A COMPARATIVE STUDY ON SHARIA GOVERNANCE AND SUPERVISORY AUTHORITY IN ISLAMIC BANKING OF INDONESIA AND MALAYSIA

Jaenal Arifin; Rahma Aulia; Labib Nubahai; Muhammad Aunurrochim Mas'ad Saleh; Melinda Berliana

doi:10.33102/mjsl.vol13no3.737

Authors

Jaenal Arifin Universitas Islam Negeri (UIN) Sunan Kudus, Jl Conge Ngembalrejo, Kec. Bae, Kabupaten Kudus, Jawa Tengah 59322, Indonesia
Rahma Aulia Universitas Islam Negeri (UIN) Sunan Kudus, Jl Conge Ngembalrejo, Kec. Bae, Kabupaten Kudus, Jawa Tengah 59322, Indonesia https://orcid.org/0000-0002-4424-327X
Labib Nubahai Universitas Islam Negeri (UIN) Sunan Kudus, Jl Conge Ngembalrejo, Kec. Bae, Kabupaten Kudus, Jawa Tengah 59322, Indonesia https://orcid.org/0009-0007-9646-3040
Muhammad Aunurrochim Mas'ad Saleh Faculty of Syariah and Law, Universiti Sains Islam Malaysia, Bandar Baru Nilai 71800 Nilai Negeri Sembilan, Malaysia https://orcid.org/0000-0002-7706-3275
Melinda Berliana Universitas Islam Negeri (UIN) Sunan Kudus, Jl Conge Ngembalrejo, Kec. Bae, Kabupaten Kudus, Jawa Tengah 59322, Indonesia

DOI:

https://doi.org/10.33102/mjsl.vol13no3.737

Keywords:

Shariah supervisory board, Shariah committee, Shariah compliance, Islamic Banking, Indonesia, Malaysia

Abstract

One of the critical aspects in the development of Sharia banking is Sharia compliance, which differentiates Islamic banks from conventional banks. To ensure adherence to Sharia principles, a sound supervisory mechanism is required which is undertaken by the Sharia Supervisory Board (Dewan Pengawas Syariah, DPS). The aim of this study is to analyze the legal framework governing Sharia compliance supervision in Islamic banking in Indonesia and Malaysia, focusing on the role and authority of the DPS in each jurisdiction, using a qualitative research design based on fieldwork. The results show that those countries use a two level supervisory structure in Sharia governance. A Sharia fatwa council is obligated to standardize and harmonize Sharia rulings for the macro level, and institutional Sharia councils are responsible for overseeing the implementation of these fatwas within financial institutions at the micro level. The difference on the principal between both systems lies in the legal status of the fatwa council. In Malaysia, the Sharia Advisory Council (SAC) functions as a statutory body under the central bank, whereas in Indonesia, the Sharia National Council (Dewan Syariah Nasional) operates as a non-governmental organization under the Indonesian Islamic Scholar Council (Majelis Ulama Indonesia, MUI). These organizational distinctions affect the legal standing and binding nature of the fatwas issued by each council.

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