Media ININ Economy We Trust
14-05-2019 Media in\ Abu Dhabi
The Supreme Shari’ah Committee for Financial and Banking Activities in the State held its third meeting in 2019 under the chairmanship of His Excellency Sheikh Dr. Ahmed Abdul Aziz Al Haddad, Chairman of the Commission and the presence of the Honorable members of the Commission, Sheikh Dr. Jasem Ali Al Shamsi, Sheikh Issam Mohammed Ishaq, Sheikh Dr. Aseed Mohammed Adib Kilani.
During the meeting, the TRA reviewed the requests for approval of banking products and related inquiries from Islamic financial institutions, stressing the importance of the products being in line with the highest standards of disclosure and transparency.
The Authority discussed several matters of Islamic Shari’a governance and affirmed the role of the approved frameworks in enhancing the independence and coordination among the Islamic financial institutions and departments, in addition to enhancing the standards of credibility, transparency and accountability.
It also stressed the importance of sound and effective implementation of Shari’ah governance frameworks. To reflect positively on the ability of Islamic financial institutions to manage the risk of non-compliance with the provisions of Islamic law.
The Board also discussed several issues related to the consultative meetings held with the Islamic Banking Committee of the Union of UAE Banks. The importance of these issues was examined and continued in constructive consultation with the Islamic Banking Committee to maintain an Islamic financial environment that provides competitive financial services in the local and international markets, the highest level of compliance with Islamic law.
The Board reviewed requests for accreditation related to the annual Shari’ah reports issued by the internal Shari’a Supervisory Committees of the Islamic financial institutions. It also reviewed the applications for the appointment and renewal of the membership of its internal Shari’a Supervisory Committees
