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A Single Gulf Shariah Council Not ‘Far Fetched Reality’

Dubai, UAE : 10 June 2010

A single Shariah board to regulate the Gulf’s Islamic financial institutions may be a reality in the near future.

Shariah scholar, Hussain Hamed Hassan, Chair of the Shariah Coordination Committee of the Islamic Financial Institutions in the U.A.E, has said that ‘it will happen’ but that it is ‘a question of time.’  He suggested 2013 was not ‘far fetched’ due to the number of Islamic finance experts already in the UAE. 

 The board would mean the industry could be standardized across the Gulf countries, which would likely result in an increasing number of Islamic banking services for the region’s Muslim population.   

The news comes as the United Arab Emirates Bank announced that it will offer the UAE’s first Shariah compliant certificate of deposits with the aim of developing the market in Islamic finance. 

The Shariah finance industry was created in the 1970’s but in recent years has grown significantly.  Estimates of the industry’s assets were $700billion for 2005, but the Islamic Financial Services board, based in Kuala Lumpur, reported that assets may well quadruple by 2015 to $2.8trillion.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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