| المستخلص: |
With the increasing awareness of the need to protect the rights of stockholders, including minority shareholders, which has been concomitant with the development of corporations and companies in Western economies in the turn of the Twentieth Century, the term Corporate Governance has drawn the attention of increasing stockholders. Numerous definitions, standards and measures of the term have been provided by different authors and various institutions. So far, the term with all its ramifications have not yet become firmly- established: Despite the various governance measures being adopted, wrong-doings and scandals are still rampant. Thus, there is a need to review Corporate Governance and to approach it from the vantage point of Islam. The main objectives of the paper are to show the importance of Corporate Governance and its measures with an eye as to instilling it with Islamic value. The paper concludes that Corporate Governance is implied in Islamic teachings though there is no direct reference to it as such. These teachings have the major tenets and principles of effective and good Corporate Governance (accountability, transparency, responsibility, disclosure etc) deeply-entrenched within their structure, directing economic and financial transactions in a way which does not contravene the moral conduct of the Muslim individual. The paper considers it imperative that Islamic Finance adopt prudential Corporate Governance principles to maintain its continuous growth and keep up its momentum. It calls for the conduct of further researches and studies in the field of Corporate Governance from an Islamic perspective.
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