Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Banking and Investments

Abu Dhabi, UAE – 21st February 2018: 
The HIGHER SHARI'A AUTHORITY held its 1st meeting of 2018 at 9:00am on Wednesday, 21st February 2018, at the Central Bank Head Office – Abu Dhabi.
The meeting was attended by:
  1.  His Excellency Mubarak Rashed Al Mansoori
  2.  His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, Chairman.
  3.  Prof. Dr. Jasim Ali Al Shamsi, Board Member.
  4.  Dr. Issam Muhammad Ishaq, Board Member.
  5.  Dr. Oznan Hasan, Board Member.
  6.  Dr. Usaid Muhammad Adeeb Al Kilani, Board Member.
In addition to a group of Central Bank's senior officials.
H.E. Mubarak Rashed Al Mansoori, Central Bank Governor, welcomed the Chairman and the Board Members of the Higher Sharia Authority in his opening remarks where he highlighted the objectives of the Sharia Authority, which was established by virtue of Cabinet's Resolution No. (105/5w/1) of 2016 in its 5th Session which aimed to establish the Higher Sharia Authority for Sharia-compliant financial and banking activities. Members of this Authority were defined by virtue of Cabinet's Resolution No. (31m/6w) of 2017 in its 6th Session, concerning the formation of the Higher Sharia Authority.
H.E. also highlighted the steps that must be taken to ensure the Authority achieves its desired objectives as per the Authority's Articles of Association approved by the Central Bank's Board of Directors.
H.E. the Governor emphasized that establishing the Higher Sharia Authority is in line with the Central Bank's Strategy which is based on the Federal Government's Strategy and Orientation.
H.E also stated that the establishment of the Higher Sharia Authority will help to achieve the UAE's economic vision and highlight's its leading position as a global Islamic financial hub and Islamic economy.
The UAE Higher Sharia Authority has a number of core objectives; the most important of which are:
  • Issue Fatwas and ensure the legitimacy of the products, services, and activities of the institutions providing Islamic services.
  • Introduce and approve new and existing Sharia Standards and uniform documents related to best practices for global Islamic financial services.
  • Notify the Central Bank of the UAE of Sharia matters concerning preventive systems related to global Islamic financial services, as well the Sharia-compliant instruments and ways for developing the same to help the Central Bank in aspects pertaining to banking and monetary management. 
  • Conduct Sharia research regarding Islamic financing and ways of supporting it. 
  • Communicate and cooperate with other international organizations that currently set Sharia regulations and standards for Islamic financial services.
The UAE's Islamic banking industry will benefit from having a sole reference point that all institutions providing Islamic financial services can consult in order to achieve conformity regarding Sharia rules and principles.
The Authority will help the Islamic banking industry to enhance management practices and Sharia-compliance with regard to Islamic financial services; it will also help to reduce costs, which will benefit consumers and strengthen regulatory and supervisory control over the industry.
Last, but not least, it will provide a group of highly specialised experts in Sharia compliance.
The authority completed its agenda items and defined and approved the steps to be taken in pursuit of its objectives as per internationally recognized approaches.

Posted by : GoDubai Editorial Team
Viewed 10950 times
Posted on : Wednesday, February 21, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Jaleel Cash & Carry to develop AED 100 m facility at Dubai Wholesale City
Next Story : USD 16 million global investment will help drive the growth of co-working in Middle East, says Servc...
Email this article Print this article

Share this article with your friends and followers


Back to Top  
Most Viewed Press Release posted in the last 7 days
Delightful Duo Of Elegant Timepieces Make For A Special Valentine Day's Gift
Nothing says ‘I love you' quite like MKS Jewellery Valentine's Day Top Picks
Mesmerizing Gift Sets and Perfume for Her
Classic Smoky Eyes with Essence
Introducing Supergirl Make-Up
The Rado HyperChrome Ultra Light
Chronoswiss Shows Off Twin Limited Edition Flying Grand Regulators
Innovative, Adventurous and Accurate. It's what pilots need in a timepiece. And ...
Le Meridien Al Aqah Beach Resort Rolls out Fabulous Deals for February
The Valentine watch collection by Coach
GUESS Launches JEANS SS19 Collection for Women
212 VIP Extra Limited Edition
NuFACE launches in Bloomingdales and Harvey Nichols!
Lenovo announces Lenovo Truscale™ Infrastructure Services – a consumption-based,...
Chrono 4 Grande Taille Limited Edition - another classy reiteration of an iconic...
The Fall 2019 Michael Kors Collection Runway Show
Turkish Airlines introduces its new The LEGO® Movie 2 Inflight Safety Video, bef...
Dubai's first building biologist receives global recognition
Exclusive position in the front row of the grid: The BMW M850i xDrive Coupe Firs...
Robinsons to launch its new luxury lighting department – the latest addition to ...
UAE supermarket chain Al Maya group to launch products from Woolworths Australia
Airbus and Emirates reach agreement on A380 fleet, sign new widebody orders
Is the runway ready for HONOR View20 Moschino edition - the season's most covete...
Caroline Wozniacki chasing more success at Dubai Duty Free tennis championships
Valentines Day Gift Guide from Anker
Create a Valentine's meal to remember with LG
Jaguar Land Rover expands Ingenium family with straight six-cylinder petrol engine
Greece partners with VFS Global to launch Visa Application Centres in the Kingdo...
Abu Dhabi University and Knowledge Group to participate in IDEX 2019
Okadoc helps UAE patients find a doctor and book an appointment online instantly
Customs World develops RIISE: first of its kind leading-edge Customs platform
Wellness Saturdays with H Retreats
Zayed University inaugurates largest Bloomberg Finance Lab in the Middle East
39 days shopping extravaganza brought grand success to 13 participating malls
10 things you didn't know about Space Grill
Lacoste Presents. 12. 12 Collection
H.E. Minister Buhumaid leads Dubai Cares' Walk for Education alongside 15,000 pa...
The Retail Summit officially opens
HH Sheikh Saeed Bin Hamdan Al Maktoum Cup First Ever 30 Goal Handicap Exhibition...
DAFZA to showcase its premium services to the F&B Industry at Gulfood
Ajman Free Zone announces official commitment to culture of innovation at “Digit...
Pop Star Melissa endorses Talentology 2019
Airbus to participate in the International Defence Exhibition and Conference (ID...
Celebrate Valentine's Day with IKEA
NZMP launches innovative new ingredients at Gulfood 2019 to meet growing demand ...
Bentley launches World's fastest, most luxurious SUV
Kasih Food Production Co. reveals its latest food innovation, Mezete, at Gulfood 2019
Ethihad Airways to Deploy Latest Generation 787 Dreamliners on all its Flights t...
Hundreds of local pupils to champion inclusion at schools ahead of Special Olymp...