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Higher Shari’ah Authority

The Higher Shari’ah Authority (“HSA”) was established, and its Members appointed, in accordance with resolutions enacted by the UAE Cabinet. Decretal Federal Law No. (14) of 2018, regarding The Central Bank of the UAE and the organisation of financial institutions and amendments, reaffirmed HSA’s establishment and provided further details of its mandate.

The HSA aims to harmonise and standardise the practices of Islamic financial institutions, aligning them with internationally- recognised Shari’ah standards and widely-recognised practices through collaboration with relevant stakeholders. The HSA’s goal is to support the creation of a robust infrastructure that enables further development of the country’s Islamic finance industry, and advances the UAE’s vision in becoming an internationally-recognised hub for Islamic finance.

Decretal Federal Law No. (14) of 2018 mandated the HSA to determine the rules, standards and general principles applicable to Shari’ah-compliant businesses and licensed financial activities, and to undertake supervision and oversight of the Internal Shari’ah Supervision Committees of licensed Islamic financial institutions. In addition, HSA is mandated to approve Islamic monetary and financial tools developed by the CBUAE to manage monetary policy operations in the UAE.  The HSA also provides its opinion on specific regulatory rules and instructions relating to the operations and activities of licensed Islamic financial institutions.

Achievements and reports

Guided by its strategic objectives, the HSA adopted the Shari’ah standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), serving as the minimum requirements for Shari’ah compliance by Islamic Financial Institutions. In addition, the HSA introduced a number of Shari’ah governance measures to strengthen the assurance of Shari’ah compliance in IFIs.

HSA Members

  • Members of the HSA (2018-2021)
    • • His Eminence Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad (Chairman)

     

    • • Sheikh Prof. Dr. Jasim Ali Al Shamsi (Member)

     

    • • Sheikh Esam Muhamad Ishaq (Member)

     

    • • Sheikh Dr. Aznan Hasan (Member)

     

    • • Sheikh Dr. Osaid Muhammad Adeeb Al Kailani (Member)
  • Members of the HSA (2021-2024)
    • • His Eminence Sheikh Dr. Ahmed Bin Abdulaziz Al Haddad (Chairman)

     

    • • Sheikh Prof. Dr. Jasim Ali Al Shamsi (Member)

     

    • • Sheikh Esam Muhamad Ishaq (Member)

     

    • • Sheikh Dr. Aznan Hasan (Member)

     

    • • Sheikh Dr. Osaid Muhammad Adeeb Al Kailani (Member)

Shari’ah Governance Standards

Standard Re. Shari'ah Governance For Islamic Financial Institutions

Standard Re. Regulatory Requirements for Financial Instituitions Housing an Islamic Window

Guidance Note Re Annual Shari'ah Report of Internal Shari'ah Supervision Committee

Guidance Note Re Charter of Internal Shari'ah Supervision Committee

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Last updated on: Thursday 14 March 2024

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