The UAE’s Securities and Commodities Authority (SCA) has issued a resolution regarding the offer and issuance of Islamic securities.
The resolution includes six articles. The first relates to the Shari'ah Supervisory Committee, which is the legitimate board for Islamic securities that has a minimum of three members.
Other articles refer to offering or issuing Islamic securities both inside and outside the country, as well as prospectus and other terms and conditions required by foreign applicants.
According to a statement from Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Board of Directors of the SCA, the resolution will come into effect 30 days after being published in the official Gazette.