Purpose

The purpose of this paper is to focus on conceptualizing the origin of legitimacy, the legitimation process and its trustworthiness toward the people, regulators, society and stakeholders. In achieving the purpose of the study, an inclusive research gap concerning the roles of the Shariah Supervisory Board (SSB) as a Shariah regulatory authority or an internal mechanism of Shariah Governance Framework (SGF) in the development and formation of Islamic financial institutions (IFIs) would also be addressed.

Design/methodology/approach

The paper implements an analytical approach to investigate the legitimation process of SSB, and its presence, significance, as well as credibility to the stakeholders.

Findings

This study proposes an additional authority of legitimacy, namely, SSB/Shariah regulatory authority, along with regulators, professionals and people. These could be derived from the internal mechanism of Shariah Governance (SG) practices of IFIs. The study also proposes another type of legitimacy (ethical/Shariah legitimacy) that derives from the organizational SG practices through its internal mechanisms. The formation of SSB is mandatory and more significant for the isomorphic identification of IFIs, SG system, legitimacy and broader acceptance to stakeholders.

Research limitations/implications

The rational argument shows that SSB legitimates the overall functions of IFIs, SG practices, processes and structures. It is more apposite because it has substantial validity, dominance, recognition and acceptability along with three external bodies. Besides, IFIs and their SG do not have the proper value to the general people, society, regulators and other stakeholders without the legitimization of SSB. Thus, theorists and academicians may consider SSB as the fourth party of legitimacy along with three legitimacy providing authorities (regulators, professionals and people).

Originality/value

The paper focuses on illustrating and extending the border knowledge concerning the legitimacy from SG and how do SSBs legitimize IFIs and enhance their credibility to the general people, government, society and other stakeholders. The paper first clarified the internal legitimacy concerning SGF and contributed to the area of Islamic finance, legitimacy, institutional theory, legitimacy theory and internal legitimacy.

中文翻译：

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合法性理论中第四方的合理性：伊斯兰金融机构的伊斯兰教法治理

目的

本文的目的是将合法性的起源、合法化过程及其对人民、监管者、社会和利益相关者的可信度概念化。在实现研究目的时，关于伊斯兰教法监督委员会 (SSB) 作为伊斯兰教法监管机构或伊斯兰教法治理框架 (SGF) 的内部机制在伊斯兰金融机构 (IFI) 的发展和形成中的作用的包容性研究差距) 也将得到解决。

设计/方法/方法

本文实施了一种分析方法来调查 SSB 的合法化过程，及其存在、重要性以及对利益相关者的可信度。

发现

本研究提出了额外的合法性权威，即 SSB/伊斯兰教法监管机构，以及监管机构、专业人士和人员。这些可以源自国际金融机构的伊斯兰教法治理 (SG) 实践的内部机制。该研究还提出了另一种合法性（道德/伊斯兰教法合法性），它通过其内部机制源自组织的 SG 实践。SSB 的形成是强制性的，对于 IFI 的同构识别、SG 系统、合法性和更广泛的利益相关者接受度具有更重要的意义。

研究限制/影响

理性的论点表明，SSB 使 IFI、SG 实践、流程和结构的整体功能合法化。它更适合，因为它与三个外部机构一起具有实质性的有效性、支配性、认可性和可接受性。此外，如果没有 SSB 的合法化，IFI 及其 SG 对普通民众、社会、监管机构和其他利益相关者没有适当的价值。因此，理论家和学者可能会将 SSB 视为合法性的第四方以及三个合法性提供机构（监管者、专业人士和人民）。

原创性/价值

本文重点阐述和扩展关于 SG 合法性的边界知识，以及 SSB 如何使 IFI 合法化并提高其对普通民众、政府、社会和其他利益相关者的可信度。论文首先阐明了SGF的内部合法性，并对伊斯兰金融、合法性、制度理论、合法性理论和内部合法性等领域做出了贡献。