The UAE Cabinet on Sunday approved the launch of a new Sharia Authority, a national regulator to set standards for Islamic finance products, according to the state news agency Wam.
The board will oversee the Islamic financial sector, approve financial products and set rules and principles for banking transactions in accordance with Islamic jurisprudence on finance.
The Central Bank will oversee and select the members of the new board. Financial institutions will contribute to the running of the board by paying fees to the Central Bank.
Currently, individual financial institutions run their own Sharia boards, which are groups of scholars who decide on whether individual products are consistent with Islamic jurisprudence on financial affairs.
The national regulator will not replace the Sharia boards of individual banks, but will be approve new products that have already received approval from individual Sharia boards.
Analysts have long pointed to the absence of a single regulator as an obstacle to the development of the Islamic finance sector in the UAE.
The lack of a national board means that disagreement on Sharia standards persists, as individual Sharia boards disagree on the Sharia-compliance of particular products.
Individual banks may market the same products differently, while some UAE banks use financial structures to underpin products that are not approved by Sharia scholars in other jurisdictions.
In a report published last year, Deloitte said that a national Sharia board could “reduce future disputes and increase transactions”.
Oman launched a national Sharia board in 2012, while Bank Negara Malaysia, the Malayasian central bank and the world’s largest individual issuer of sukuk, launched its national Sharia board in 1997.
The UAE board, which is modelled on the Malaysian board, will have “a wide remit when it comes to approving products”, and should make “customers’ lives a bit easier” by ensuring consistent Sharia standards across all products, a person familiar with the government’s plans said.
“It’s one of the key pillars of the Dubai Islamic Economy Strategy, and it has been a Central Bank priority since 2013, when work began on this.”
abouyamourn@thenational.ae
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Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
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Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
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