DUBAI: The event which was established a year earlier, serves as a platform for Shari’ah departments of Islamic financial institutions to conceptualise, evolve and drive the development of Shari’ah compliance in the UAE. “Reflecting on the progress of the Islamic finance industry over the last 40 years, we strongly believe that all players within the industry can extract massive synergies if we are aligned on communication, reporting and regulations. Meeting of minds from across the sector is critical for the continual development and globalisation of Islamic Finance. This event helps facilitate the sharing of best practices whilst simultaneously addressing the challenges faced by the Shari’ah business teams today and, as the main founder of this Forum, we remain fully committed to the UAE’s ambition of making Dubai the global capital of the Islamic economy,” said Moosa Khoory, Head of Shari’ah at DIB.
Outcomes from the first edition of the Forum have already made their mark and included recommendations to the reputable international AAOIFI’s Governance Board, such as the suggestion for the establishment of a joint committee across all Shari’ah departments, instilling a risk based Shari’ah Audit, developing Shari’ah guidebooks for auditors as well as highlighting the need for a Higher Shari’ah Authority of the Central Bank to develop Shari’ah governance manuals. AAOIFI’s Board is still in deliberations; however, should these resolutions be accepted, they would also be recommended for global implementation. This year the Forum expanded from the four founding banks and now included all Shari’ah departments of Islamic financial institutions in the UAE. The theme for this year’s forum was ‘Shari’ah Review’ primarily built around covering the process and mechanism of Shari’ah review of both standard and non-standard transactions within the industry.
