نشریه تحقیقات مالی اسلامی
سال دوازدهم شماره 2 (پیاپی 24، زمستان 1401)

Today, in Islamic societies, the importance of a sharia-based evaluation of banking is recognized more than ever. As a result, many Islamic countries have formed sharia supervision committees and compiled the necessary regulations to determine the duties, responsibilities, and functions of these committees. In Iran, also, in 2022, it was decided to set independent sharia supervisors in banks. What is important is the quantification of the short-term and long-term effects of this presence on the performance of the country's banks. In this article a dummy variable has been defined for sharia supervision, and the criteria of equipping and allocating resources, asset quality, and health rating are used to measure banks' performances. The ARDL model has been used to estimate short-term and long-term relationships. The article's most important findings indicate a negative and significant relationship between sharia supervision and resource allocation and banks' health rating in the short term, and a positive and significant long-term one. Also, sharia supervision does not affect the quality of assets in the short term, but it does have a positive and significant effect in the long term. Hence, in the long run, sharia supervision can reduce the ratio of non-performing loans to total loans.

Realizing the basic principles of Islamic banking and implementing the basic rules and regulations of conventional banking make an absolute generality and peculiarity relationship, because Islamic banking is rooted in human nature and ethics, and its principles are not separated from those of reason and moral rules accepted by all the involved thinkers. The main question is what principles the legal system of governance fitting with Islamic banking and the goals of the Holy Sharia should include. The purpose of this article is to present the role of governance integrity in the realization of real Islamic banking, focusing on the banking system of the Islamic Republic of Iran and Malaysia. Descriptive analysis and that of the findings and concepts have been done with qualitative content analysis method through library information collection. According to the selected hypothesis, all conventional banking regulations that are to protect the rights of individuals and morals should be applied. Failure to apply prior and subsequent desirable supervision by the competent institutions mentioned in the constitution and other laws resulting in the divergence of Islamic banking governance reference laws and executive instructions, excluding some institutions from supervision by the laws approved by the governing bodies, violation of the decrees issued by the regulatory body about banking and lacking in the required expertise in Islamic banking knowledge are among the factors that prevent the implementation of true Islamic banking based on ethics in the society. It is, therefore, suggested that governments and international organizations work out some agreements on how to apply the legal system related to supervision and compliance in common banking issues.

Investigating the effect of monetary policies on macroeconomic variables through the channels that transmit these policies is one of the most important topics in macroeconomics, because mastering the mechanisms that transmit these policies and the factors that affect them play a significant role in adopting effective monetary policies and increasing the efficiency of these policies. According to Neoclassical and Keynesian economists’ viewpoints, monetary policies affect the level of total demand and subsequently inflation rate and production through four channels of interest rate, asset prices, exchange rate and credits, and among these, the interest rate channel is more important because of the mutual effect it has on the other three channels. But since the most important component in the implementation of monetary policies is the banking system, the quality and efficiency of the transfer of these policies largely depends on the conditions of that. This study, therefore, by using the theoretical analysis method, tries to answer the following questions: what are the reasons for the formation of imbalance in the banking system in terms of the theory and the basics of Islamic banking? And in the condition of banking imbalance, how could we explain the effectiveness of the monetary policy tool of interest rate on the management of the inflation variable? To answer this, first of all, the mechanisms of monetary policy transmission channels are elaborated in the condition of the banking system soundness, and then by examining and explaining the reasons for creating imbalances in the banking system from the operational aspect and from the perspective of Islamic banking, the manner of disrupting the transmission channel mechanism of the monetary policy of the interest rate to the inflation rate when there is an imbalance in the banking network, and the final result of the quality of the application of this policy to the inflation variable in the mentioned conditions are theoretically analyzed.

Failure to comply with the rules and principles of sharia poses risks in the banking system. In this regard, in addition to sharia supervision standards issued by international institutions, each of the countries involved in Islamic finance, while considering the variety and level of their specializations, has determined a solution to ensure compliance with shariah when dealing with Islamic financial and banking products. Hence, the high significance of improving sharia supervision and the need to form sharia supervisory boards in the Central Bank and other Islamic banks to ensure sharia compliance of their activities and products. This research, after stating the importance of sharia risk and sharia supervision in Islamic banks, has identified the standards published by the most important international institutions such as the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI) in the field of sharia supervision, and investigated the experiences of different countries in that regard. Finally, some suggested solutions for strengthening sharia supervision of the countries’ banking system have been presented. The results show that in most countries, each Islamic financial institution is required to form an internal Sharia Supervisory Board (SSB) to ensure compliance of banking operations with sharia principles, and in some others, they have created a higher sharia authority at the supervisory level, such as the Central Bank, which, by standardizing and integrating Islamic rules and laws, plays an important role in ensuring sharia compliance of their activities.

Credit risk is one of the most important risks faced by the banking system. The purpose of this article is to analyze the factors affecting credit risk in Islamic and conventional banking. We examine the effect of capital adequacy ratio, net ratio of loans to total assets, logarithm of total assets, good governance index and GDP growth (in terms of economic growth) as variables affecting credit risk in Islamic and conventional banking (50 selected banks) using the minimum method of Panel Generalized Squares (FGLS) and in the period of 2012-2017 in 8 countries of the world. The results of the research show that in Islamic banking, there is a negative and significant relationship between credit risk and the indicators of the ratio of net loan to total assets, capital adequacy and total assets but a positive and significant relationship with the good governance index. Also, economic growth index has no significant relationship with Islamic banking risk. The results in conventional banking show that the variables of capital adequacy, total assets, economic growth and good governance index have a negative and significant relationship with credit risk in conventional banking. Also, there is no significant relationship between the ratio of net loans to total assets and the risk of conventional banks.

In general, good and appropriate corporate governance in banks is considered one of the most important tools to prevent fraud and corruption. Investigations indicate that in various countries, despite the weakness of corporate governance, corruption and financial fraud have increased, and as a result, the performance of banks has decreased. On the other hand, the issue of corporate governance has attracted the attention of economic and accounting professionals in recent decades, and in many countries, strict regulations have been established to improve corporate governance in Islamic banking. The question raised in the present study is whether it is possible to maintain and improve the financial performance of Iranian banks and reduce fraud by using corporate governance procedures. This article is compiled with the aim of reviewing the theoretical foundations and existing research literature on good corporate governance and its role in improving performance and reducing fraud in Islamic banking. The research method is based on promotion and dissemination as well as summarizing and inferring the topics and ideas of other researchers. In this article, an attempt is made to present the theoretical and scientific foundations of corporate governance, performance improvement, fraud and the importance of the Sharia Supervisory Board. Surveys indicate that interest-free banking requires a regulatory structure and corporate governance, and the creation of a suitable and strong corporate governance mechanism will probably motivate banks to participate in economic activities and financing in a more appropriate way. Also, the implementation of corporate governance is a solution to prevent fraud and finally, corporate governance significantly affects the performance of Islamic banks.