A detailed model and checklist for effective corporate governance in Islamic finance. Despite the rapid growth of the Islamic finance sector in the last ten years, and its increasing presence in global financial markets, the Islamic finance industry still lacks a cohesive corporate governance structure. In order to promote the sector's continued expansion, corporate governance, aspects of which include internal controls, risk management, transparency, loan accounting and disclosure, Shari'ah clearance and audit, external audit and prudential regulation and supervision, must be improved.