Özet:

The most important element that supports the sustainability of the Islamic finance ecosystem is the Sharīʿah compliance. Sharīʿah governance, which is unique to the Islamic financial system, consists of effective and independent regulations that ensure compliance with Islamic law in regards to the operations of an Islamic financial institution. Institutional Sharīʿah boards, which are under the name of “Advisory committees” in Türkiye, are seen as the most important actors in Sharīʿah governance for preventing Sharīʿah non-compliance risk. Moreover, they are regarded as the guarantor of sectoral sustainability. International regulators suggest the establishment of a central Sharīʿah Supervisory Board in Islamic finance, including Islamic banking, takaful, and Islamic capital markets, despite the fact that Sharīʿah governance models are implemented in numerous forms worldwide. The central organization for Sharīʿah governance is TKBB Advisory Board in Türkiye, which is established only for Islamic banking sector. Financial stability and operational efficiency require an enduring, transparent, and secure Sharīʿah governance framework. National regulations in Sharīʿah governance are also expected to comply with AAOIFI and IFSB standards. The increasingly widespread assumption that “there is no difference between conventional and Islamic finance” poses a high risk for the existence of Islamic finance. In this article, Sharīʿah governance framework in Türkiye, the actors, the functions they carry out and the problems in practice are examined. The extent to which the Participation Finance Draft Code provides solutions for the problems associated with Sharīʿah non-compliance risk is evaluated.

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