The Study of Potential Shariah Non-Compliance Risks in Murabahah Along with their Risk Management

Abstract

The primary objective of this paper is to find out the Shariah Non-Compliance Risks (SNCRs) of Murabahah along with proposing its risk management system. As the activity of Shariah non-compliance is negligence or failure to comply with the Shariah rules and regulations as well as for some extent the breach of the law of the land. Hence, Identification, Monitoring, Control and Mitigation of SNCRs need to be undertaken sensitively otherwise the spirit and objective of Islamic banks (IBIs) will be no more different than conventional banking system. Moreover, failure in control and mitigation of Shariah non-compliance risks may render the

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