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Dubai Islamic Bank Launches UAE Sharia Departments Forum 2016
(1 May 2016)

 

Dubai Islamic Bank, the largest Islamic bank in the UAE, announced today that it had launched the first UAE Sharia Departments Forum 2016.The event was organized by the Bank, as Founder & Sponsor with the valued participation of other local Islamic banks, to create a platform where the Sharia departments of financial institutions across the country can meet to exchange experiences and share solutions to the challenges they face, with the strategic objective of developing the Islamic financial services sector in the UAE. The opening event took place on April 30, 2016, at The Palace Hotel in Dubai.

As the first event of its kind in the country, the Forum was led by Sharia department at DIB and featured the Sharia departments of other local Islamic banks including Abu Dhabi Islamic Bank , Emirates Islamic and Al Hilal Bank . 'Sharia Audit' was chosen as the theme of the event this year with a very comprehensive series of panels, each of which was led by one of the participants, discussing a different element of the topic.

DIB chaired a session on the 'Sharia Auditor's Guide', while other banks covered topics such as 'Sharia audit based on the risk of non-compliance' which was managed by Abu Dhabi Islamic Bank ; 'the relationship between Sharia audit and internal audit, and areas of cooperation' by Emirates Islamic ; and 'the differences between the Sharia auditor and the Sharia compliance reviewer' by Al Hilal Bank . The event concluded with a roundtable discussion on the findings and the recommendations of the Forum.

Commenting on the event, Moosa Khoory, Head of Sharia, DIB , said: "Given our unparalleled heritage in Islamic banking, we strongly believe that Sharia compliant financial institutions across the country need to come together to collaborate in order to share knowledge and work together to effectively address the biggest challenges we face today. With this goal in mind, we are proud to have organised this initiative and would like to thank all the participating banks for their support. The event was established as a leading annual platform to discuss the most pressing issues facing Sharia departments and to develop innovative solutions that will drive the ongoing evolution of the Islamic financial services sector."

The Inaugural Forum was attended by all the employees working in the Sharia departments of the participating banks. DIB 's Sharia department is looking forward to expand this Forum over the next four years to include all the Islamic banks and Islamic windows in the country, as well as Islamic Finance companies, such as Takaful providers. 

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