Sharia regulator will cut costs of Islamic banks: Al Mansoori
The proposed Shariah regulatory authority in the UAE will greatly benefit the local Islamic banking and finance industry an also help reduce the cost of institutions offering Islamic financial services, said Mubarak Rashed Al Mansoori, Governor of the UAE Central Bank. The proposed Shariah authority will have the key objective of – among others – issuing fatwa for products and services; introduce new and adopt existing international standards; documents regulations related to Islamic financial services; advise central bank on Shariah bank regulations to conduct monetary and financial surveillance. Al Mansoori said banks in the UAE have been innovative and creative in terms of introduction of the new Islamic products.
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