The Central Bank's Higher Sharia Authority Discussed the Sharia Governance for the Sharia Control functions Within Islamic Financial Institutions

Dubai, UAE, November 08, 2018:  The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held its sixth meeting chaired by His Eminence Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad, the Chairman Higher Sharia Authority, and attended by Their Eminence the members of the HSA, Sheikh Prof. Dr. Jasim Ali Al Shamsi, Sheikh Esam Muhamad Ishaq,Sheikh Dr. Aznan Hasan, andSheikh Dr. Osaid Muhammad Adeeb Al Kailani.

The HSA discussed, a draft on the Sharia governance for the Sharia Control functions that support the HSA. The draft includes the governance for two main departments namely the Internal Sharia Control Department and the Internal Sharia Audit Department, and their respective functions. The draft also discussed the independence of the heads of these departments within the Islamic Financial Institutions. The HSA also took note on the best practices in this regard. 

The HSA also reviewed the applications submitted by some Islamic financial institutions for the approval of the appointment and resignation of the internal Sharia control committee members and issued resolutions thereon.

The HSA deliberated on a number of regulatory and legislative developments in the UAE and reviewed standards for Islamic financial institutions, which the Central Bank of UAE intends to issue. The HSA also discussed some Sharia matters related to these standards.

The HSA completed the discussion of the remaining topics listed on its agenda, as well as other topics, and took appropriate decisions in this regard.