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.
Home >> Banking & Investments Section
UAE and Kenya sign investment memorandum to develop mining and technology sector ...
Second Gulf Metrology Forum discusses role of metrology in enhancing industrial ...
KHDA Director General Aisha Abdulla Miran inaugurates GETEX Spring 2024
Ministry of Economy organizes ‘National Forum for SMEs - Government Procurement' ...
LG Electronics MEA leads with innovation in new Home Entertainment Line-up
UAE Uniquely Placed as Hub for Strategic Philanthropy
CABSAT marks its 30th anniversary with return of prestigious MENA Co-Production ...
“Golden Gift” Offers from Malabar Gold & Diamonds; Get Assured Gold Coins on Jew ...
New Speedmaster Chronoscope Marks 100 Days to Paris 2024
Kia unveils unique camouflage for its first-ever Tasman pickup truck
11 Sports Events, including 5 International Championships, to take place in Duba ...
Ara Real Estate & Deca Properties Jointly Unveil Aed 22 Billion Arabian Hills Es ...
Mansoor bin Mohammed opens GISEC Global 2024 at Dubai World Trade Centre
e&'s AGM approves a 3-year progressive dividend policy with an annual increase o ...
KANZ Jewels Hosts Spectacular Golden Evening with Bollywood Sensation Padma Shri ...
Lg Brings 'Reinventing Together' Theme To The UAE For Two-Day Middle East And Af ...
UAE announces US$50 million commitment to the Lives and Livelihoods Fund 2.0 to ...
DOMOTEX Middle East 2024 Kicks Off in Dubai, Set to Transform the Regional Floor ...
Dubai Culture supports UAE's participation in Venice Biennale
UAE and Oman establish investment partnerships worth AED 129 billion to deepen c ...