The Higher Shari’ah Authority at the Central Bank of the UAE hosts the Fourth Round Table Meeting of the Central Shari’ah Authorities

The Higher Shari’ah Authority at the Central Bank of the UAE hosts the Fourth Round Table Meeting of the Central Shari’ah Authorities

Abu Dhabi: The Higher Shari’ah Authority at the Central Bank of the UAE hosted the fourth round table meeting of the Central Shari’ah Authorities, in the Emirate of Abu Dhabi.

The meeting was attended by members of the Central Shari’ah Authorities affiliated to 11 regulatory authorities from 10 countries, including Kuwait, Bahrain, Morocco, Malaysia, Indonesia, Brunei, Pakistan, Nigeria, Djibouti, Maldives, and Bangladesh, in addition to international organisations, including the Islamic Fiqh Academy and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the Islamic Financial Services Board (IFSB), the General Council for Islamic Banks and Financial Institutions (CIBAFI), and Islamic Development Bank.

The meeting is in line with the efforts aimed at developing Islamic finance, promoting collaboration and sharing experiences, as it sheds light on some important topics such as Shari’ah and legal developments and challenges faced by Islamic financial institutions, trends of Islamic finance towards sustainability, and collaboration in achieving sustainable development goals and benefiting from the experiences of the central Shari’ah authorities in this regard.

During the meeting, the participants discussed three sessions, starting with the Shari’ah guide for exceptional circumstances and the role of the regulatory authorities in setting the necessary controls in accordance with Shari’ah principles and standards