UAE Laws and Islamic Finance

Laws of the UAE and Islamic Finance

Archive for May 9, 2010

Islamic Finance Is Here to Stay

 

We need a world recognized Islamic Finance Arbitration Center to be set up immediately in order to handle current Islamic banking disputes staffed by the worlds’ top Sharia’h and Islamic Finance Scholars.  Currently, there is an Islamic Finance Arbitration Center  in existence but it is not widely used or recognized.  http://www.iicra.net/English/m1_1.htm 

A major hurdle to the advancement of Islamic Finance is that it if a dispute arises in an Islamic Finance or Banking transaction, the jurisdiction in which the transaction occurred most likely does not have an Islamic Banking Law.  Even the UAE does not have an Islamic Banking Law, however, it has a law allowing Islamic Banks to exist. 

http://ilovetheuae.com/2010/03/09/uae-banking-series-part-iii-islamic-banks/

Therefore, attached to the Islamic Finance Arbitration Center, there should be an Islamic Finance Jurisprudence Office entrusted with the task of creating a unified Islamic Banking Law and to have it implemented in all countries around the world which are commercial centers.  

This law may incorporate the AAOIFI standards.

http://www.aaoifi.com/keypublications.html

http://www.findtoyou.com/ebook/aaoifi+sharia+standard.html

http://en.wikipedia.org/wiki/Islamic_banking

UAE Laws and Islamic Finance

Laws of the UAE and Islamic Finance