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The Securities and Commodities Authority’s Training Center (SCA TC) held a technical workshop on the development of financial products in Islamic financial institutions in collaboration with the General Council for Islamic Banks and Financial Institutions (CIBAFI).
The workshop puts into effect the MOU signed between SCA and the Bahrain-based CIBAFI last year, as well as promotes the efforts to establish the UAE as a capital of Islamic economy.
The three-day workshop was attended by 45 participants from 10 countries, including the United Arab Emirates, Bahrain, Algeria, Sudan, Oman, Kuwait, Kenya, Saudi Arabia, Mauritania, and Nigeria. Workshop attendees ranged from senior managers to heads of product development, shari'ah, risk management, and legal affairs in banks and Islamic financial institutions.
Throughout the workshop, various topics and issues were addressed, including product development, financial engineering, legal frameworks for product development and innovation, methodologies and applicable proceduresfor product development, harmony between legal requirements and practices, and practical case studies about innovative products and services in Islamic finance.
