The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held a Consultation meeting with the members of the internal sharia control committees (ISCC) of Islamic financial institutions operating in the UAE on 9 September 2018. Islamic Banks, commercial banks’ Islamic windows and Islamic finance companies, represented by the members of their ISCC, the head of the internal Sharia control departments and the heads of the internal Sharia audit, attended this first Consultation meeting to exchange views on various issues that concern Sharia compliance and Sharia governance.
His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, the Chairman HSA noted during this meeting that “this initiative is part of the consultative approach that HSA adopted. This approach was adopted in the belief that it will encourage Islamic banking to take a leading role in our financial system in line with the leadership’s vision to make the UAE a global center for Islamic finance and Islamic economy."
Mr. Khalid Omar Al Kharji in his welcoming remarks stated that “the partnership with the banking sector, its institutions, its committees and its Sharia departments is of great importance, and the Central Bank is keen on constructive consultation in order improve transparency between supervision and the sector.”
After the Consultation meeting, the HSA held its fifth meeting. The meeting was chaired by His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, the Chairman HSA, and attended by Their Eminence the members of the HSA, Sheikh Prof. Dr. Jasim Ali Al Shamsi, Sheikh Issam Muhammad Ishaq, Sheikh Dr. Aznan Hasan, and Sheikh Dr. Usaid Muhammad Adeeb Al Kilani.
The HSA discussed, a draft framework for Sharia governance which examines the structure of Sharia Control at Islamic financial institutions. The framework would enhance the status of Sharia control in Islamic financial institutions, their internal systems and reporting lines.
The HSA discussed the mechanisms of Sharia examination of Islamic financial institutions, to ensure their compliance with Sharia governance frameworks and the HSA’s resolutions and issued directives.
The HSA also reviewed the applications submitted by various Islamic financial institutions regarding the HSA approval for new standard financial products, and the appointment of the heads of the internal Sharia control supervisory departments and passed resolutions.
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.
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