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ABU DHABI / WAM
The UAE’s Ministerial Development Council, presided by HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, discussed the preparation of a global regulatory framework for Islamic finance as part of the UAE government vision to make the country a global centre for Islamic economy. The proposal includes setting comprehensive standards for Islamic finance transactions under a global regulatory framework.
As the first of its kind initiative, the system will help overcome challenges facing the Islamic finance industry, including inconsistencies in the practical applications of Islamic finance transactions, and multiple taxation issues related to lack of awareness about Islamic transactions, which have led to higher costs in Islamic transactions, affecting the growth of Islamic finance industry and reflecting negatively on Islamic economies.
The Council also reviewed the new decisions announced by the Ministry of Human Resources and Emiratisation earlier this year, including reviewing the labour law on contract models adopted by the ministry. According to the Ministry of Human Resources and Emiratisation, employers are required to provide detailed job offer to the workers they intend to employ, whether from inside or outside the country. The offer should also include a comprehensive description of the rights and obligations of the parties involved in a language understandable by the worker.