Table 3 Functions of Sharīʿah committee...

Table 3

Functions of Sharīʿah committee

		Responses frequency
No	Questions	1	2	3	4	5	Mean Score
Panel A: Sharīʿah compliance
1	Adhering strictly to the guidelines of the Sharīʿah Governance of the Central Bank	0	0	0	12	75	4.862
2	Issuing Sharīʿah-compliant ruling on new products	0	0	3	9	75	4.828
3	Advising Board and management on Sharīʿah matters	0	0	3	9	75	4.828
4	Advising on the Sharīʿah compliance of bank operations	0	0	2	16	69	4.770
5	Assessing work carried out by Sharīʿah audit and Sharīʿah review units	2	0	3	18	64	4.632
6	Finding solutions to non-compliant transactions	0	1	2	28	56	4.598
	Average score						4.731
Panel B: Banking operations
7	Advising on the Sharīʿah compliance of bank operations	0	0	2	16	69	4.770
8	Endorsing and validating documentation on products and services	2	1	6	6	72	4.667
9	Endorsing and validating internal policies	0	0	5	26	56	4.586
10	Endorsing and validating marketing brochures	1	3	7	16	60	4.506
	Average score						4.632
Panel C: Risk management
11	Discussing reports from the bank's risk committee	6	7	20	29	25	3.690
12	Advising banks on handling operation risks	6	13	24	30	14	3.379
13	Advising banks on banks' risk tolerance	13	19	20	18	17	3.081
14	Advising banks on credit risks	19	17	40	8	3	2.529
	Average score						3.170
Panel D: New product development
15	Participating in the creation of new products	3	13	26	34	11	3.425
16	Assessing the viability of new products	18	36	4	19	10	2.621
17	Modifying products to improve profitability	16	27	21	21	2	2.609
18	Fine-tuning existing products to make them more marketable	13	39	15	12	8	2.575
	Average score						2.807
Panel E: Financial performance
19	Discussing the charges for banks products and services	3	9	21	30	24	3.724
20	Analysing banks' profit and loss performance	27	21	20	14	5	2.414
21	Analysing banks' turnover or sales	17	35	29	5	1	2.287
22	Analysing returns to shareholders	34	26	15	10	2	2.081
	Average score						2.626

		Responses frequency
No	Questions	1	2	3	4	5	Mean Score
Panel A: Sharīʿah compliance
1	Adhering strictly to the guidelines of the Sharīʿah Governance of the Central Bank	0	0	0	12	75	4.862
2	Issuing Sharīʿah-compliant ruling on new products	0	0	3	9	75	4.828
3	Advising Board and management on Sharīʿah matters	0	0	3	9	75	4.828
4	Advising on the Sharīʿah compliance of bank operations	0	0	2	16	69	4.770
5	Assessing work carried out by Sharīʿah audit and Sharīʿah review units	2	0	3	18	64	4.632
6	Finding solutions to non-compliant transactions	0	1	2	28	56	4.598
	Average score						4.731
Panel B: Banking operations
7	Advising on the Sharīʿah compliance of bank operations	0	0	2	16	69	4.770
8	Endorsing and validating documentation on products and services	2	1	6	6	72	4.667
9	Endorsing and validating internal policies	0	0	5	26	56	4.586
10	Endorsing and validating marketing brochures	1	3	7	16	60	4.506
	Average score						4.632
Panel C: Risk management
11	Discussing reports from the bank's risk committee	6	7	20	29	25	3.690
12	Advising banks on handling operation risks	6	13	24	30	14	3.379
13	Advising banks on banks' risk tolerance	13	19	20	18	17	3.081
14	Advising banks on credit risks	19	17	40	8	3	2.529
	Average score						3.170
Panel D: New product development
15	Participating in the creation of new products	3	13	26	34	11	3.425
16	Assessing the viability of new products	18	36	4	19	10	2.621
17	Modifying products to improve profitability	16	27	21	21	2	2.609
18	Fine-tuning existing products to make them more marketable	13	39	15	12	8	2.575
	Average score						2.807
Panel E: Financial performance
19	Discussing the charges for banks products and services	3	9	21	30	24	3.724
20	Analysing banks' profit and loss performance	27	21	20	14	5	2.414
21	Analysing banks' turnover or sales	17	35	29	5	1	2.287
22	Analysing returns to shareholders	34	26	15	10	2	2.081
	Average score						2.626

Note(s): Responses 1 = Strongly disagree; 2 = Disagree; 3 = Neither agree or disagree; 4 = Agree; and 5 = Strongly agree

Source(s): Authors' own (Based on survey results)

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