CIFE UAE Islamic Finance Framework

Question 1

Which UAE legislative framework established the legal basis for Islamic banking operations in the country?

Accepted Answer

UAE Federal Law No. 6 of 1985 on Islamic Banks, Financial Institutions and Investment Companies, as updated by subsequent CBUAE regulations

Answer

Dubai Law No. 13 of 2008 on Mortgage Finance only

Answer

Federal Decree No. 76 of 2023 on Banking Licensing only

Answer

Abu Dhabi Global Market Companies Regulations 2015

Question 2

Which UAE body is the primary regulator of Islamic banks operating in the UAE mainland?

Accepted Answer

The Central Bank of the UAE (CBUAE)

Answer

The Securities and Commodities Authority (SCA)

Answer

The Dubai Financial Services Authority (DFSA)

Answer

The Financial Intelligence Unit (FIU)

Question 3

What is the UAE's 'Higher Shariah Authority' and what is its role?

Accepted Answer

A body established by the CBUAE comprising senior Islamic scholars to issue binding Shariah standards and fatwas for UAE Islamic financial institutions, ensuring national Shariah harmonisation

Answer

A commercial Shariah advisory firm hired by banks individually

Answer

A political body within the UAE government

Answer

An AAOIFI sub-committee based in Bahrain

Question 4

Which UAE free zone is a global hub for Islamic finance, hosting Islamic banks, Sukuk listings, and Islamic investment companies?

Accepted Answer

Dubai International Financial Centre (DIFC)

Answer

Abu Dhabi Global Market (ADGM)

Answer

Jebel Ali Free Zone (JAFZA)

Answer

Sharjah Airport International Free Zone (SAIF)

Question 5

What is Dubai's 'Islamic Economy' initiative and what is its strategic goal?

Accepted Answer

A government strategy launched by Sheikh Mohammed bin Rashid Al Maktoum to make Dubai the global capital of the Islamic economy across finance, trade, halal industry, digital economy, and tourism

Answer

A marketing campaign for Islamic products in UAE supermarkets

Answer

A subsidised housing programme for UAE nationals

Answer

A foreign policy initiative for GCC unity

Question 6

Which UAE stock exchange is one of the world's most active venues for Sukuk listing?

Accepted Answer

NASDAQ Dubai (within DIFC)

Answer

Abu Dhabi Securities Exchange (ADX)

Answer

Dubai Financial Market (DFM) equity only

Answer

Dubai Gold and Commodities Exchange (DGCX)