Shari’ah Governance Framework in Islamic Capital Market: A Review of the Literature

Shari'ah governance framework is the essence of a comprehensive regulatory and supervisory infrastructure within the Islamic capital market system (ICM) which determines the adequacy and efficiency of the Shari'ah compliance requirement of the ICM itself. The increasing demand for Shari'ah-compliant financial products in recent years has raised the importance of a Shari'ah governance framework within the Islamic capital market system. So far, however the literature on Shari'ah governance in ICM remains limited. The objective of this paper is therefore to review the available literature on Shari'ah governance framework in Islamic capital market. The literature is expected to provide an overview of the Shari'ah governance framework in the Islamic capital market.