|21 May, 2020

Higher Shari'ah Authority at CBUAE hosts 2nd meeting of the Centralised Shari'ah Authorities

The meeting was held via video conference on Monday, 18 Ramadan 1441 (corresponding to May 11, 2020)

Abu Dhabi: The Higher Shari’ah Authority (HAS) at the Central Bank of the UAE (CBUAE) hosted the 2nd meeting of the Centralised Shari’ah Authorities to discuss the economic implications of COVID-19 pandemic and the different measures and resolutions undertaken by the Centralised Shari’ah Authorities to mitigate its effects.

The meeting was held via video conference on Monday, 18 Ramadan 1441 (corresponding to May 11, 2020) and was chaired by His Eminence Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad, the Chairman of the HSA. It was attended by more than 40 participants from the members of the Centralised Shari’ah Authorities from Kingdom of Bahrain, Kingdom of Morocco, Nigeria, Pakistan, Malaysia, and Indonesia in addition to members of the HSA.

The meeting was also attended by the Islamic Finance Infrastructure Organizations including representatives of the Shari’ah board of the Islamic Development Bank, the Secretary General of the General Council for Islamic Banks and Financial Institutions (CIBAFI), the Chief Executive Officer of Dubai Islamic Economy Development Centre in addition to Senior Officials from both the Accounting and Auditing Authority for Financial Institutions (AAOIFI) and the Islamic Financial Services Board.

During the meeting, the Centralised Shari’ah Authorities presented the resolutions to mitigate the effects of COVID-19 pandemic that were issued or going to be issued in their respective jurisdiction. Additionally, the meeting discussed the Shari’ah parameters set to strengthen the economic and financial support scheme adopted by the governments and regulatory authorities in their respective countries. The attendees also discussed several matters with regards to challenges and Shari’ah treatments.

The Chairman of the HSA, His Eminence Sheikh Dr. Ahmed Al-Haddad, praised the level of cooperation and responsiveness of the Centralized Shari’ah Authorities, and noted its essential role, in this challenging circumstance. His Eminence also noted the importance of the Centralized Shari’ah Authorities’ resolutions that balance between the interests of individuals and institutions, while upholding fair treatment prescribed by Shari’ah.

These meetings aim to enhance cooperation and communication among the Centralised Shari’ah Authorities and join efforts and exchange expertise in order to strive towards harmonization between standards and practices in Islamic finance institutions, taking into account the uniqueness and environment where Islamic financial institutions operate.

The first meeting of the Centralized Shari’ah Authorities was hosted by Bank Negara Malaysia (the Malaysian Central Bank) in Kuala Lumpur, Malaysia, in 2018.

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