Shariah governance

Higher Shari'ah Authority (UAE)

The UAE's national Shari'ah body whose regulations, standards and resolutions frame institutions' internal Shari'ah committees.

The Higher Shari'ah Authority is the UAE's national body for Shari'ah matters in Islamic finance. The Central Bank of the UAE's rulebook refers to the regulations, standards and resolutions issued by the Central Bank and the Higher Shari'ah Authority, and requires members of each institution's Internal Shari'ah Supervision Committee to meet the eligibility and competency requirements they set and to follow their controls on independence. For institutions in the UAE, its resolutions sit above the internal committee's own decisions.

Sources

Central Bank of the UAE Rulebook, Shari'ah Supervision: Charter of the Internal Shari'ah Supervision Committee: references to the Higher Shar'ah Authority

This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.

Related terms

Internal Shari'ah Supervision Committee (ISSC)In the UAE, the committee of scholars an Islamic financial institution appoints to supervise its transactions, activities and products.National Shariah authorityA Shariah body set up by national law or government, independent of the regulator, whose rulings bind institutions.Central Shariah boardA national or regulator-level Shariah authority whose rulings set or harmonise Shariah positions across a jurisdiction.Shariah governance systemThe institutional arrangements through which an institution ensures independent oversight of its Shariah compliance.