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Saturday, April 20, 2024

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Higher Shari’ah Authority of Central Bank of the UAE holds fourth meeting of Central Shari’ah Authorities; discusses harmonization and sustainability

UAE: The Higher Shari’ah Authority of the Central Bank of the UAE (CBUAE) at the fourth round table meeting of the Central Shari’ah Authorities (CSA) has discussed the Shariah guide for exceptional circumstances and the role of regulatory authorities in setting the necessary controls in accordance with Shariah principles, a statement confirmed. 

Participants exchanged views regarding the strategies, steps and efforts exerted toward better harmonization and diversification of Shariah standards and contracts in Islamic finance.  

The meeting also focused on the standardization of cross-border transactions, the various strategies for adopting green finance and sustainability standards for Islamic financial institutions as well as the social aspect that Islamic financial institutions have undertaken since their inception. 

The meeting was attended by members of the CSA affiliated to 11 regulatory authorities from several countries, namely Kuwait, Bahrain, Morocco, Malaysia, Indonesia, Brunei, Pakistan, Nigeria, Djibouti, the Maldives and Bangladesh as well as international organizations including the Islamic Fiqh Academy, AAOIFI, IFSB, General Council for Islamic Banks and Financial Institutions and the IsDB.

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