The Seventh Forum of Central Shariah Authorities has stressed the importance of ensuring that central Shariah authorities keep pace with rapid developments in the global financial sector and strengthen coordination and consultation on emerging issues. 

This will support the development of innovative Shariah-compliant financial solutions and products that meet the needs of modern markets and economies, the Forum noted, an Emirates News Agency (WAM) report said.

The Forum was held under the co-chairmanship of the Central Bank of the UAE (CBUAE) and Bank Al-Maghrib. The Forum brought together representatives of central Shariah authorities from several countries, including Kuwait, Malaysia, Türkiye, Nigeria and Uzbekistan.

 CBUAE and Bank Al-Maghrib

The Forum was organised as part of the strategic partnership and close cooperation between the CBUAE and Bank Al-Maghrib, reflecting their joint efforts to strengthen coordination and exchange expertise in Islamic finance. 

Participants discussed a number of key topics, including the harmonisation of Shariah standards and practices and greater convergence between Shariah frameworks adopted across different markets. 

These efforts aim to support the development of a more efficient and consistent Islamic financial system capable of responding to evolving market needs.

Specialised workshops

The Forum also featured specialised workshops addressing regulatory and legislative aspects of Islamic finance, as well as the latest technological developments in the financial sector, including asset tokenisation and stablecoins and their Shariah and regulatory implications. 

The workshops also explored applications of advanced financial technologies and responsible innovation practices in the development of Islamic financial products and services.—TradeArabia News Service