From revelation to modern Islamic finance: Islamic commercial law in the UAE as a case study

IF 1.3 Q1 LAW
Ahmed Mansoor Alkhan, M. Kabir Hassan
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Abstract

Purpose

The purpose of this paper is to analyse the Islamic finance segment within the Updated Commercial Transactions Law in the UAE and opine whether the new alterations will have a significant impact on the Islamic financial industry in the UAE.

Design/methodology/approach

This research uses a qualitative methodology, and the UAE as a case study. A single/embedded case study design is adopted, to analyse several chapters within the Updated Commercial Transactions Law in the UAE (multiple units of analysis).

Findings

The study revealed that the introduction and incorporation of fiqhi and Islamic financial principles within the Updated Commercial Transactions law in the UAE was done so in its rudimentary form, indicating that its purpose was to enhance the UAE’s position as a leading global Islamic financial hub – as opposed to the sole purpose of its usage during disputes between counterparties.

Research limitations/implications

This research is limited to the UAE as a case study and thus does not provide a comparative analysis with other GCC countries. A separate study would be required for a comparative analysis.

Originality/value

Given that the Updated Commercial Transactions Law in the UAE is relatively new, limited research papers have analysed this segment of the updated law in particular. This research, thus, contributes to knowledge by paving the way for future research pertaining to the same matter.

从启示到现代伊斯兰金融:阿联酋伊斯兰商业法案例研究
目的本文旨在分析阿联酋《最新商业交易法》中的伊斯兰金融部分,并就新的修改是否会对阿联酋的伊斯兰金融业产生重大影响发表意见。采用单一/嵌入式案例研究设计,分析阿联酋《最新商业交易法》中的多个章节(多个分析单元)。研究结果本研究揭示了在阿联酋《最新商业交易法》中引入并纳入伊斯兰教律和伊斯兰金融原则的初级形式,这表明其目的是提高阿联酋作为全球领先的伊斯兰金融中心的地位,而非仅在交易方之间发生纠纷时使用。原创性/价值鉴于阿联酋的《最新商业交易法》相对较新,对最新法律的这一部分进行分析的研究论文有限。因此,本研究为今后有关同一问题的研究铺平了道路,从而为知识的积累做出了贡献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
3.90
自引率
6.70%
发文量
13
期刊介绍: The International Journal of Law and Management is a leading journal addressing all aspects of regulation and law as they impact on organisational development, operations and leadership. Organisations and their leaders operate in an increasingly complex world of emerging regulation across national and international boundaries. The International Journal of Law and Management seeks to acknowledge the dynamics of that environment and provide a platform for articles and contributions to stimulate scholarly debate in the development of law and practice. The International Journal of Law and Management seeks to present the latest research on policy, practice and theoretical perspectives and their impact on the development and leadership of organisations. Contributions of a multi-disciplinary nature are welcome. Coverage includes, but is not limited to: -Employment and industrial law- Corporate governance and social responsibility- Intellectual property- Corporate law and finance- Insolvency- Commercial law and consumer protection- Environmental law- Taxation- Competition law- Regulatory theory
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