THE ROLE OF PURPOSES OF SHARIAH AND PUBLIC INTEREST IN CONVERGENCE IN CORPORATE GOVERNANCE IN PAKISTAN

Abstract

The objective of this article is to examine the applicability of purposes of Shariah and Public Interest and their role in convergence in corporate governance. In present global world scenario, the convergence of corporate governance features has become norm. The developing countries are in the process of being converged to developed countries to improve their corporate governance mechanism. It is widely considered that the western model of corporate governance and Shariah are two rival systems. The article analyses the possibility and applicability of purposes of Shariah in corporate governance and further analyses the extent to which the purposes of Shariah and public interest help in convergence in corporate governance so that it can improve governance mechanism. The doctrinal, qualitative and comparative research methodology has been widely used in this research. It concludes that the purposes of Shariah and public interest are conducive for convergence rather than divergence in corporate governance.