Islamic Finance

AAOIFI Shariaa Standards Key Points and Way Forward

The Higher Sharia Authority (HSA) at Central Bank of UAE has recently announced in Resolution No. 18/3/2018 Dated: 4/7/2018 that the AAOIFI Sharia Standards shall be binding on the Internal Sharia Control Committees (ISCC) of the Financial Institutions that preform all or part of their activities in accordance with Islamic Sharia rules from 1/9/2018 onwards. Additionally, the ISCCs must comply with these Sharia standards in all of their Fatwa issuance and adoption, approvals, and recommendations in any form. The products, activities and services adopted and currently used by IFIs prior to this resolution should be revised in accordance with AAOIFI Sharia Standards as well. The 5 day workshop seeks to enable key resources in developing understanding of AAOIFI Shariah Standards.

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