UAE’s FNC Calls For Standardizing Sharia Banking Systems

As the different Sharia systems followed by Islamic banks in the United Arab Emirates have left many customers confused,  the UAE’s Federal National Council (FNC) called for a committee standardizing the different Sharia systems followed by Islamic banks in the country.

The FNC member Ali Al Nuaimi from Ajman found that in 1985, a law was passed, by Cabinet and presidential decree, for such a committee to act as a monitor. Twenty-seven years later, the law is still waiting to be enacted.

The 1985 law stated that it was the responsibility of the Ministry of Islamic affairs to oversee the committee’s work – but shortly after the law’s passage, the law foundered as the ministry was turned into the General Authority of Islamic Affairs, The National reported.