Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Minhaj Advisory welcomes the resolution of obligating the Islamic financial institutions to apply Shari'ah Standards in the UAE
 

Dubai, UAE, July 26, 2018:  Minhaj Advisory, a Dubai-based Co, the best training institute for the year 2017, praised the newly-pioneering step taken by the Higher Sharia Authority (HSA) at Central Bank of the UAE to enforce the Internal Sharia Control Committees (ISCC) of the Financial Institutions in the United Arab Emirates to apply the Shari’ah Standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) as of the first of next September onwards. These standards are related to the Islamic financial industry.

In the company’s press release given on this occasion, Dr. Amin Fateh. General Manager of the company mentioned that this resolution comes in line with the Federal Law No. (6) of 1985 on Islamic banks, financial institutions and investment companies, issued by the late Sheikh Zayed bin Sultan Al Nahyan, President of the United Arab Emirates, where the UAE witnessed the inception of the first Islamic bank in the world that provides full-fledged banking services in 1975 in the Emirate of Dubai.

'Shari’ah Standards have become global standards applicable by most Islamic financial institutions around the world and are the guidelines for their products, services, transactions and financial plans'. Dr. Fateh emphasized. He pointed out that compliance with Shari’ah Standards gives customers' confidence in the Islamic financial institutions that they deal with. It also assures the customers that the products and services of the institutions are compliant with the rules and principles of Islamic Shari’ah according to those standards. 

'The Central Bank of the UAE 's resolution to abide by the Shari’ah Standards will lead to a unified and consistent practices and application between the institutions and facilitate the process of control and supervision. It also contributes to the development of products and services, and further competition between Islamic financial institutions. Such standards will help the internal and external Shari’ah auditors as well, to perform their duties according to unified standards, to audit and review the operations of the financial institutions and to indicate any Shari’ah violations that could occure'. Dr. Fateh added.

'Shari’ah Standards are issued by the Shari’ah Board of AAOIFI, which is composed of senior scholars specializing in Islamic financial transactions and they represent most of the doctrinal trends and jurisprudential schools'. Dr. Fateh stated.

Today, Shari’ah Standards became integrated as part of the five types of standards issued by AAOIFI covering most aspects of contemporary financial and banking transactions. A total of 100 standards were issued to date in accounting, auditing, governance and ethics, 58 of which are Shari’ah Standards., 

This resolution is one of the most important resolutions issued by the Central Bank of the UAE, which clearly reveals the UAE's keenness to create the ideal legislative environment for business in Islamic banks that contributes to the growth and development of this promising industry.

Minhaj Advisory has prospected the importance of applying unified Shari’ah Standards through introducing these standards to the financial community in the United Arab Emirates. Minhaj held a number of events and workshops to promote this concept, concurring with the efforts exerted by the Emirate of Dubai to transform Dubai into the capital of the Islamic economy in the world. In cooperation with AAOIFI, Minhaj has organized several joint ceremonies in Dubai to launch 22 new Shari’ah Standards issued between 2010 and 201, 

Dr. Fateh concluded: “On the occasion of the issuance of the resolution of the 'Higher Sharia Authority', Minhaj Advisory has offered gap analysis services to Islamic financial institutions, to provide the requirements and activities in order to be compliant with Shari’ah according to AAOIFI Standards. The Company also announced the launching of a number of specialized training programs on Shari’ah Standards and compliance requirements with the Central Bank's regulations in this regard targeting compliance and internal audit employees.

 


Posted by : Dubai PR Network Editorial Team
Viewed 14024 times
PR Category : Banking & Investments
Posted on : Thursday, July 26, 2018  5:22:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Arab Bank Group reports profits of $436 million for first ha...
Next Story : GCC Hospitality industry set for steady growth, says Alpen C...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Move Aside C-beauty, K-beauty and J-beauty - There's a New Trend in Town and It Hails Fro... [7125-Views]
Inglot Cosmetics Partners With Cartoon Network for Limited Edition “The Powerpuff Girls” B... [6875-Views]
Autumn/Winter 19: Step out in the latest styles with City Centre Deira and City Centre Mir... [6570-Views]
Think LUNETTE for an earth-friendly period [5722-Views]
ACE launches its new and inspirational Outdoor collection [4654-Views]
Dress for Diwali With the Rack by Kachins [4551-Views]
Restoration by Parmigiani Fleurier -The Yusupov Egg [4526-Views]
Chain Reaction [4526-Views]
Sandro Launches Evening Capsule Collection [4319-Views]
‘A Gift of Gold' offers at Malabar Gold & Diamonds [4246-Views]
Celebrate guilt-free shopping to your fullest! [4148-Views]
Handbags and Gladrags [4142-Views]
VAIO returns to Middle Eastern in partnership with Nexstgo [4111-Views]
Eighth World Championship title in all categories for Tissot Ambassador Marc Marquez [4093-Views]
Unifonic empowers business to capitalize on instant messaging apps to engage with customer... [4050-Views]
New Strategic Partnership with Hewlett Packard Enterprise to help accelerate Abu Dhabi Dig... [4020-Views]
MBRU and King Saud University in Saudi Arabia join forces to enhance academic collaboratio... [3898-Views]
His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum Challenges the City to Be ‘I... [3874-Views]
Peugeot Boxer 4x4 Concept Revealed [3855-Views]
Saudi Arabia's Ministry of Energy highlights enhanced cybersecurity credentials at GITEX T... [3770-Views]
Dubai Land Department welcomes Saudi Minister of Housing [3697-Views]
Hazzaa AlMansoori Undergoes Medical Experiments at Stars City as part of His Scientific Mi... [3697-Views]
During a press conference to announce the completion of preparations of Summit that will b... [3672-Views]
Victoria Beckham Eyewear Debuts New Collection for Fall 2019 [3672-Views]
Team Abu Dhabi Stars Chase Double World Title Boost in China [3593-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories