gulfnews : Gulf states plan supreme Sharia council for banks

Gulf states are working towards the creation of a single Sharia board for the region's Islamic financial institutions, said Hussain Hamed Hassan, head of Dubai Islamic Bank PJSC's Sharia committee and chairman of the Sharia Coordination Committee of the Islamic Financial Institutions in the UAE.

Speaking at the launch of Hawkamah Institute's policy brief on corporate governance of Islamic banks and Islamic financial institutions, Hassan said creation of a supreme Sharia council will help in co-ordinating the rulings of various Sharia councils and supervisory boards in the region and will reduce the possibility of differences.

The policy brief highlights the improvements required in the corporate governance of Islamic banks and financial institutions in Mena. It considers international practices and standards developed by various Islamic finance standard setting bodies in the light of the global fin-ancial crisis.