The Higher Shari’ah Authority (HSA) issued resolutions and guidance relating to the adoption of new Islamic financial products that are going to be offered to the public by some Islamic Financial Institutions (IFIs).
Sunday 27, January 2019 BY KUDAKWASHE MUZORIWA
The Central Bank of the UAE’s HAS for financial and banking activities has reviewed the work plan for the year 2019 and agreed to adopt a number of procedures to enhance efficiency and effectiveness in dealing with the various requests submitted by the Central Bank and Islamic financial institutions, according to local newswire, WAM.
Sheikh Dr. Ahmed bin Abdulaziz Al Haddad, the Chairman of the HSA, highlighted the achievements of the authority in 2018 particularly the adoption of the Shari’ah standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the adoption of best practises in the Islamic Shari’ah governance for IFIs.
The HSA also addressed requests to outsource some of the internal Shari’ah control functions to external companies and passed a resolution on the essential Shari’ah governance related functions that can be outsourced and other functions that IFIs must establish internally.