THE ISSUES AND CHALLENGES OF SHARIAH HARMONIZATION OF THE CROSS BORDER TRANSACTIOINS: CONCEPTUAL REVIEW OF ISLAMIC BANKING INDUSTRIES

Abul Bashar Bhuiyan; Md. Jafor Ali; K. M. Anwarul Islam; Md. Shahbub Alam; Mohammad Solaiman

doi:10.46281/ijscgr.v3i2.838

Abul Bashar Bhuiyan University of Selangor https://orcid.org/0000-0003-1763-124X
Md. Jafor Ali Islamic University
K. M. Anwarul Islam University of Selangor https://orcid.org/0000-0002-5305-6724
Md. Shahbub Alam Islamic University https://orcid.org/0000-0002-4218-2426
Mohammad Solaiman Comilla University https://orcid.org/0000-0003-4981-7794

DOI: https://doi.org/10.46281/ijscgr.v3i2.838

Keywords: Harmonization, Islamic Banking, Regulations, Cross Border Activities.

Abstract

The paper aims to identify major’s regulatory challenges are facing in maintaining proper harmonization of Shariah rulings of Islamic Bank across the world in the cross-border activities. The study found that the Islamic banking is confronting challenges to make appropriate rules and regulations for making the common standardized mode of finance to cope up with present market demand for their customer with conventional counterpart base on the Islamic sharia principles. Particularly, in the arena of competing in the global markets and establish unique regulatory institutions for proper harmonization of Shariah rulings of Islamic Banks over the cosmos in the cross-border actions. The study recommends that policymakers are to pay attention to solve the above regulatory issues to face the existing challenges for the smooth financial operation in the future.

JEL Classification Codes: G21, G24, L26, P51.

Author Biographies

Abul Bashar Bhuiyan, University of Selangor

Associate Professor, Faculty of Business and Accountancy, University of Selangor, Malaysia

Md. Jafor Ali, Islamic University

Lecturer, Faculty of Business Administration, Islamic University, Kusthia, Bangladesh

K. M. Anwarul Islam, University of Selangor

Associate Professor, Department of Business Administration, The Millennium University, Dhaka, Bangladesh, and

PhD Candidate, University of Selangor, Malaysia

Md. Shahbub Alam, Islamic University

Lecturer, Faculty of Business Administration, Islamic University, Kusthia, Bangladesh

Mohammad Solaiman, Comilla University

Associate Professor, Department of Marketing, Comilla University, Cumilla. Bangladesh

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