Template-Type: ReDIF-Article 1.0 Author-Name: Reda MOUNA Author-Email: reda.mouna@etu.uae.ac.ma Author-Workplace-Name: Faculty of Law, Economics and Social Sciences of Tangier Abdelmalek Essaâdi University, Morocco Author-Name: Oumaima MOUNA Author-Email: oumaima.mouna@etu.uae.ac.ma Author-Workplace-Name: National School of Business and Management of Tangier, Abdelmalek Essaâdi University, Morocco Title: Corporate governance: comparative analysis between conventional and Islamic models Abstract: The objective of this paper is a comparison between the Corporate Governance models—conventional and Islamic—establishing their theoretical grounds and aiming to clarify points of convergence and divergence. After an initial alignment inherent to corporations, that is, value creation, the analysis demonstrates a significant divergence between the Shura and Shareholder model on the ownership nature, participation in the decision-making process, and the selection and responsibility of managers. A convergence between the conventional and Islamic stakeholder model is evident since the Islamic-oriented model adapts the conventional stakeholder model according to the precepts of the Shari'ah as guidelines, however, maintaining the principles and foundations of the model. Both conventional and Islamic stakeholder models have nuanced differences with the Shura model, aligning on inclusion as an objective but diverging on its modality. They share a double structure of governance, which in the Shura model is circular while for the stakeholder model it is mixed—horizontal and vertical. Simultaneously, the shareholder and stakeholder models differentiate on inclusion and the importance of extra-financial objectives. This work offers an analysis of four prevalent models, establishing their theoretical grounds for future empirical studies and application by practitioners. Classification JEL : G30, Z12, P51. Paper type : Theoretical Research Keywords: Corporate Governance, Shareholder Model, Stakeholder Model, Shura Governance Model, Maqasid-based Governance Journal: International Journal of Accounting, Finance, Auditing, Management and Economics Pages: 184-201 Volume: 7 Issue: 2 Year: 2026 File-URL: https://ijafame.org/index.php/ijafame/article/view/2271 File-Format: text/html File-URL: https://ijafame.org/index.php/ijafame/article/view/2271/2316 File-Format: application/pdf Handle: RePEc:aoa:journl:v:7:y:2026:i:2:p:184-201