23
ANNUAL REPORT 2015
UAE Central Bank to establish
Higher Shari’ah Authority
The UBF’s Islamic banking committee is working
closely with the Central Bank on its initiative
to set guidelines for the establishment of
a Higher Shari’ah Authority, the new body
that will help to ensure consistency amongst
all UAE Islamic banks in their development of new
structures and products.
There has yet to be a centralised and
standardised structure to policy on Islamic
products and without centralised Islamic
finance regulation, much inconsistency is
possible within the sector. The establishment
of guidelines will help to ensure consistency
amongst all UAE Islamic banks. The main
objective is to formulate guidelines, policies and
regulations for Islamic Financial Institutions to
support the growth of Islamic Banking and the
finance industry in the UAE.
PHOTO: CENTRAL BANK OF
THE UNITED ARAB EMIRATES
SOURCE:
ACTIVITIES
