Regulatory Framework of Shari'ah Governance System in Malaysia, GCC Countries and the UK

There are four types of Islamic banking models namely dual banking models, wholly Islamic institutions, Islamic subsidiaries of conventional banking groups, and Islamic banking windows within conventional banks.2 The value of Shari'ah compliant assets for Saudi Arabia, the UAE, Qatar, Bahrain and Kuwait alone worth over USD262.6 billion accounted for 41 percent of the total world Shari'ah compliant assets (Wilson, 2009).This simply demonstrates the emergence and need of strong and robust Shari'ah governance framework to address the issues pertaining to Shari'ah matters.