CBUAE, Bank Al-Maghrib organise Forum of Central Shariah Authorities

The United Arab Emirates hosted the Seventh Forum of Central Shariah Authorities, 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.

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. It also aimed to keep pace with Shariah, regulatory and legal developments that support the sector’s sustainability and promote its growth at the regional and international levels.

During the Forum, 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.

Participants also emphasised 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 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.

The Forum reflects the CBUAE’s commitment to advancing the Islamic finance ecosystem and strengthening cooperation with regional and international regulatory and Shariah authorities, further reinforcing the UAE’s position as a leading global hub for Islamic finance and Shariah-compliant financial innovation.

Separately, the UAE Banks Federation (UBF), the sole representative and unified voice of banks in the UAE, affirmed that the selection of UBF’s representative to the Supervisory Board of the Society for Worldwide Interbank Financial Telecommunication (Swift), reflects global confidence in the UAE’s position and the advancement of its payments ecosystem, as well as its role in strengthening governance frameworks at the local, regional and global levels.

Swift announced the formation of a new 15-member Supervisory Board following the evolution of its governance model, which aims to shape the next phase of its strategy in line with the priorities of the global financial sector and to strengthen the resilience and trust underpinning the international payments ecosystem.

UBF has nominated Ahmed Abdelaal, Group Chief Executive Officer of Mashreq and member of UBF’s CEO Advisory Council, to Swift’s Supervisory Board, which brings in senior industry leaders and independent members, from global banking, payments, securities, market infrastructures, technology, risk management, and corporate governance with international experience and expertise to drive forward the Swift’s strategy in a rapidly evolving financial services landscape.

The selection of Ahmed Abdelaal underscores the pivotal role of the UAE’s banking and financial sector in shaping the future of payments. The UAE is the only country from which a new representative has been appointed to the Supervisory Board and the only country in the Middle East and Africa represented on the Board. The Board will be responsible for charting the roadmap to the future of global payments and accelerating the development of transaction services in line with the highest international standards, leveraging the latest technologies.

In line with international best practice for systemically important financial infrastructures, and underpinned by regulatory principles, Swift’s evolved two-tier governance structure includes a Supervisory Board comprising the Chair, four independent Directors and 10 shareholder-affiliated Directors drawn from across Swift’s global community to oversee the management of Swift.

The Supervisory Board will be supported by a Management Board, and a 25-member Swift Council that will diverse perspectives and insights to contibute to continued improvement of international payments.

With the major shifts towards post quantum and frontier AI influencing the future of operations, resilience and cyber, the Board will be working together with Swift’s management as it evolves its strategy to navigate these industry challenges and opportunities, ensuring the global financial community continues to transact securely, seamlessly and at scale.

WAM