UAE plans new law on Islamic finance activities

The UAE plans to issue a new law to supervise Islamic finance activities, reported Gulf News. The new statute would create a higher Shariah council to to oversee Islamic finance activities in accordance with Islamic precepts, said Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs. In terms of assets and liabilities, Islamic banks account for Dhs170bn of total banking assets, or 13.5, a ratio similar to that of Malaysia.