A joint consultative meeting between the UAE Ministry of Finance and Jeddah-based Islamic Development Bank (IDB) gave the nod for a UAE proposal for instituting an international forum for Islamic financial policies. The proposal will be submitted for the IDB board of governors for final approval.
The experts gave their consent at the end of a two-day meeting of experts attended by IDB Chairman Dr. Ahmed Ali, leaders of Islamic financial institutions, representatives of ten Islamic countries, central banks, World Bank and International Monetary Fund.
The UAE also called for reinvigorating the auqaf (endowment) and zakat (alms) as key instruments for Islamic financing sector and for infusing these mechanisms into development policies.
Challenges facing the Islamic financial services are depressing efforts towards achieving harmony, competition and transparency and developing accounting and auditing standards. There’s a need for a higher authority or council for Islamic financial services to reconcile between different schools of Islamic Sharia.
The forum will be made up of ministers of finance, central bankers, IDB, Islamic agencies for accounting and auditing, Islamic Financial Services Council, WB and IMF. The forum’s main mandate is to work out strategies for upgrading Islamic financial industry to serve the socio-economic development in the Islamic World.
Emirates News Agency Feb 28, 2008
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