The Central Bank of the UAE’s (CBUAE) Higher Shari’ah Authority examined drafts of prudential standards, to be issued by the central bank, and also issued resolutions related to the Shari’ah aspects of the drafts.
Monday 11, March 2019 BY KUDAKWASHE MUZORIWA
The CBUAE’s Higher Shari'ah Authority (HSA) for financial and banking activities has discussed some governance-related matters specific to Islamic financial institutions with the aim to enhance the Shari'ah governance standards as well as strengthen the independence of the Shari’ah Supervision functions and effectiveness of the respective reporting lines.
The HSA also reviewed the requests submitted by some Islamic financial institutions concerning the appointment and renewal of members/memberships for their Internal Shari'ah Supervision Committees.
Additionally, the authority noted the positive interaction of the Islamic financial institutions with the resolutions of the HSA and the collaborative and consultative approach adopted in the implementation of the resolutions, according to local newswire, WAM.