Reviewing and updating Islamic capital market legislation
07/11/2019
The CMA has launched a comprehensive strategy to develop the Islamic capital market in the UAE over a period of 5 years (2017- 2021), where it coordinated with Dubai Islamic Economy Development Center. The Strategy includes the supervisory role of CMA (legislation and powers), the role of self- regulatory institutions (such as financial markets) and the challenges they face.
- The strategy includes developing a legislative framework in accordance with the highest standards so that it includes the following:
- Updating the current Sukuk regulation through consideration of the global best practices calling for adoption of the standards of both the Islamic Financial Services Board and the International Organization of Securities Commission (IOSCO).
- Islamic Shariah-compliant investment funds provisions.
- Additional disclosures related to Islamic securities.
- Islamic Shariah- compliant hedging contracts.
- Updates on sukuk and capital adequacy regulations by allocating weight (value) to Islamic products.
- Regulation of Shari'a Supervisory Board Governance and qualification of Shari'a Supervisory Board members.
- Organizing training programs in addition to an integrated awareness program dealing with Islamic financial markets.
- Signing a Memorandums of Understanding with universities.