UAE To Introduce Higher Sharia Board To Strengthen Islamic Finance Industry

The UAE will introduce a Higher Sharia Board soon to strengthen consistency and consultation across the Islamic finance industry in the country.

The UAE Banks Federation, a professional body representing 49 member banks operating in the UAE, discussed the imminent launch at its first meeting of the year, headed by chairman AbdulAziz Al Ghurair.

Topics also included progress on the mobile wallet project and a review of regulations governing risk management and liquidity in UAE banks.

A programme being finalised by the Federation to address cash flow and debt problems faced by small and medium sized enterprises (SMEs) in the UAE was also discussed, a statement said.

Many businesses in the Gulf have had difficulty repaying hefty debts after a fall in commodity prices and a slowing economy bruised their balance sheets.

Under its proposal, companies owing debt to more than one bank and finding it tricky to repay will be able to restructure future payments.

Payments could also be suspended while businesses reach a deal on their debt with lenders.

Originally published on www.arabianbusiness.com