Issues of governance, transparency and accountability of sovereign wealth funds in Muslim countries
Joint Authors
Mirakhur, Abbas
Habib, Faruq
Sairally, Salma
Source
Journal of Islamic Business and Management
Issue
Vol. 4, Issue 2 (31 Dec. 2014), pp.127-142, 16 p.
Publisher
Riphah International University Riphah Centre of Islamic Business
Publication Date
2014-12-31
Country of Publication
Pakistan
No. of Pages
16
Main Subjects
Financial and Accounting Sciences
Religion
Islamic Studies
Topics
Abstract EN
Sovereign Wealth Funds (SWFs) have been growing in number and size over the years, in both Muslim and non-Muslim countries.
Their importance in terms of potential impact on the economic, social and political fronts of both the home countries (managing the SWFs) and the host countries (receiving the investments of SWFs) has drawn increasing attention to the operations of these funds.
The basic concerns about these funds are the issues of governance, transparency and accountability at a global level.
This paper aims to highlight these issues with a specific focus on SWFs sponsored by the members of the Organisation of Islāmic Cooperation (OIC), or Muslim countries in short.
It discusses the gaps arising in the governance, transparency and accountability of SWFs in Muslim Countries (SWF-MC) and proposes some recommendations to improve their practices with a view to enhance their impact on social and economic developments in Muslim countries.
It also discusses the Santiago Principles which have been developed as a comprehensive set of voluntary codes to serve as a framework of international best practices in the area of governance for SWFs.
It is found that SWF-MC such as Libya, Qatar, Sudan, Nigeria, Oman, Brunei and others are the least compliant funds with regard to the Santiago Principles based on the Truman scoreboard.
Moreover, the overall level of transparency of SWF-MC, based on the Linaburg–Maduell Transparency Index (LMTI) is also very * This paper is an amended version
American Psychological Association (APA)
Habib, Faruq& Sairally, Salma& Mirakhur, Abbas. 2014. Issues of governance, transparency and accountability of sovereign wealth funds in Muslim countries. Journal of Islamic Business and Management،Vol. 4, no. 2, pp.127-142.
https://search.emarefa.net/detail/BIM-601867
Modern Language Association (MLA)
Habib, Faruq…[et al.]. Issues of governance, transparency and accountability of sovereign wealth funds in Muslim countries. Journal of Islamic Business and Management Vol. 4, no. 2 (Dec. 2014), pp.127-142.
https://search.emarefa.net/detail/BIM-601867
American Medical Association (AMA)
Habib, Faruq& Sairally, Salma& Mirakhur, Abbas. Issues of governance, transparency and accountability of sovereign wealth funds in Muslim countries. Journal of Islamic Business and Management. 2014. Vol. 4, no. 2, pp.127-142.
https://search.emarefa.net/detail/BIM-601867
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references : p. 141-142
Record ID
BIM-601867