Executive regulation of Sharjah Islamic Center for Economy and Finance Studies, issued by virtue of article 43 of the Academic Organization Bylaws that is issued by virtue of article 3 of the Executive Bylaws of 2016 regarding the establishment and organization of the university of Sharjah.
the present regulations shall be called " The Regulation of Sharjah Islamic Center for Economy and Finance Studies" and shall be effective as of the date of issue.
The following terms shall have the meanings ascribed thereto unless the context indicates otherwise:
The University: The University of Sharjah
The Chancellor: The Chancellor of the University of Sharjah
The Bank Sharjah Islamic Bank
The Chief Executive Officer: The Chief Executive Officer of Sharjah Islamic Banks
The Center: The Sharjah Islamic Center for Economy and Finance Studies
The Board of Directors: The board of directors of the Sharjah Islamic Center for Economy and Finance Studies
The Center Director: The director of the Sharjah Islamic Center for Economy and Finance Studies
The Executive Board: The exective board of the Sharjah Islamic Center for Economy and Finance Studies
The services: The studies, research, consultation and professional qualification
Institutions: Islamic Financial Institutions
Relevant colleges: Colleges of Sharia and Islamic Studies, Business Administration, Law
The Center shall be special unit that is administratively reporting jointly to the chancellor and the chief executive officer of the bank.
The center aims at achieving the following objectives:
-Promoting research and solving problems through research, studies and conslultations in different fields of Islamic finance industry
-Contributing to the empowerment of Islamic financial institutions through qualifying and developing their human resoures by providing them with training and professional programs of high quality.
-Creating and developing Islamic banking products and services matching national and international standards.
-Establishing strong links with different institutions and business sectors.
The center shall perform the tasks and activities required for the development of institutions in order that its objectives will be achieved.
The director shall report directly to the chancellor and practice the authorties stipulated by the present regulations and those issued by the board of directors. The director shall as well perform the following duties:
-Overseeing the Center as per the University bylaws.
-Representing the Center in discussions and concluding memorandums of understanding with external entities as may be authorized by the chancellor.
-presenting the draft budget of the Center in accordance with an implementation plan. The budget shall include lecturers' wages and service fees.
-Approving expenditures as per the budget approved for the center.
-Presenting a bi-annual report to the chancellor about the achievements of the center.
-Presiding over the executive board organizes its works and follows up its decisions and recommendations.
-Any duties as may be assigned by the chancellor or the chief executive officer.
The board of director shall be composed of the chancellor as a chairman, the chief executive officer as a co-chairman, deans of relevant colleges, the director of the center and a representative of the banks
The board of directors shall be assigned the following authorities:
-Approving appropriate strategies and development plans promoting the status of the center
-Providing directives to the colleges and the bank in order to carry out optimal implementation of the programs and services offered by the center.
-Approving the center's annual plan.
-Approving the center's budget
-Nominating the center's director
-Forming an advisory body for the center
-Forming an advisory body for the center
The board of directors shall meet at least once in each semester upon an invitation from the chairman or whenever necessary.
The executive board shall have the following authorities:
-Taking part in the preparation and overseeing the implementation of the annual plan of programs and activities
-Presenting recommendation to the board of directors regarding approval of the center's annual budget and plan.
-Approval of the center's annual plan, which includes professional and training programs, services and projects that the center may provides as per market needs.
The executive board's meeting shall be organized as follow:
The meeting is held regularly once a month and whenever necessary. The quorum for the meeting shall be five members including the chairman. In the event of a tie vote regarding a certain decision, the chairman shall have the casting vote.
In the event of voting on a decision relevant to a college, at least one representative of such college shall attend the voting.
The administrative assistant, or whomsoever appointed by the chairman, shall be the secretary of the board's meetings.
Appointments of the center's staff shall undergo the University's bylaws and their relevant regulations.
The following categories shall carry out delivering training programs, technical consultations and studies of the center.
- The center's experts
- The University faculty and staff members and the staff of the bank who are selected to perform such tasks
- Any other person of competency and experience as may be deemed fit by the center.
The work delivered under the umbrella of the center by the University faculty or external experts shall be an intellectual property of the University unless otherwise agreed upon.
Staff assigned to deliver professional and training programs, consultations, technical services and studies shall be remunerated for their works as per relevant regulations of remuneration and in accordance with the University bylaws.
The center shall present its services and technical consultations as per agreements held with beneficiaries based upon the terms and conditions stipulated by the University bylaws.
The center shall issue certificates signed by the chancellor for professional and training diplomas of less than on year, in addition to certificates issued jointly by the University and relevant international accredited institutions and centers.
To fund research projects, the following steps shall be followed:
Announcing the fields of research in light of Islamic financial market needs.
Assessing research projects by an academic committee formed within the center upon positive results of assessment, the committee recommends funding the project.
Approving the funding by the board of directors
The maximum amount for funding individual research projects is AED 50.000, and collaborative research projects is AED 100.000.
The present regulations shall take effect as of the date of issue. Any provision or decision inconsistent with the present regulations shall be cancelled.
The chancellor, the vice – chancellors, the deans and directors shall be responsible for the implementation of the present regulation.