The financial activity of UAE was in accordance with the federal law issued in 1985. Arab nations have been following what is being written on the spoon-feed law from the US. Today, that US economy is almost in recession, UAE is planning to replace it with a new one, a Law that would highlight Islamic precepts, according to a top UAE official.
"It has been a very long time since this law was introduced, and experience has proven that the individual Sharia boards within the Islamic financial institutions are more efficient," Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs, told the Federal National Council (FNC) on Tuesday.
With the rapid expansion of Islamic banks, the UAE is becoming a centre for Islamic finance.
"Islamic banks have grown from two in 2000 to seven in 2007, and we are still considering licensing the conversion of some institutions, and only one new licence for the emirate of Ajman was issued, while the number of Islamic investment companies has grown from one in 2000 to ten in 2007.
1 comments:
See Please Here
Post a Comment