Implementation of Shariah Governance †Free Samples to Students

Question: Discuss about the Implementation of Shariah Governance. Answer: Introduction: IT governance framework is one of the most used frameworks that can be utilized for the organization IT infrastructure and support systems (Bowen et al. 2013). It brings many advantages for the corporate strategies and aim. IT governance framework can be defined as the outline or structure of the process regarding the management system and it assures the required advantages of IT in a controlled way so that the sustainable success can be achieved for the enterprise. It is actually about the person who makes the decision and the way of making the decisions. It governance is necessary for many reasons in the organization (Dove 2015). The main need for the IT government is to make sure about the investments in IT for creating the value-reward and to overcome the possible security issues of the organization. IT governance framework can be used to fix the reasons causing the failure of IT systems. Performance matrices are most important in the IT governance framework (Kamps et al. 2014). The IT governance framework should be in such a way so that it can improve the quality of the IT services. Another aim of IT governance is that it can decrease the risks related to the IT industry and also decrease the cost related to deliver the services or projects in time. IT staff numbers and costs can be analyzed in order to maintain the proper flow of the activity. The outsourcing ratio of the organizations should be maintained also in order to make the system structure more efficient to get the suitable output. IT-related operational risk can be measured and can be solved by using the regulations of the IT governance framework. The main advantages of the IT governance framework can be understood with the utility that can be found out in the production of the IT system (Mabon et al. 2015). There are mainly three strengths in the IT governance framework that can be implemented by using the ITIL, COBIT and ISO 27002. The IT service management is benefitted by the introduction of the ITIL or IT infrastructure library which was actually created by the UKs cabinet office as a library of best-practice processes. The COBIT or the Control Objectives for information and related technology is an IT governance control framework which is used in order to meet the challenges by the organizations (Omar et al. 2014). It is also used in order to overcome all the risks which can be dangerous for the security of the organization. ISO 27002 is one of the most popular global standards which are used for the information security and IT system management. There are many sub-domains in the Information technology governance framework. Those are business continuity and disaster recovery, Regulatory compliance, information governance and information security, IT service management, including ITIL and service level management, knowledge management, including intellectual capital, project governance and risk management.It governance framework is important for making the information system more suitable for the organizational structure of the IT companies. It governance framework can be better by following some recommendations. Performance matrices should be advanced by more contributions in it. The main principle should be to provide highest priority to the IT governance and to follow the regulations set by it. IT governance strategies should be made in such a way so that the organizations can make their infrastructure more advanced and suitable for the working environment. There are many advantages for the stakeholders in case of implementing the IT governance framework. The roles and the responsibilities of the stakeholders in the industry become better defined and suitable for the organization (Potluka and Liddle 2014). The advantages of the organizational elements can be more highlighted so that it can be used to utilize the advantages of the organizational structure. There are many level of the framework in the IT governance framework. Those are high-level framework and low-level framework. The high level framework can be use to design the leadership, processes, roles and responsibilities of the IT infrastructure. The main advantage of the organizational structure is that it can accommodate with the changes in the market. The other regulations and features of the framework can be used for increasing the applications and other facilitys availability. External and internal audits can be provided by the independent assurance. There are also many advan tages in case of demonstrating the benefits which can be got from the IT investment. The IT investments should always make then the advantages of the organization (Sudlow et al. 2015). Performance management of the organization can be achieved by the system and then it can be advised by the stakeholders. The relationship of the organization and the stakeholders should be very good in order to make the functioning of the organization in a proper manner. The shareowners, customers, suppliers, employees and regulators are the main factors that can be important in the connection of the organization with the stakeholders. The business of the organization is an independent entity and it should not be affected by the external influence. The stakeholders concern can be a subject to the risks of the organization. In this case the stakeholders should follow the IT governance framework so that it can overcome the risky factors and other security issues which can be harmful for the organization . The concerns about the stakeholders are important for the organizational growth. Stakeholders can affect the company either in good or bad way (Vlietland, van and van 2016). The main advantage of using the IT governance framework is that the organization can make the system more effective in both production and competition in comparison with the other organizations. Stakeholder are always an important part of making the performance of any company and from that point of view the contribution from the stakeholders can be more advantageous if the IT governance framework is followed in a synchronized way. References Bowen, K.J., Ebi, K., Friel, S. and McMichael, A.J., 2013. A multi-layered governance framework for incorporating social science insights into adapting to the health impacts of climate change. Global health action, 6(1), p.21820. Dove, E.S., 2015. Biobanks, data sharing, and the drive for a global privacy governance framework. Kamps, C., De Stefani, R., Leiner-Killinger, N., Rffer, R. and Sondermann, D., 2014. The identification of fiscal and macroeconomic imbalances-unexploited synergies under the strengthened EU governance framework. Mabon, L., Shackley, S., Vercelli, S., Anderlucci, J. and Boot, K., 2015. Deliberative decarbonisation? Assessing the potential of an ethical governance framework for low-carbon energy through the case of carbon dioxide capture and storage. Environment and Planning C: Government and Policy, 33(2), pp.256-271. Omar, M.N., Hassan, R., Arifin, M., Napiah, M., Deen, M., Othman, A.A., Abdullah, M.A. and Yusoff, A., 2014. The implementation of Shariah governance framework of 2010: advantages and constraints. Australian Journal of Basic and Applied Sciences, 8(13), pp.684-687. Potluka, O. and Liddle, J., 2014. Managing European union structural funds: Using a multilevel governance framework to examine the application of the partnership principle at the project level. Regional Studies, 48(8), pp.1434-1447. Sudlow, C., Gallacher, J., Allen, N., Beral, V., Burton, P., Danesh, J., Downey, P., Elliott, P., Green, J., Landray, M. and Liu, B., 2015. UK biobank: an open access resource for identifying the causes of a wide range of complex diseases of middle and old age. PLoS medicine, 12(3), p.e1001779. Vlietland, J., van Solingen, R. and van Vliet, H., 2016. Aligning codependent Scrum teams to enable fast business value delivery: A governance framework and set of intervention actions. Journal of Systems and Software, 113, pp.418-429.