Islamic finance has grown globally by leaps and bounds over the past three decades. In Malaysia, the success of the Islamic finance industry is heavily attributed to the comprehensive market structure and regulatory framework. With its current maturity and capacity, the industry is set to move forward to the next level with more sustained growth. Accordingly, Bank Negara Malaysia has issued the Strategy Paper on Value-based Intermediation (VBI) in March 2018 which deliberates the strategies to strengthen the roles and impact of Islamic finance towards not only a balanced social and commercial ecosystem, but also towards sustainable financial system. This paper discusses the role of Shariah governance in the implementation of VBI in the Islamic banking industry. In particular, this paper explores on how the board, management, and Shariah committee could contribute to the success of VBI within the scope of Shariah Committee composition and its integration with the board, as well as the management’s daily oversight of the banks’ activities. Indeed, an impactful implementation of VBI would require the participation and cooperation from various key stakeholders, but more importantly is the commitment from the internal drivers, i.e. the board, management, and Shariah Committee.