UAE Laws and Islamic Finance

Laws of the UAE and Islamic Finance

Published IFSB Standards and Guidance Notes

“The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, was officially inaugurated on 3rd November 2002 and started operations on 10th March 2003. It serves as an international standard-setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Sharî’ahprinciples, and recommend them for adoption.

To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, International Organisation of Securities Commissions and the International Association of Insurance Supervisors.

As at March 2012, the 187 members of the IFSB comprise 53 regulatory and supervisory authorities, eight international inter-governmental organisations and 126 market players, professional firms and industry associations operating in 43 jurisdictions.

Malaysia, the host country of the IFSB, has enacted a law known as the Islamic Financial Services Board Act 2002, which gives the IFSB the immunities and privileges that are usually granted to international organisations and diplomatic missions.”

http://www.ifsb.org/published.php

UAE Laws and Islamic Finance

Laws of the UAE and Islamic Finance

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