Central Bank's Higher Sharia Authority Reviews 2019 Work PlanSource: www.export-egypt.com 1/27/2019, Location: Middle East |
|
|
|
|
|
The Higher Sharia Authority, HSA, for financial and banking activities at the UAE Central Bank 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.
This came during the authority's first meeting for 2019, which was chaired by Sheikh Dr. Ahmed bin Abdulaziz Al Haddad, Chairman of the HSA, and attended by the authority's members; Sheikh Prof. Dr. Jasim Ali Al Shamsi, Sheikh Esam Muhamad Ishaq, Sheikh Dr. Aznan Hasan, and Sheikh Dr. Osaid Muhammad Adeeb Al Kailani. At the meeting, Sheikh Dr. Al-Haddad highlighted the achievements of the HSA in 2018 particularly the adoption of the Sharia standards of the Accounting and Auditing Organisation for Islamic Financial Institutions, AAOIFI, and the adoption of best practices in the Islamic Sharia governance for Islamic Financial Institutions, IFIs. He also added that the authority adopted best practices that enhance compliance with Sharia and the governance in the Islamic financial services industry. He emphasised the importance of these milestones in strengthening the stability of Islamic finance and positioning the UAE as a leading hub for Islamic finance. The HSA 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. They also discussed a number of areas related to drafts of prudential standards and guidelines, and issued resolutions and directives concerning the Sharia aspects of these drafts. Having looked at the Sharia Examination Plan for 2019, the HSA issued its directives regarding the examination scope and mechanisms. The meeting also addressed requests to outsource some of the internal Sharia control functions to external companies and passed a resolution on the essential Sharia governance related functions that can be outsourced and other functions that IFIs must establish internally. The authority issued resolutions and guidance relating to the adoption of new Islamic financial products that are going to be offered to the public by some IFIs, taking into account consumer protection principles and transparency requirements in Islamic financial products. |
|
|
Financials and Investment News in United Arab Emirates >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| United Arab Emirates Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | |
