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Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

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Nội dung chi tiết: Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

Journal of Applied Finance & Banking, vol. 6. no. 5, 2016, 119-160 ISSN: 1792-6580 (prim version). 1792-6599 (online) Scienpress Ltd. 2016Corporate Go

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banksovernance of ƯAE Financial Institutions: A Comparative Study between Conventional and Islamic BanksTarek Roshdy Gebba1 and Mohamed Gamal Aboelmaged2Ab

stractThis study is targeted to enhance understanding of corporate governance (CG) in the banking sector and to examine the existence and practice of Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

CG mechanisms in United •Arab Emirates (ƯAE) Conventional Banks (CBs) and Islamic Banks (IBs). More specifically, the paper aims to explore to what de

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

gree corporate governance structures and practices used by CBs and IBs are different, including CG mechanisms forced by the law (Board of Directors. A

Journal of Applied Finance & Banking, vol. 6. no. 5, 2016, 119-160 ISSN: 1792-6580 (prim version). 1792-6599 (online) Scienpress Ltd. 2016Corporate Go

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banksentional and Islamic banks over the year 2014/15, indicates that both CBs and IBs have similar corporate governance structures, particularly those for

ced by the law. where all banks have a board of directors, an auditor and an audit committee. The sole difference between CBs and IBs with regards to Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

CG structures is driven from the existence of Sharia 'a Supervisory Board (SSB). which is exclusive to IBs. Most of these banks have other committees

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

voluntarily created to enhance corporate governance, such as nomination, numeration committees. The domination of Non-Executive Directors (NEDs) on th

Journal of Applied Finance & Banking, vol. 6. no. 5, 2016, 119-160 ISSN: 1792-6580 (prim version). 1792-6599 (online) Scienpress Ltd. 2016Corporate Go

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banksthe importance of internal mechanisms vis-à-vis external nonns. The paper provides a comprehensive picture to help understand key CG mechanisms, parti

cular used by UAE banks. Therefore, it helps policy makers, shareholders and other stakeholders to maintain effective corporate governance systems to Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

enhance the effectiveness of financial institutions.JEL classification numbers: G3Keywords: Corporate Governance, Corporate Governance Mechanisms, Boa

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

rd of Directors. Audit Committee. Auditors. Executive Committee. L’AE Conventional and Islamic Banks.’College of Business Studies. ALGHURAIR Universit

Journal of Applied Finance & Banking, vol. 6. no. 5, 2016, 119-160 ISSN: 1792-6580 (prim version). 1792-6599 (online) Scienpress Ltd. 2016Corporate Go

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks Revised July 9. 2016. Published online : September 1. 2016120Tarek Roshdy Gebba and .Mohamed Gamal Aboelmaged1 IntroductionAccording to the Organizat

ion on Economic Co-Operation and Development (OECD). CG organizes the relationship between different stakeholders, inchiding those who manage companie Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

s and those who provide resources in the companies. CG organizes a set of relationships between a company's management, the board of directors, its sh

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

areholders and other stakeholders. At the micro level, good CG persuades the management of an organization to pursue the objectives and act in accorda

Journal of Applied Finance & Banking, vol. 6. no. 5, 2016, 119-160 ISSN: 1792-6580 (prim version). 1792-6599 (online) Scienpress Ltd. 2016Corporate Go

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic bankside a level of confidence necessary in the market economy (OECD I’ll). Based on the importance of this theme, the literature review comprises a divers

ity of studies on CG. including qualitative, conceptual, theoretical and empirical studies (Manolescu et al. |2J).Agency problems can be raised becaus Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

e of the misalignment of interests of managers, shareholders and other stakeholders. Particularly, the separation between ownership and control can cr

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

eate a conflict of interest between shareholders and managers, since the latter will be a self-interest optimizer: managers' interests and activities

Journal of Applied Finance & Banking, vol. 6. no. 5, 2016, 119-160 ISSN: 1792-6580 (prim version). 1792-6599 (online) Scienpress Ltd. 2016Corporate Go

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banksifer and Vishny [4J). To limit these agency problems, several CG mechanisms are employed. The ultimate goal of CG is to enhance the company’s economic

efficiency and strengthen its growth, increase investors' confidence, provide a structure for setting objectives that will serve the interests of the Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

shareholders and other stakeholders, and determine the mechanisms that can be employed to achieve these objectives and manage their accomplishment (O

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

ECD [1]).Although CG is central to all stakeholders, particularly, shareholders, but its implementation is not that much simple as it may appear. CG i

Journal of Applied Finance & Banking, vol. 6. no. 5, 2016, 119-160 ISSN: 1792-6580 (prim version). 1792-6599 (online) Scienpress Ltd. 2016Corporate Go

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banksG is the practice that requires transparency, accountability and good performance from the corporate managers. Il has its strong base from companies'

management to the shareholders’ value as well as corporate social responsibility (Mehta and Chandani [5]).Given that companies take different forms ac Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

ross countries and economics, and therefore it is difficult to develop a uniform thinking on the theme of CG accordingly. 1 he literature review on ba

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

nks' corporate governance has been given less attention and has not been sufficiently considered despite its importance. Additionally, the recent glob

Journal of Applied Finance & Banking, vol. 6. no. 5, 2016, 119-160 ISSN: 1792-6580 (prim version). 1792-6599 (online) Scienpress Ltd. 2016Corporate Go

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banksvernance of IBs should be different from that of CBs due to the involvement of a high number of parlies in their governance scheme. Where, investors,

regulators, other stakeholders and the Islamic community have a dữect interest in and impact on the stability of the Islamic banking system, which dep Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

ends on IBs financial stability. As a result, corporate governance attributes are placed in a crucial role of corporate governance of IBs (Grassa and

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

Matoussi [71).This study explores CG mechanisms in the banking sector, including IBs and CBs which may due to three considerations:- The central role

Journal of Applied Finance & Banking, vol. 6. no. 5, 2016, 119-160 ISSN: 1792-6580 (prim version). 1792-6599 (online) Scienpress Ltd. 2016Corporate Go

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic bankspment of businesses. Accordingly, banks' corporate governance concern not only shareholders and managers, but also customers, depositors, creditors an

d the community. Therefore,Corporate Governance ofUAE Financial Institutions121banking corporate governance is perceived by some authors as a public i Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

nterest (Damak [8]). t-1 he banking sector compared with other business sectors and industries is characterized by the complexity of the operations, w

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

hich increases information asymmetry and lower the stakeholders’ ability to monitor the decisions of bank managers. These features of the banking sect

Journal of Applied Finance & Banking, vol. 6. no. 5, 2016, 119-160 ISSN: 1792-6580 (prim version). 1792-6599 (online) Scienpress Ltd. 2016Corporate Go

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic bankse banking sector is highly regulated compared with other industries, due to the responsibility of banks for protecting the rights of the depositors, e

nsuring the stability of the payment system and reducing risk. Therefore, it is important to explore corporate governance mechanisms used by both CBs Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

and IBs and to what degree they are different and to verily if these mechanisms forced by laws and regulations or voluntarily employed by banks.(liven

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

that most of the IBs arc located in GCC and Southeast Asia countries. This paper explores corporate governance structures hl both CBs and IBs hl one

Journal of Applied Finance & Banking, vol. 6. no. 5, 2016, 119-160 ISSN: 1792-6580 (prim version). 1792-6599 (online) Scienpress Ltd. 2016Corporate Go

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banksoners, including ownership structure, board of directors, board characteristics, board committees. Sharia 'a board and investigate to what degree CG m

echanisms used by CBs are different from those used by IBs. Our goal is to provide usetill information and data and a framework for thinking about the Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

governance of CBs and IBs.The paper is structured around seven sections. Section one demonstrates the theoretical background of corporate governance

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

mechanisms, including agency problems. CG definitions, and CG mechanisms. Section two is concerned with reviewing the literature on CG and firm perfor

Journal of Applied Finance & Banking, vol. 6. no. 5, 2016, 119-160 ISSN: 1792-6580 (prim version). 1792-6599 (online) Scienpress Ltd. 2016Corporate Go

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banksology and research limitations. The regulatory outlines of the UAE banking sector, including CBs and IBs is addressed in section four. A comparative s

tudy of CG mechanisms adopted by UAE CBs and IBs, including ownership characteristics, board of directors' characteristics. Shari'a board and committe Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

e structure is conducted in section five. Finally, research conclusion is revealed in section six. Moreover, the paper lasts with identifying some mai

Corporate governance of uae financial institutions: A comparative study between conventional and Islamic banks

n policy and research issues that require further study on CG in the banking sector in section seven.2 Theoretical Background of Corporate GovernanceT

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