“Pluralistic Middle East” Lecture Series | Elhag Eldosh: The Status and Role of Shariah Supervisory Board in Islamic Finance Industry
On the afternoon of November 12th, 2020, Prof. Elhag Eldosh, Professor at the College of Law of United Arab Emirates University, shared an online lecture on the theme “The Status and Role of Shariah Supervisory Board in Islamic Finance Industry” with doctorate candidates at Institute of International and Area Studies, Tsinghua University (IIAS-THU) and scholars from IIAS and beyond. This event is also the 6th session of IIAS’ “Pluralistic Middle East” Lecture Series. Ma Yue, PhD candidate in Middle East Law at IIAS, presided over the lecture.
Prof. Eldosh introduced the definition of the term “Islamic Finance” and the importance of Shariah supervisory system in Islamic finance. Although the market environment varies from country to country, Islamic financial institutions have always adhered to four elements when implementing Shariah supervisory system, namely, Competition, Independence, Confidentiality and Consistency. Prof. Eldosh also reviewed the supervisory system of the Islamic financial sector, including High Sharia Control Commission and Internal Shariah Supervision. Shariah supervisory board is an effective vehicle to ensure and measure whether the operation of the Islamic financial sector conforms to Islamic law.
During the Q&A session, Prof. Eldosh interacted with the audience on more diverse and deep-seated issues, including the differences between Shariah supervisory boards in Malaysia and the United Arab Emirates, the dispute resolution in Islamic finance, the Islamic finance in Saudi Arabia and the Islamic financial cooperation between China and UAE.
With PhD in Islamic Law from Omdurman Islamic University, Prof. Elhag Eldosh currently serves as Professor of Law at United Arab Emirates University. His research interests include comparative law, Islamic studies and Islamic law studies.
Text by: Zhang Yuan
Edited by: Ma Yue