UAE banks discuss plan for centralised Islamic finance board

The United Arab Emirates' bank industry association has discussed a proposal to create a centralised sharia board that would monitor Islamic banking. The central bank had proposed setting up a Higher Sharia Authority that would complement and oversee the work of sharia boards at individual Islamic banks. Details of the timing and structure of the new entity were not specified. The UAE Banks Federation, which represents 50 banks, also said on Sunday that it had approved the appointment of a new, independent monitoring agency that would help to implement its code of conduct for member institutions. It did not give details.