“Shari’a Supervisory Board for Financial and Banking Activities” discusses the governance of oversight functions

Media IN\ WAM 11 November 2018
The Supreme Shari’ah Committee for Banking and Financial Activities in the UAE discussed at its sixth meeting the draft of the governance of internal Shari’a Supervisory Functions which helps the internal Shari’ah Supervisory Committees to carry out their work.
The draft included the governance of two main divisions: the Internal Shari’a Supervisory Department, the Internal Shari’ah Auditing Section, the various functions they perform and the governance issues related to the independence of their supervisors within the Islamic financial institutions.
The Commission reviewed the most important experiences and best practices in this regard and reviewed the applications submitted by some Islamic financial institutions regarding the adoption of the appointment and resignation of the members of the internal Shari’ah Supervisory Committees and took decisions thereon.