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:
- His Excellency Mubarak Rashed Al Mansoori
- His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, Chairman.
- Prof. Dr. Jasim Ali Al Shamsi, Board Member.
- Dr. Issam Muhammad Ishaq, Board Member.
- Dr. Oznan Hasan, Board Member.
- 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.