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 its first meeting of the year 2019
 

Dubai, UAE, January 27, 2019:  The Higher Sharia Authority (HSA) for financial and banking activities in the UAE held its first meeting for the year 2019 on 13-14 January 2019. The meeting was chaired by His Eminence Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad, the Chairman of the HSA, and attended by Their Eminences the members of the HSA: 

Sheikh Prof. Dr. Jasim Ali Al Shamsi, 
Sheikh Esam Muhamad Ishaq,
Sheikh Dr. Aznan Hasan, and
Sheikh Dr. Osaid Muhammad Adeeb Al Kailani.

His Eminence Sheikh Dr. Ahmed Abdul-Aziz Al-Haddad started the meeting by highlighting the achievements of the HSA in 2018 particularly the adoption of the Sharia standards of the Accounting and Auditing Organization 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 HSA adopted best practices that enhance compliance with Sharia and the governance in the Islamic financial services industry. His Eminence emphasized the importance of these milestones in strengthening the stability of Islamic finance and positioning the United Arab Emirates 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. 

The HSA 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 HSA has 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 HSA 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.

 


Posted by : Dubai PR Network Editorial Team
Viewed 7472 times
PR Category : Banking & Investments
Posted on : Sunday, January 27, 2019  5:14:00 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 : CBUAE to Showcase Career Opportunities at Tawdheef 2019
Next Story : Summary Report: Monetary & Banking Developments – December 2...
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
Enjoy Smoother Skin with the current obsession from PMD - The Personal Microdermabrasion R... [7369-Views]
Saint Honore Haussman [6948-Views]
Energize & Refresh Your Skin With the Foreo Luna 2 for Men [6210-Views]
6 Ways To Wear The Houndstooth Print [4630-Views]
Hamdan bin Mohammed calls on the city to be ‘In It Together' for the Dubai Fitness Challen... [4624-Views]
The new urban warrior unleashed - Corum injects modernity and athleticism into its Admira... [4612-Views]
Medusa Lock Icon [4484-Views]
Middle East Retail Forum (MRF) 2019 focused on RetailNEXT [4349-Views]
This visually-impaired Emirati knows no impossible [4300-Views]
One stop shop for classifieds and deals in UAE- QUOODO.com [4197-Views]
Heritage village at Global Village offers a glimpse into Emirati traditions [4178-Views]
Marks & Spencer Launches Its New Sleepwear Collection for AW19 [4136-Views]
OMEGA's new Museum [4130-Views]
Choithrams Customer lends her voice to World Food Day in support of The United Nations Wor... [4069-Views]
More than 1,900 beneficiaries at Al Mizhar and Umm Al Sheif Islamic Cultural centres in th... [3739-Views]
Malabar Gold & Diamonds inaugurates its relocated outlet in Hamdan Street, Abu Dhabi on 10... [3678-Views]
Revving The Engines At Rallylegend 2019 With Eberhard & Co. [3672-Views]
The Workwear Edit [3654-Views]
Expo Centre Sharjah announces winner of 1KG gold [3648-Views]
Diwali Feast at Purani Dilli at Four Points by Sheraton, Sheikh Zayed Road [3398-Views]
Alno launches new products in UAE in strategic partnership with Diemme kitchen [3379-Views]
Dubai-Based NRI business leader donates INR 10m to his Alma Mater to setup Innovation and ... [3373-Views]
IFS lays out blueprint for new era of intelligent and autonomous enterprise solutions [3239-Views]
DAFZA contributes 12% to Dubai's foreign trade in first half of 2019 [3233-Views]
Worldsteel Short Range Outlook October 2019 [3221-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories