Annex V: Shariah Governance disclosure Indexes in 13 IIFS*
IIFS
SSB
comp-
osition
Back-
ground
of SSB
SSB
Annual
Report*
Fa-
twas
Decision-
making
Duties
&
powers
A
1 1 1
0
0 0
B
1 0 1
0
0 0
C
1 0 1
0
0 0
D
1 0 1
1
0 0
E
1 0 0
0
0 0
F
1 0 0
0
1 0
G
1 0 1
0
0 0
H
1 1 1
1
0 0
I
1 1 0
0
0 1
L
1 1 1
0
0 0
M
1 1 1
0
0 0
N
1 1 1
0
0 0
O
1 0 0
0
0 0
Effective
Disclosure
1.00 0.46 0.69
0.15
0.08 0.08
Desirable
disclosure
1.00 1.00 1.00
1.00
1.00 1.00
*The 6 indexes are calculated by attributing a 1 to every item that is disclosed and a 0 to
items that are not disclosed by the 13 IIFS specified in footnote 54,
in information venues
such as annual reports and websites. The average across IIFS for
every item is then taken to
calculate the effective disclosure index. The desirable disclosure index is 1
assuming that
ideally every IIFS in the sample ought to
disclose information on Shariah Governance
processes and structures.
** Two IIFS had never issued a SSB report due to their recent establishment. Nevertheless,
the items are counted as disclosed due to the IIFS overall high level of disclosure
SS
B
co
m
po
sit
io
n
Ba
ck
gr
ou
nd
o
f S
SB
S
SB
A
nn
ua
l R
ep
or
t*
Fa
tw
as
De
cis
ion
-m
ak
ing
du
tie
s &
p
ow
er
s
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
Shariah Governance Disclosure
Indexes
Effective Disclosure
Index
1.00
0.46
0.69
0.15
0.08
0.08
Desirable
disclosure
1.00
1.00
1.00
1.00
1.00
1.00
SSB
compo
sition
Backgr
ound of
SSB
SSB
Annual
Report*
Fatwas
Decisio
n-
making
duties
&
powers
Full
Disclosure
No
Disclosure