The Seventh Forum of Central Shariah Authorities was held in the United Arab Emirates, with the Central Bank of the UAE (CBUAE) and Bank Al-Maghrib serving as co-chairs. The Forum brought together representatives of central Shariah authorities from countries such as Kuwait, Malaysia, Turkey, Nigeria, and Uzbekistan.
The Forum was organised through the strategic partnership and close collaboration between Bank Al-Maghrib and the CBUAE, reflecting their shared efforts to enhance coordination and exchange expertise in Islamic finance. It also aimed to keep pace with Shariah, regulatory, and legal developments that support the sector’s sustainability and growth regionally and internationally.
The Forum featured discussions on a range of critical subjects, including harmonising Shariah standards and practices and promoting greater convergence among Shariah frameworks implemented across markets. The objective of these endeavours is to help establish an Islamic financial system that is more consistent and efficient in adapting to changing market demands.
Participants also underscored the importance of central Shariah authorities keeping pace with rapid advancements in the global financial sector and enhancing coordination and consultation on emerging issues. This will facilitate the creation of innovative Shariah-compliant financial solutions and products that are tailored to the requirements of contemporary markets and economies.
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