The Higher Shari’ah Authority (“the HSA”) for financial and banking activities in the UAE held its Sixth meeting for the year 2019, on 17th of September 2019 at Headquarters of the Central Bank of the United Arab Emirates, in Abu Dhabi. The meetings were chaired by His Eminence Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad, the Chairman of the HSA, and attended by Their Eminences the members of the HSA:
Sheikh Prof. Dr. Jasim Ali Al Shamsi,
Sheikh Esam Muhamad Ishaq,
Sheikh Dr. Aznan Hasan, and
Sheikh Dr. Osaid Muhammad Adeeb Kailani.
The HSA reviewed the preliminary draft of the operational requirements of the Murabaha Shari’ah standard, which was prepared by the working group that was established in collaboration with the UAE Banking Federation (UBF). The draft shed light on the operational and procedural issues in addition to the relevant governance and disclosure issues. Development of this standard aims to facilitate sound operationalization of Murabaha related transactions.
The HSA also approved applications submitted by some Islamic Financial Institutions related to the annual Shari’ah reports, and appointment of members in the ISSCs.
The HSA advised to notify Islamic Financial Institutions regarding Shari’ah Standard No. (59) on Sale of Debt that was issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
The HSA also discussed other agenda items and adopted suitable resolutions related to them.
The HSA held the second consultative meeting (2019) with members of the ISSCs on 18 September 2019. The meeting witnessed participation of a significant number of representatives of ISSC’s members, heads of internal Shari’ah Control Departments and heads of internal Sharia audit from Islamic banks, Islamic windows of commercial banks, and Islamic finance companies. The discussion included update on outcomes from the first consultative meeting (2018) and the actions taken. The participants also discussed the Islamic Financial Institutions’ practices regarding Shari’ah controls and standards related to the fees and commissions of various transactions.
His Eminence Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad, the Chairman of the HSA, highlighted the importance of this consultative meeting and thanked the members of the ISSCs for their effective participation, which will enhance the integration of oversight and business to promote the Islamic finance sector. This will also help achieve the vision of the country leadership to make the UAE a leading center in Islamic finance and Islamic economy.
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