the governance and compliance review process, the findings could serve as a valuable resource for policymakers. The insights derived could inform the development of regulations aimed at reducing opportunistic behaviour and promoting accountability in the Islamic banking sector. Originality/value – This study uniquely employs Goffman’s concepts of “frontstage” and “backstage” strategies to offer insights into the interactions between Islamic bank managers and SBs and the impact of these interactions on Sharia compliance. The study contributes to the understanding of the dynamics between key players in the governance of Islamic banks and the factors influencing their adherence to Sharia principles

An Empirical Investigation of the Regulatory and Non-Regulatory Challenges of the UK Islamic Retail Banking

The paper examines the regulatory and non-regulatory challenges facing the growth of Islamic retail banking in the UK. Our analyses reveal that policy-makers and regulators in the UK have taken many actions to encourage the growth of Islamic finance. However, despite the suitable regulatory environment, UK Islamic retail banks have so far failed to convince consumers of the credibility of their services due to the questionable structure of their products. Intriguingly, the current system of Shar ̄ı‘ah assurance is perceived to have several weaknesses which could perhaps lead to ambiguity, confusion and loss of credibility in the eyes of consumers. Our findings also reveal several key religio-ethical considerations. In particular, we highlight that the future of UK Islamic retail banking is bleak unless these issues are urgently tackled by creating a more transparent Islamic banking system and improving the current structure of Shar ̄ı‘ah-compliant products to preserve the expected ethical and societal legitimacy of Islamic banks

Higher Ethical Objective (Maqasid al-Shari'ah) Augmented Framework for Islamic Banks: Assessing the Ethical Performance and Exploring its Determinants

This study utilises higher objectives postulated in Islamic moral economy or the maqasid al-Shari’ah theoretical framework’s novel approach in evaluating the ethical, social, environmental and financial performance of Islamic banks. Maqasid al-Shari’ah is interpreted as achieving social good as a consequence in addition to well-being and, hence, it goes beyond traditional (voluntary) social responsibility. This study also explores the major determinants that affect maqasid performance as expressed through disclosure analysis. By expanding the traditional maqasid al-Shari’ah,, we develop a comprehensive evaluation framework in the form of a maqasid index, which is subjected to a rigorous disclosure analysis. Furthermore, in identifying the main determinants of the maqasid disclosure performance, panel data analysis is used by including several key variables alongside political and socio-economic environment, ownership structures, and corporate and Shari’ah governance-related factors. The sample includes 33 full-fledged Islamic banks from 12 countries for the period of 2008–2016. The findings show that although during the nine-year period the disclosure of maqasid performance of the sampled Islamic banks has improved, this is still short of ‘best practices’. Through panel data analysis, this study finds that the Muslim population indicator, CEO duality, Shari’ah governance, and leverage variables positively impact the disclosure of maqasid performance. However, the effect of GDP, financial development and human development index of the country, its political and civil rights, institutional ownership, and a higher share of independent directors have an overall negative impact on the maqasid performance. The findings reported in this study identify complex and multi-faceted relations between external market realities, corporate and Shari’ah governance mechanisms, and maqasid performance

RC column strengthening by lateral pre-tensioning of FRP

This paper presents a unique strengthening technique for existing concrete columns that use expansive materials to apply lateral pre-tensioning. The technique increases the capacity and ductility of a column as well as achieving better utilisation of the confining FRP (Fibre Reinforced Polymer) material. The confinement material properties and the confined cylinder performance are investigated experimentally. From the results, it is shown that it is possible to control the degree of applied pre-tension by controlling the amount of expansive material used. In addition, it is confirmed that jacketing columns by pre-tensioned FRP materials can increase the load bearing capacity up to 35% compared with no pre-tensioning and up to more than four times compared with unconfined concrete. The paper presents details of experimental work undertaken for the development of the confinement pressure with different confining materials (Carbon-CFRP, Glass-GFRP and Steel) and makes comparisons with predictive models

Some observations on marine turtles landed along Maharashtra coast

The landing of three out of the five species of turtles found in the Indian seas is reported here. Of these species, the leathery or leatherback turtle (Dermochelys coriacea) locally known as 'Kuruma kasav' is the rarest and the largest while the other two namely olive ridley(Lepidochelys olivacea) and green turtle (Chelonia mydas) locally known as 'Kasav' and 'Hirwakasav' respectively are relatively common

Hygrothermal durability of bond in FRP-strengthened masonry

Fiber reinforced polymers (FRPs) are accepted as an efficient material for external strengthening of masonry structures. Previous researches have shown that the bond between FRP and the substrate plays an important role in the effectiveness of this strengthening technique. Extensive investigations have been devoted to the characterization of the short-term bond behavior, while its durability and long-term performance requires further studies. In this regard, a full experimental program for investigating the environmental durability of bond in FRP-strengthened masonry is crucial for understanding the degrading mechanisms. This paper presents the results of an experimental program aimed at investigating the hygrothermal durability of bond in FRP-strengthened bricks. Accelerated ageing tests were performed on the FRP-strengthened brick elements and the bond degradation was periodically investigated by visual inspection and by conventional single-lap shear bond tests. The changes in the properties of material constituents have also been monitored. The obtained results are presented and critically discussed.This work was developed within the framework of the RILEM Technical Committee "223-MSC: Masonry Strengthening with Composite Materials". The financial support from the project FP7-ENV-2009-1-244123-NIKER of the 7th Framework Program of the European Commission is gratefully acknowledged. The first author also acknowledges the financial support of the Portuguese Science Foundation (Fundacao de Ciencia e Tecnologia, FCT), through grant SFRH/BD/80697/2011

Appraisal of the Marine Fisheries of Maharashtra

Maharashtra with a coast line of 720 km ranks second among the maritime states of India in respect of marine fish landings. There are 153 landing centres situated in the five coastal districts namely, Thane, Greater Bombay, Raigad, Ratnagiri and Sindhudurg. The state, which has a continental shelf of 89,096 square kilometers, offers rich potential for marine fisheries. The areas of potential fishing grounds in 0-50 m depth and 50-200 m depth are 2.55 and 10.48 million hectares respectively. Fishing takes places almost throughout the year except during the monsoon period. Several types of boats, mechanised and nonmechanised, using different gears land their catches. The exploited marine fish landings in the state are estimated by a well-planned multi-stage startified sampling design followed by the Central Marine Fisheries Research Institute. Bombay duck, non-penaeid prawns, penaeid prawns, croakers, pomfrets, elasmobranchs, perches and ribbonfishes are some of the commercially important groups which form the bulk of landings. From the early sixties the marine fish landings in the state have been steadily progressing mainly owing to the increase in the mechanised fishing. This increase continued up to midseventies and thereafter the landings have more or less stabilised

A Novel Structural Assessment Technique to Prevent Damaged FRP-Wrapped Concrete Bridge Piers from Collapse

Repairing deteriorated concrete bridge piers using externally wrapped fiber reinforced polymer (FRP) composites have been proven as an effective approach. This technique has also been applied to low-rise building structures. Failures in FRP-wrapped concrete structures may occur by flexural failures of critical sections or by debonding of FRP plate from the concrete substrate. Debonding in the FRP/adhesive/concrete interface region may cause a significant decrease in member capacity leading to a premature failure of the system. In this chapter, a novel structural assessment technique aiming at inspecting the near-surface FRP debonding and concrete cracking of damaged FRP-wrapped concrete bridge piers to prevent the structures from collapse is presented. In the first part of this chapter, failure mechanisms of FRP-wrapped concrete systems are briefly discussed. The second part of this chapter introduces a novel structural assessment technique in which far-field airborne radar is applied. In this development, emphasis is placed on inspection of debonding in glass FRP (GFRP)-wrapped concrete cylinders, while the technique is also applicable to beams and slabs with bonded GFRP composites. Physical radar measurements on laboratory specimens with structural damages were conducted and used for validating the technique. Processed experimental measurements have shown promising results for the future application of the technique. Finally, research findings and issues are summarized.National Science Foundation (U.S.) (Grant CMS-0324607)Lincoln Laborator