{"title":"From revelation to modern Islamic finance: Islamic commercial law in the UAE as a case study","authors":"Ahmed Mansoor Alkhan, M. Kabir Hassan","doi":"10.1108/ijlma-06-2024-0206","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>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.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>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).</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>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.</p><!--/ Abstract__block -->\n<h3>Research limitations/implications</h3>\n<p>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.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>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.</p><!--/ Abstract__block -->","PeriodicalId":46125,"journal":{"name":"International Journal of Law and Management","volume":"142 1","pages":""},"PeriodicalIF":1.3000,"publicationDate":"2024-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Law and Management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/ijlma-06-2024-0206","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"LAW","Score":null,"Total":0}
引用次数: 0
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.
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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