Given the growth in size and scale of Islamic banking windows and their increasing importance in the Islamic banking industry, it has became necessary to adopt minimum standards/best practices that can ensure robust governance and provide solid foundation for Islamic Windows.
In line with the same, UBF has put forward a paper in 2017 which recommends a set of minimum standards and best practices for Islamic windows to implement. This will be the first self-regulatory standards and practices developed by the Islamic financial services industry in the UAE. The standards will cover the following domains: governance structure, staffing, product and accounting certification, assets and liabilities framework, operations and procedures, audit and training.
