Higher Shari’ah Authority at central bank holds 3rd meet

ABU DHABI / WAM

The Higher Shari’ah Authority (HAS), for financial and banking activities in the UAE, has held its third meeting for 2019 under the chairmanship of Sheikh Dr Ahmed bin Abdulaziz Al Haddad, Chairman of the HSA.
The Authority reviewed, during the meeting, product approval requests and related inquiries submitted by several Islamic Financial Institutions (IFIs), highlighting the importance of adhering to the highest standards of disclosure and transparency.
HSA also discussed Shari’ah governance matters related to IFIs and reaffirmed the adopted framework’s role in enhancing independence and consistency between IFIs’ divisions and units, as well advancing the standards of credibility, transparency and accountability.
It also showcased the importance of implementing an effective and sound Shari’ah governance framework to positively reflect on IFI’s abilities to manage the Shari’ah non-compliance risks.
The Authority was presented with various topics related to recent collaboration and meetings held with the Islamic Banking Committee of the UAE Banking Federation, highlighting the importance of these topics and the continuation of constructive dialogue with the Islamic Banking Committee to maintain a highly competitive financial services environment in both domestic and international markets.
Furthermore, HSA reviewed the annual approvals of the Shari’ah reports issued by the Internal Shari’ah Supervision Committees, in addition to newly appointed members and renewed memberships of the internal Shari’ah Supervision committees’ members.