Problem:
Please provide a thorough explanation and elaboration of what is the concept, basic facts/ basic theory, major ideas, background and practices of Shari'ah "Islamic Law" Governance, what the basic theory behind it and how it works compared to best practices of corporate governance.
Provide cases and comparisons and contrasts with non-Shari'ah or conventional corporate governance practices. Are there any arguments or examples in support of the above mentioned?
What is the conclusion of the above comparisons and contrasts? What precautionary measures should Islamic financial institutions take to avoid non-compliance with Shari'ah governance standards? What is the contribution of Shari'ah governance standards to the financial systems and corporate governance best practices and the economy at large?