Islamic banks are particular financial institutions generating distinct corporate governance challenges. The present study examines corporate governance in Islamic banking firms in both Gulf cooperation Council countries and Southeast Asia countries. In particular, we study corporate governance variables identified as relevant by academics and practitioners and describe their differences and similarities vis à vis conventional banking firms. As well as we investigate the differences and resemblances of corporate governance characteristics of Islamic banking in GCC countries vis à vis Islamic banking in southeast Asia countries. Moreover, this paper studies the impact of relevant corporate governance variables identified by our study on the financial performance of the Islamic banks. Investigation relies on a sample of 90 larges Islamic Banks over the period 2000-2009. Our findings reveal that there are several divergences between corporate governance characteristics of Islamic banks and those in conventional banks. As well, there are many differences between corporate governance characteristic‘s of Islamic banks in GCC countries and in those in southeast Asia countries. Moreover, we find that Board fee, CEO duality and age have a positive and significant effect on the performance of Islamic banks. However, the Sharia Supervisory Board characteristics don’t affect the financial performance of the Islamic banks.