Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
The Higher Sharia Authority at the Central Bank Held A Consultation Meeting with The Members of the Internal Sharia Control Committees Prior to Its Fifth Meeting
 
Dubai, UAE, September 16, 2018:  The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held a Consultation meeting with the members of the internal sharia control committees (ISCC) of Islamic financial institutions operating in the UAE on 9 September 2018. Islamic Banks, commercial banks’ Islamic windows and Islamic finance companies, represented by the members of their ISCC, the head of the internal Sharia control departments and the heads of the internal Sharia audit, attended this first Consultation meeting to exchange views on various issues that concern Sharia compliance and Sharia governance.
 
His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, the Chairman HSA noted during this meeting that “this initiative is part of the consultative approach that HSA adopted. This approach was adopted in the belief that it will encourage Islamic banking to take a leading role in our financial system in line with the leadership’s vision to make the UAE a global center for Islamic finance and Islamic economy.'
 
Mr. Khalid Omar Al Kharji in his welcoming remarks stated that “the partnership with the banking sector, its institutions, its committees and its Sharia departments is of great importance, and the Central Bank is keen on constructive consultation in order improve transparency between supervision and the sector.”
 
After the Consultation meeting, the HSA held its fifth meeting. The meeting was chaired by His Eminence Sheikh Dr. Ahmad Bin Abdulaziz Al Hadad, the Chairman HSA, and attended by Their Eminence the members of the HSA, Sheikh Prof. Dr. Jasim Ali Al Shamsi, Sheikh Issam Muhammad Ishaq,Sheikh Dr. Aznan Hasan, and Sheikh Dr. Usaid Muhammad Adeeb Al Kilani. 
 
The HSA discussed, a draft framework for Sharia governance which examines the structure of Sharia Control at Islamic financial institutions. The framework would enhance the status of Sharia control in Islamic financial institutions, their internal systems and reporting lines.
 
The HSA discussed the mechanisms of Sharia examination of Islamic financial institutions, to ensure their compliance with Sharia governance frameworks and the HSA’s resolutions and issued directives.
 
The HSA also reviewed the applications submitted by various Islamic financial institutions regarding the HSA approval for new standard financial products, and the appointment of the heads of the internal Sharia control supervisory departments and passed resolutions. 
 
The HSA completed the discussion of the remaining topics listed on its agenda, as well as other topics, and took appropriate decisions in this regard.


Posted by : Dubai PR Network Editorial Team
Viewed 7808 times
PR Category : Banking & Investments
Posted on : Sunday, September 16, 2018  3:43:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : UAE Residents Should be Aware of the Circumstances in which ...
Next Story : Central Bank of the UAE Holds its 7th Board of Directors Mee...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Police Is the Official Eyewear in Sony Pictures' “men in Black™: International” [7485-Views]
Michael Kors Celebrates Old Bond Street Townhouse With a Series of Events [6448-Views]
Discover the irresistible La Yuqawam Pour Femme Fragrance [6332-Views]
Make their Eid special this year with these perfect gifts! [5478-Views]
An essential guide to buying fragrance [5398-Views]
Eid Gift Guide Options [5142-Views]
Flormar's Three Beauty Essentials for Ramadan Nights [4892-Views]
Rado True Thinline My Bird Limited Edition' [4715-Views]
Gift your loved ones a fragrance to remember this Eid by Rasasi Perfumes [4660-Views]
SPF Must Haves – for everyday sun exposure! [4587-Views]
TAG Heuer launches 2 special editions to commemorate Indy 500 race - Carrera and Formula 1 [4575-Views]
Tissot Chrono XL NBA Collector' [4459-Views]
Salvatore Ferragamo Timepieces – Spring/Summer 2019 Collection' [4453-Views]
6,000 worshippers prayed with Sheikh Saad bin Said Al-Ghamdi at Grand Mosque of Rashidiya ... [4343-Views]
Chronoswiss Flying Regulator Night and Day Limited Edition [4142-Views]
Carl F. Bucherer celebrates premiere of John Wick: Chapter 3 – Parabellum in New Yo... [4038-Views]
HONOR Has Got You Covered This Eid With Multiple Gifting Options [3983-Views]
First Five Cities Revealed for New Call of Duty Esports League [3959-Views]
MOUAWAD: Wedding Sets 2019 [3934-Views]
Longchamp Eyewear Introduces a New Sunglass Style Featuring the Brand's Signature Stripe ... [3886-Views]
The Ultimate Eid Gift Guide [3630-Views]
Surprise beat Dubai 2020 to reach NAS Volleyball semis, meet Bin Thani next [3508-Views]
Shop the new Elna Line Collection at The Edit [3489-Views]
Karl Lagerfeld and Puma Introduce Two Special-Edition Sneakers [3453-Views]
Parmigiano Reggiano Exports to Gcc Region Soars to 105.2 Tons [3428-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories