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Corporate Governance, Shariah Advisory Boards and Islamic Banks’ Performance

Corporate Governance, Shariah Advisory Boards


and Islamic Banks’ Performance
*Muhammad Hassan
**Muhammad Rizwan
***Hafiz Muhammad Sohail
Abstract
The aim of this research paper is to identify the impact of Corporate Governance
determinants on Islamic banks performance. The research paper analyzed the effect
of Board size, board Independence and Shariah Advisory board on Islamic banks
performance in Pakistan from 2011 to 2015. The sample size consists of five Islamic
banks and 12 conventional banks having Islamic windows. The data were extracted
from the financial statements and annual reports of the banks. The CAMEL
technique was used to dish out the study. The outcome of the study exhibits that
corporate governance and Shariah Advisory Board have significant impact on the
performance of Islamic banks during the study period.
Keywords: Corporate Governance, Shariah Board, CAMEL Approach, Islamic
Banks Performance
1: Introduction:
1.1 Corporate Governance:
Corporate governance is an effective tool to manage an organization’s
performance. Corporate governance comes from the top of the companies; it includes
internal affairs of firm management and to manage the links with external one. It is
an important element of the International Business. It is the protecting tool for the
Shareholder’s right1. It is one of the major components to judge the firm
performances especially in banking industry due to the financial instability of all
over the world. The financial crisis of 2007-08 impact was not only on USA
economy but it also affects the financial circumstances of the markets in all over the
world. One of the reasons of that crisis was the inefficiency of corporate governance.
Corporate governance is a technique that gives instructions that how managers can
run the operations of the business in efficient manners and the ultimate purpose of
the corporate governance to work for the welfare of stakeholders.2 A firm is facing
multiple problems in the management decision making policies due to the
heterogeneity in the intellectual capital of the firm but an efficient practice of
corporate governance can solve all these problems of the firm.3

____________________________________________________________________
*Assistant Professor, Institute of Management Sciences, Bahauddin Zakariya University, Multan.
**(Corresponding Author), Assistant Professor, Institute of Management Sciences, Bahauddin Zakariya
University, Multan.
***Research Scholar, Institute of Management Sciences, Bahauddin Zakariya University, Multan.

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Corporate governance is the measuring tool of company management


performance by the Board of Directors and shareholders.4 Shareholders are the actual
owners of the firm but they cannot manage and run the operations of whole
organization. Good corporate governance does positively impacts on the
performance of the firm.
1.2 Islamic Banking:
We can say that Islamic Banking concept has been start with the existence
of Islam. Prophet Hazrat Muhammad (SAWW) started trading activities per the rules
of Islam. “MUDARBAH” is a mode of financing in Islam that looks like partnership
business. Islamic Banking is a system that is based on Shariah terminologies and its
practical knowledge that are emerged from Islamic laws
(www.meezanbank.com.pk).
Shariah advisory board is the back bone of Islamic banks. Shariah
committee and Shariah advisors are appointed by the Banks to give advice in all the
Shariah related matters. There are two basic laws of Islamic Banks, one is significant
sharing of Profit and loss and other is prohibition of Riba in banking activities
because collection of Interest is strictly forbidden in Islam. Islamic Banking system
have been introduced in the early period of 20 th century but Islamic Banking system
fully introduced and flourished in the era of 1960s.5 In the early stages the Islamic
Banks have faced many challenges regarding the beliefs of people because people
have doubt about the authenticity of Islamic rules that are using in Islamic Banks.
The question was that How Muslims believe that Islamic Banking system is different
from conventional Banking system.6 Islamic Banks are facing some other economic
challenges like to set their own profit rate system. But with the passage of time it
starts growing with low frequency and introduced other Islamic modes of financing
to capture the market share.7
Table 1.1 Financial Indicators of Islamic Banking (in %age)

Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014

ROA 0.6 0.6 1.6 1.2 .09 1.2

ROE 5.9 5.9 20.8 16.8 14.4 20.9

Financing/In 54.3 46.2 38.4 32.7 36.3 38.2


vestment

Capital to 11.4 9.7 8.7 7.6 6.9 6.5


Total Assets
Source: State Bank of Pakistan Website (www.sbp.org.pk)

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Corporate Governance, Shariah Advisory Boards and Islamic Banks’ Performance

2. Literature Review:
2.1 Corporate Governance and Islamic Banks Performance:
Corporate Governance is to align the interests of top level management to
lower level, all shareholders and stakeholders.8 The purpose of corporate governance
is to enhance the performance of financial management and operational activities
that are directly related to operations of the organization.9 Corporate governance is
the measuring tool of organization management performance through Board of
Directors and upper management decisions.10 Quality features of corporate
governance practices are very important because available capital structure cannot
determine the changes in future circumstances and economics welfare.11
Corporate governance techniques were introduced to solve the management
matters through different mechanism. One is internal mechanism, such as
compensation of the managerial staff, BOD and shareholders in recession period.
Second mechanism is external mechanism that means the market for the managers,
products, services and control of management. In this paper a different type of
technique called CAMEL is used to measure the performance of Islamic Banks. The
Uniform Financial Institution Rating System (UFIRS), commonly referred to the
acronym CAMEL, has been adopted by the Federal Financial Institution
Examination Council on November 13 1979, and then this system used by the
National Credit Union Administration in October 1987. This system ensures that the
Banks financial conditions are healthy and prudent. The results of this system are
based on financial data, annual report reviews, cash flow statements and profit & loss
statements.
Literature review show that corporate governance is the difficult element for
the good results of Islamic Banks performances. Empirical results depict that the
efficiency of corporate governance and Islamic Banks performance have mixed
results. Different studies show that there is a direct and sufficient positive
relationship between corporate governance and Islamic Banks performances. Other
researchers say that there is no sufficient positive relationship between corporate
governance and Islamic Banks performances All these explanations of mixed results
are based on different type of measurement of corporate governance. One group of
studies has used Board Size and CEO Duality while others have used block
ownership, Board Size, and insider representation.12 The previous studies mixed
results are not providing the unequivocal practical evidences about the efficiency of
corporate governance and Islamic Banks performance.
This research where the sample Size was 174 conventional Banks has
argued that Board Size is significantly positively related with Banks performance. 13
Board Size is directly related with the performances of firm.14 In their studies Board
Size is negatively correlated with Islamic Banks financial performance (R0E &
ROA).15 In general the Board Size in Banks is usually greater from the Board Size of
non banking firms.16. Some other researchers say that the Board Size is not only
having negative or positive impact on Board performance but also an impact on firm
performance. In this study Board Independence has no significant impact on the
performance of United States and Asian Banks’ profitability respectively.17 It says
that Board Independence has negative impact on the Banks ROA and ROE ratios,
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however, it argues that Board Independence has positively influence on Tobin’s Q


ratio. This study finds no evidence about the significant relation of Board
Independence and Banks profitability. The existence of non-executive directors has
no significant relation with Islamic Banks performance because they only protect the
interest of owners and investors and this can create the agency problem between
inside management, non-executive directors and shareholders. The non-executive
directors have significant effect on firm’s performances. In Indian industries, non-
executive directors help the firms to increase their worth in market.18
2.2 Shariah Advisory Board effects on Islamic Banks Performance
The first attribute of Islamic Banks is Shariah Board. Shariah Advisory
Board is an independent authority that is not working on the umbrella of other
authorities. It has no any fear from the upper level management (Board of Directors
& Shareholders) and Investors of the Bank. We all are know that the ultimate
purpose of Islamic Banks to offer those products and services that must be free from
Riba. Islamic Banks must follow the Shariah regulations and checked the procedure
of every transactional activity that is per Islam or not. Islamic Scholar’s says that
Shariah Advisory Board is the backbone of Islamic Banks. Shariah Advisory Board
are trying to enhance the concept of justice and equality in society for justice. This
concept of justice and equality help to improve the financial performance of Islamic
Banks. The existence of Shariah Advisory Board is very important for the good
performances of Islamic Banks.
In this article Shariah Advisory Board have positive impact on the
performance of Islamic Banks in Pakistan and its presence also directly related with
the earning of Islamic Banks.19 Islamic Corporate governance have two type of
model the first model says that the purpose of Shariah Advisory Board to work only
for the wealth maximization of shareholders.20 Second model argues that the main
objective of Shariah Board to protect the right and interest of all stakeholders not
only of shareholders.21 The effective contribution of Shariah members is helping to
continuously improve the performance of Islamic Banks in this modern financial
market that are saturated from Riba (Interest) base transactions.22
3. Research Methodology:
This study aims to investigate the determinants of Islamic Banks
performance in Pakistan from 2010 to 2015. It is quantitative based research and data
relevant to Banks performance were taken from annual reports. The data related to
the 17 number of Banks which include five pure Islamic Banks and 12 Banks that
have Islamic windows. Thus, final sample set consist on 85 observations of 17 Banks
over a period of 5 years from 2011 to 2015.
To investigate the factors that affect the performance of Islamic Banks in
Pakistan, the study used CAMEL and different statistical tools such as descriptive
analysis, Correlation and regression analysis to find out the result. The results have
been later construed to find out meaningful inference of the study. In this paper Bank
Size is a moderating variable and window is a dummy variable indicating the 1 is
pure Islamic banks performance and 0 is the Conventional Banks Islamic branches.
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Corporate Governance, Shariah Advisory Boards and Islamic Banks’ Performance

THEORETICAL FRAMEWORK

Corporate Governance Islamic


Banks
Performance

Board Size

Shariah Advisory A
Board M
Bank Size
E

L
Board
Independence

3.3 VARIABLES:
Table 3.1 CAMEL Formulas:

Methodology Component Financial Measurement


CAMEL Capital Adequacy Equity Capital/Total Assets
Assets Quality Non-Performing Financing/Total
Financing
Management Total Financing / Total Deposits
Quality
Earning Return on Assets (ROA)
Return on Equity (ROE)
Liquidity Current Assets/Current Liabilities
Cash/ Current Liabilities
(Hadriche 2015, Srairi (2010) and Rozzani 2013)

Performanceit  0  1BSit   2 BINDit  B3 SABit   4 SBSit  5 SSABit  6 SBINDit  


Performance= (Capital Adequacy, Assets Quality, Management Quality, Earning and
Liquidity)

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BS it = Board Size
BINDit = Board Independence
SABit = Shariah Advisory Board
SBAit = Size * Board Size
SSABit = Size * Shariah Advisory Board
SBINDit = Size * Board Independence
*Size indicates Bank size (Log of total assets)
4: Empirical Results:
4.1 Descriptive Statistics:
In this article firstly calculated the descriptive statistical analysis of all the
variables which have used in this study. Table 4.1 show the result of minimum value,
maximum value, mean and standard deviation of all variables. In this table the return
on assets (ROA) is 3.3% and return on equity (ROE) is 18.1%. Average of capital
adequacy and assets quality is 8.2% and 3.1% respectively. In the independent
variables Board Size have the highest standard deviation that is 1.82 and Board
Independence have lowest standard deviation 0.092. In performance variables capital
adequacy have the least standard deviation 0.038 that show it is the best indicator to
measure the firm performance as compared to other variables.

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Corporate Governance, Shariah Advisory Boards and Islamic Banks’ Performance

N Minimum Maximum Mean Std. Deviation

Capital Adequacy 85 .020 .214 .082 .038

Asset Quality 85 .000 .186 .031 .043

Management Quality 85 .033 2.920 .604 .449

ROA 85 -.049 .938 .033 .116

ROE 85 -.934 .866 .181 .299

Liquidity (current Ratio) 85 .101 8.129 .902 1.088

Liquidity (Cash Ratio) 85 .012 .635 .286 .125

Board Size 85 4.0 13.0 8.847 1.823

Board Independence 85 .300 .923 .845 .092

Sharia Advisory Board 85 1.000 7.000 2.094 1.493

SBS 85 26.117 104.709 66.578 14.582

SSAB 85 6.477 52.521 15.984 11.571

SBIND 85 2.232 7.285 6.352 .820

Window 85 .000 1.000 .294 .458

4.2 Correlation:
Board Size has negative significant relation with ROE and Capital
adequacy. Large Board Size has negative impact on ROE because Board Size are
directly related to financial decision. Board Size have significant positive correlation
with management quality. Board size also has insignificant negative relation with
ROA.
Board Independence has negative significant correlation with Capital
adequacy. Board Independence also has negative relation with Bank performance.
Because large number of non-executive directors create agency problem between
executive and non-executive Board members. Shariah Board is positively and
significantly correlated with ROE. Shariah Board Size has direct relation with ROE
means large Shariah Board Size can easily handle all financial and operational
decisions better as compare to small Shariah Board Size. Large Shariah Board Size
increases the variability of the Islamic Banks.
Table 4.2 Correlation

Name 1 2 3 4 5 6 7 8 9 10
1. CAR 1.000
2. AQ .365** 1.000

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3. MQ .299** .009 1.000


4. ROA -.151 -.159 -.169 1.000
-
5. ROE .113 -.150 .388** 1.000
.331**
6.
- -
Current -.150 .377** .141 1.000
.299** .352**
Ratio
7. Cash
-.021 -.055 -.150 -.058 -.212 .305** 1.000
Ratio
-
8. BS 0.15 .024 .425** -.200 -.113 .058 1.000
.296**
9. BIND -.308 -.067 .085 -.016 -.140 .081 .038 .182 1.000
10. SAB .142 -.039 -.192 -.018 .310** -.037 -.056 .010 .058 1.000
-
Window .098 .215 -.063 -.174 -.023 .379 .168 -.009 .272*
.300**

4.3 Regression Analysis:


Linear regression results are showing that Shariah Board has positive
correlation with a coefficient of 0.941, t-value 2.5634 at 5% with Islamic Banks
financial performance (ROE) this study evidence are supported our results.23 Board
Size have a negative correlation with a coefficient of -0.082, t- value is -0.383 with
Islamic Banks financial performance (R0E) and the results are supported by the
study.24 Regression analysis shows that Board Size has negative relation with a
coefficient of -0.025 and t-value -0.220 with Islamic Banks performance (ROA)
supporting the results.25 Board Independence has negative significant correlation
with a coefficient of -0.233, t-value is -0.880 with Islamic Banks capital adequacy
ratio are supporting our results of capital adequacy ratio. Board Independence has
negative insignificant relation with Islamic Banks financial performance (ROA) this
study supported the calculated result. Board Independence has significant negative
relation with a coefficient of -4.879, t- value is -2.553 with Islamic Banks financial
performance (ROE) and this result is supported.26
The regression analysis says that Board Size has positive significant relation
with a coefficient of 0.725 and t-value is 1.798 at 5% level with management quality
of Islamic Banks. Shariah Advisory Board and Board size has positive relation with
Liquidity (cash ratio) but Board Independence has negative relation with it.
Window is the dummy variable that indicates 1 is Islamic Banks and 0
shows Conventional Banks Islamic branches. Window results describe that Pure
Islamic banks capital adequacy ratio, assets quality, management quality, cash ratio
and ROE are more compatible as compared to Conventional Banks Islamic branches
these ratios. On the other hand, Conventional Banks Islamic branches ROA and
current ratios are better from pure Islamic Banks ratios.

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Corporate Governance, Shariah Advisory Boards and Islamic Banks’ Performance

Table 4.3 Regression Analysis


Current Cash
CAR AQR MQR ROA ROE
Ratio Ratio

-.154** .031 -.315 .142 .838** .824 .193


Constant
(,031) (.040) (.426) (.121) (.227) (1.157) (.123)

.039 -.080** .725* -.025 -.082 -.353 -.125


BS
(.030) (.038) (.403) (.115) (.215) (1.097) (.116)

-.233 1.266** 2.103 -1.020 -4.879** -6.908 .753


B IND
(.265) -0.344 (3.586) (1.019) (1.911) (9.752) (1.033)

.093* -.025 -.783 .225 .941** 1.653 .422**


SAB
(.050) (.062) (.670) (.190) (.357) (1.822) (.193)

-.005 .011** -.084 .002 .008 .040 .017


SBS
(.004) (.005) (.054) (.015) (.029) (.148) (.016)

0.003 -
- .101 -.030 -.117** -.233
SSAB .058**
0.000077 -0.008 (.090) (.026) (.048) (.245)
(.026)
0.014 -.170** 0.295 0.135 .581** 1.062 -0.089
SBIND
-0.035 -0.04 -0.47 -0.134 -0.25 -1.278 -0.135

.045** .043** .084 - -.399** -.364 .162**


Window
(.010) (.012) (.130) 0.002701 (.069) (.353) (.037)

R Square 0.455 321 0.295 0.145 0.551 0.112 0.241

Adjusted
0.405 0.259 0.231 0.068 0.51 0.031 0.172
R Square

Std.
Error 0.029 0.037 0.394 0.112 0.21 1.071 0.113
Estimate

Conclusion:
Islamic Banks are rapidly growing in the Pakistan Banking industry. The
on-average profit of Islamic Banks is rapidly growing year to year because they have
good investing decision power. The reason of good decision power is the combine
effort of Shariah Advisory Board and Board of Directors. The positive shocks of
Islamic Banks’ balance sheet are attracting more customer and other conventional
Banks to start Islamic Banking business.
Regression analysis is showing that Board Size has negative coefficient
with Islamic Banks performance and Shariah Board has positively correlated with
coefficient of Banks performances (ROA & ROE. Bank Size and Board
Independence have no significant coefficient with Islamic Banks performances
(ROA & ROE).
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Overall result of average liquidity ratios of Islamic Banks are not good because it is
less than 1.00 but also improving year by year. On-average Islamic Banks capital
adequacy, assets quality and management quality ratios are satisfactory because it
indicates that Islamic Banks are capable to recover their operational costs from its
profit.
It is found that Board Size has negative significant effect on Islamic Banks
performance as increase in Board Size leads to decrease in ROE and ROA of Banks.
But Board Size should not be too large or small, it must adequate and made up of
highly qualified professionals who are conversant with good Banking experiences
and oversight function. But the Board always should the mixture of executive
directors and non-executive directors. Bank Size also effect the performance of
Islamic Banks, which supports the results of.27
This research project has some limitations. First, this research is only
Islamic Banks of Pakistan. Second, many Banks have excluded from my research
sample due to missing for many years’ data over the period of the study. Third, some
other variables are not included due to lack of information and time constrains.
Future research can be extended into the motivational factors of corporate
governance that enhance efficiency in relation to bank performance. Further
researches can be study others determinants of Islamic Banks performance,
comparison of conventional and Islamic Banking system by using of CAMEL.
There are some suggestions for stakeholders, investors, policy makers and
specially for financial institutions, in devising strategies to mitigate future financial
crises. First, this research results can be beneficial for investors and shareholders to
take the best decisions to makes their investment profitable. Second, research finding
can be beneficial for stakeholders, customers and potential customer to study Islamic
Banks result for future investment plans. Third, for the Bank regulators who are
interested to find the power of the financial system. This research will guide policy
makers and regulators to set the good policy about Corporate Governance structure
of banking system to enhance financial performances of banks. Good corporate
governance is not an end in itself. It only means to support economic efficiency,
sustainable growth and financial stability. It facilitates Banks’ access to capital for
long-term investment. It also helps to ensure that all the shareholders, stakeholders
and all employees who are contributing for the success of the organization should be
treated fairly.
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Corporate Governance, Shariah Advisory Boards and Islamic Banks’ Performance
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