UAE: Local Islamic banks, via the Shariah coordination committee of Islamic financial institutions, have reportedly objected to the new retail financing regulation introduced earlier this year and requested amendments to these rules, citing non-compliance with Shariah banking principles.
In view of this, the committee has reportedly submitted proposals to the Central Bank of the UAE asking for common standards for Shariah compliant transactions.
The lending law covers all retail financings including personal, car, housing and credit, and is aimed at controlling lending activity and excessive charges by banks.