1. INTRODUCTIONConventional financi

1. INTRODUCTION
Conventional financial institutions involve the
elements of interest, gambling, uncertainty and prohibited
elements from the Islamic perspective. Consequently,
Muslims scholars come with an alternative system, i.e.,
creation of Islamic financial institutions. The mission of
these institutions is to ensure that their business activities
are free from unfair and unjust elements for the betterment
of all involved parties regardless of the religion. In order
to achieve this mission, Islamic financial institutes are
recommended to adopt Shari’ah governance framework.