The call to institute a supreme Shari’ah board in the GCC has been taken up Dr. Hussein Hamid Hassan, a leading Shari’ah scholar.
Hassan made the call at a briefing session organized by Dubai’s Hawkamah Institute for Corporate Governance to publicize its launch of a policy brief on the corporate governance of Islamic financial institutions operating in Dubai.
Hassan said that he believed the industry needed a collaborative body encompassing the leading Shari’ah scholars from across the GCC, in order to streamline the process of issuing Fatwas and help speed up the development of products.
When Hassan was asked by The Islamic Globe, how he judges the Qatar Central Bank’s move to separate Islamic and conventional banking, he answered that this was: “A step in the right direction for more transparency,” as regulators should not be treating Islamic banks like conventional banks. Hassan also telegraphed that an Islamic Banking Academy was on the verge of being set up “in the near future” in Dubai.