Accra:The Seventh Forum of Central Shariah Authorities was co-hosted by the Central Bank of the UAE (CBUAE) and Bank Al-Maghrib, bringing together representatives from central Shariah authorities across various countries, including Kuwait, Malaysia, Türkiye, Nigeria, and Uzbekistan.
According to Emirates News Agency, the Forum was part of a strategic partnership between CBUAE and Bank Al-Maghrib, aimed at enhancing coordination and sharing expertise in Islamic finance. The discussions focused on harmonizing Shariah standards and ensuring the Shariah frameworks in different markets converge to develop a more efficient Islamic financial system.
The participants stressed the need for central Shariah authorities to keep up with global financial sector developments and to improve coordination on emerging issues. This approach is expected to facilitate the creation of innovative Shariah-compliant products that cater to modern market demands.
Specialized workshops during the Forum addressed regulatory aspects and the latest technological advancements in the financial sector, such as asset tokenisation and stablecoins, evaluating their Shariah and regulatory implications. Discussions also covered the use of advanced financial technologies in developing Islamic financial products and services.
The Forum underscored CBUAE’s commitment to advancing the Islamic finance ecosystem and its collaboration with international Shariah authorities, bolstering the UAE’s status as a global hub for Islamic finance and innovation.