Central Bank hosts workshop on Islamic finance

ABU DHABI, 12th June, 2019 (WAM) -- The Central Bank of the UAE, CBUAE, in coordination with the Higher Sharia Authority, HSA, hosted a workshop on 11th June 2019 centred around Islamic finance inviting major financial stakeholders of the UAE.

The session was first of many sessions within the newly launched Executive Programme, a platform designed for sharing knowledge and expertise in areas of mutual interest and strategic importance amongst stakeholders promoting thought leadership.

CBUAE new joiners were invited to attend the session allowing them to participate and become aware of key subjects in the market enabling their career advancement.

The first session which took place at CBUAE HQ, was attended by key officials from, Abu Dhabi Global Market, ADGM, Securities and Commodities Authority, SCA, Dubai Financial Services Authority, DFSA, and Insurance Authority, IA, with the aim of stimulating discussions on current and strategic topics.

In his opening remarks, Mubarak Rashed Al Mansoori, Governor of CBUAE, highlighted the importance of regulating the Islamic finance sector.

Dr. Ahmad Al Haddad, Chairman of HSA, hosted the session titled ‘The guiding principles of Islamic finance’, where Dr. Aznan Hasan and Dr. Osaid Kilani, both members of HSA, presented key insights on Islamic finance principles and shared knowledge on Sharia’s governance.

When focusing on the Sharia governance, the topics discussed included stakeholder responsibility, HSA’s leading role in promoting transparency and consumer protection which is integral for community and economy. Other topics covered during the workshop included the integration of Sharia in regulatory and legal frameworks, as well as discussions on frameworks related to raising awareness, building capabilities at different levels and removing uncertainties in court procedures that involve Sharia-compliant transactions.

WAM/MOHD AAMIR/Nour Salman