Corporate governance is an essential ingredient for the development of a sound Islamic finance industry. It abides Islamic financial institutions with a set of Sharia compliance rules to govern their operations and transactions as well as to monitor and supervise the roles of all players within the banking system.

To ensure that Islamic banks comply with the appropriate Sharia rulings, the services of religious boards known are employed. The Sharia board plays a vital role of supervision and consultation.

Critically evaluate the role of the Sharia Board in Islamic banks and provide examples of the tasks they carry out. (850 words)