SEC organises Awqaf Shari'ah Supervisory Committee

The decision stipulates that the committee should consist of a chairman and several members of experience and specialty. Chairman and members are to be named by SEC as per Article (55) of Law (8) of 2018. The committee will follow the Awqaf Department in Sharjah in financial and administrative matters and shall be involved in: 1- Setting Shari’ah compliance standards for managing endowments of the department. 2- Issuing endowment related decisions to the department. 3- Providing Shari’ah insights in endowment issues submitted by the department. 4- Issuing annual reports, or when needed, highlighting its activities, challenges, and recommendations. 5- Any other issues as assigned by SEC. The decision sets membership period to 4 years from the date of formation, with the possibility of extension and renewal of periods as well as reassigning of previous members. The decision stipulate the remuneration of members as per Emiri Decree (1) of 2015 as monthly remuneration of AED 1250 to the chairman and AED 1000 to members for each attended meeting not exceeding the total of AED 5000 for chairman or members. The Decision shall be effective from the date of its issuance and other competent authorities should implement its provisions each in its respective field, and shall be published in the Official Gazette.