|| Islamic banking has earned the confidence of millions of depositors because it promises far more than an interest-free financial system. It is founded upon the principles of justice, transparency, accountability, and the ethical stewardship of wealth. For many customers, choosing an Islamic bank is not merely a financial decision but also a religious and moral commitment.When allegations of large-scale loan fraud, asset misappropriation, or money laundering arise within Islamic financial institutions, the consequences extend beyond financial losses. Such incidents threaten the credibility of Islamic banking itself by calling into question the integrity of the governance framework designed to uphold Shariah principles.In Bangladesh, several Islamic banks have come under public scrutiny in recent years over allegations of financing irregularities, weak corporate governance, and the illicit transfer of funds. Investigations by regulatory authorities, law enforcement agencies, and the courts are ongoing, with legal proceedings initiated in some cases. Public debate has largely focused on the accountability of boards of directors, senior management, and financial regulators. Comparatively little attention, however, has been paid to the role and responsibility of the Shariah Boards.This raises an important question: Are Shariah Boards merely advisory bodies that approve financial contracts, or do they also bear an ethical responsibility for safeguarding the integrity of Islamic banking?Answering this question requires revisiting the very philosophy of Islamic finance.Islamic economics is not defined solely by the prohibition of riba (interest). The objectives of the Islamic financial system, rooted in the Qur’an and the Sunnah, include the protection of wealth, the promotion of justice, the prevention of fraud and exploitation, and the realization of public welfare. Within the framework of Maqasid al-Shariah, the preservation of wealth (Hifz al-Mal) is recognized as one of the fundamental objectives of Islamic law.Consequently, if depositors’ funds are systematically misappropriated, fraudulently diverted, or laundered through an Islamic financial institution, the issue represents not merely a regulatory or criminal failure but also a serious breach of Islamic ethical principles.This is precisely why Islamic banks establish Shariah Boards. Their responsibility extends beyond certifying contracts as technically Shariah-compliant. They are expected to ensure that banking operations remain faithful to both the letter and the spirit of Islamic law.An important question therefore deserves careful consideration. If, over many years, enormous financing facilities become concentrated among a small number of corporate groups, loans are extended to shell companies, investments are approved without adequate collateral, or substantial funds are later alleged to have been transferred abroad illegally, can the Shariah governance framework claim complete immunity from criticism?Legally speaking, the answer is largely no. Under existing banking laws, Shariah Boards neither approve financing decisions nor manage daily banking operations. Executive authority rests with the board of directors, senior management, risk management units, internal auditors, compliance departments, and financial regulators. Therefore, individual incidents of money laundering cannot ordinarily be attributed directly to Shariah Board members under prevailing legal frameworks.Ethically and professionally, however, the matter is considerably more complex.A Shariah Board is not simply a body that issues religious opinions (fatwas). Its broader mandate is to assess whether an institution’s overall operations continue to serve the objectives of Shariah. Financial contracts may satisfy formal legal requirements while simultaneously facilitating deception, abuse, or systemic injustice. When this occurs, questions naturally arise regarding the effectiveness of Shariah oversight.Islam places equal emphasis on both legal form and ethical substance. The Prophet Muhammad (peace be upon him) consistently emphasized honesty, trustworthiness, and fairness in commercial transactions. The Qur’an repeatedly commands believers to honour trusts and strictly prohibits the unlawful consumption of another person’s wealth. Therefore, persistent governance failures within an Islamic financial institution inevitably invite scrutiny of the effectiveness of its Shariah governance mechanisms.Globally, Shariah governance has evolved significantly over the past two decades. International standard-setting bodies increasingly recognize that Shariah compliance involves more than approving contractual structures. Effective governance now requires continuous monitoring, independent Shariah audits, robust risk management, strong internal controls, and mechanisms for identifying and mitigating Shariah non-compliance risks before they become systemic failures.Bangladesh faces additional institutional challenges. In many cases, Shariah Board members serve simultaneously on multiple financial institutions. Independent research support, professional Shariah audit functions, and unrestricted access to operational information are often limited. Consequently, Boards may become overly dependent upon information supplied by management, thereby weakening their ability to exercise truly independent oversight.Another structural challenge deserves equal attention. While most Shariah scholars possess distinguished expertise in Islamic jurisprudence, modern Islamic finance increasingly demands multidisciplinary knowledge encompassing financial engineering, enterprise risk management, forensic auditing, anti-money laundering systems, data analytics, and Shariah-compliant digital banking technologies. The growing complexity of financial products requires governance structures capable of integrating both religious scholarship and advanced financial expertise.The objective of raising these concerns is not to assign blame retrospectively or to question the integrity of individual scholars. Rather, it is to evaluate whether existing governance arrangements remain adequate for today’s increasingly sophisticated financial environment.If Shariah Boards lack the independence, authority, information, technical expertise, or institutional support necessary to perform meaningful oversight, then comprehensive governance reforms have become imperative. Conversely, where these resources are available but oversight remains ineffective, legitimate questions of professional accountability cannot be ignored.Bangladesh’s Islamic banking industry constitutes a significant pillar of the national financial system. Rebuilding public confidence will require far more than recapitalization or regulatory intervention. It demands a renewed commitment to transparent, independent, and effective Shariah governance.Ultimately, the strength of Islamic banking lies not simply in the absence of interest but in its unwavering commitment to integrity, justice, accountability, and public trust. Protecting these values is a collective responsibility shared by regulators, boards of directors, management, auditors, and Shariah Boards alike.Strengthening Shariah governance is therefore not merely an institutional reform—it is essential for preserving the credibility, sustainability, and future of Islamic finance.Md. Mukhlesur RahmanIslamic Economist, Shariah Scholar, and Social Thiner