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The Higher Shari'ah Authority (“HSA”) for financial and banking activities held its eighth meeting for the year 2019, on 17 November 2019. The meeting was 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 Al Kailani.
The HSA approved the annual plan for 2020 as part of implementation of its 2018-2022 strategic plan, which reflects the aspirations and strategic vision of the country.
The HSA also approved the annual report form, which will be used by the Internal Shari’ah Supervision Committees of licensed financial institutions that conduct all or part of their activities and businesses in accordance with the Islamic Shari'ah (“Islamic Financial Institutions”). The annual report form represents minimum disclosure requirement concerning Islamic Financial Institutions' compliance with the Islamic Shari'ah, which will enhance consumer confidence.
Furthermore, the HSA directed that a new guidance note be issued in relation to applications submitted by the Islamic Financial Institutions for review of Shari’ah compliant products and services. The guidance note is aimed at strengthening standardization of Shari’ah requirements for Islamic financial products and services. The HSA is keen to ensure that the new procedures are flexible enough to strike a balance between governance requirements of these products and effectiveness in their launches by the Islamic Financial Institutions. The HSA stressed the importance of taking into account transparency, consumers’ needs and protection of their rights in development and promotion of products. The HSA also encouraged innovation in the development of Shari’ah compliant financial products.
The HSA also discussed the Shari'ah regulatory and governance requirements related to marketing of participation in Islamic financing arrangements, and the controls that the licensed financial institutions should ensure compliance therewith before investing in Sukuk and other Islamic financial instruments. The HSA also directed that take steps and actions in this regard be taken.
During the meeting, the HSA also discussed other items on its agenda and took appropriate resolutions in respect thereof.
The HSA has also held a consultative meeting with a delegation from the Kingdom of Morocco. The Moroccan delegation, which is currently on an official visit to the UAE, included members of the Shari’ah Committee of participative finance affiliated to Supreme Council of Olama of the Kingdom of Morocco, and experts and representatives of Bank Al-Maghrib (the Central Bank of Morocco). The attendees exchanged views on the most important experiences, expertise and practices related to the field of participative finance (Islamic finance) and Shari’ah supervision, and best practices in this area.
The attendees further discussed mechanisms of continuous cooperation and coordination to support development and innovation in Islamic finance, and contribution to the achievement of the strategic visions of the two countries in this regard.
The Moroccan delegation’s visit will also include meetings with the respective regulatory authorities, supporting entities of the Islamic financial industry, and Islamic Financial institutions operating in the UAE.
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