Middle East

UAE Central Bank reviews Sharia compliance, governance

The framework would enhance the status of Sharia control in Islamic financial institutions, their internal systems and reporting lines

The Higher Sharia Authority, HSA, for financial and banking activities at the UAE Central Bank recently held a consultation meeting with the members of the Internal Sharia Control Committees, ISCC, of Islamic financial institutions operating in the UAE.

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.

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