Gulf States Plan to Have United Shariah Council by 2021
Gulf Arab states is planing to have a single Shariah board for the region’s Islamic financial institutions in five to 10 years. A “supreme Shariah council” will help reduce the cost of issuing sukuk and boost Islamic services offered by financial institutions that comply with the religion’s ban on interest.
Hussain Hamed Hassan, head of Dubai Islamic Bank PJSC (DIB)’s Shariah committee, criticized central banks for treating Shariah- compliant financial institutions as if they were non-Islamic companies. He added that only a few central banks were exceptions, including those in Bahrain and Sudan.