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Ercanbrack, Jonathan (2019) 'Islamic Financial Law and the Law of the United Arab Emirates: Disjuncture and the Necessity for Reform.' Arab Law Quarterly, 33 (2). pp. 152-178.

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Islamic financial law (IFL), an emerging global legal order, is a highly fragmented law comprised of both state and non-state generated laws, standards, commercial practices, institutions, fatwās and legal ideas. A recent event involving ṣukūk issuance in which Dana Gas claimed that its ṣukūk were no longer Sharīʿah-compliant highlights the legal disjuncture between global IFL and the laws of municipal legal systems, which have chosen to facilitate and regulate Islamic finance. Systemic legal issues or ‘legal gaps’ undermine investor confidence and impede sustainable development of the Islamic finance industry. Legal gaps include but are not limited to undeveloped securities laws, enforceability issues and a lack of clarity with respect to the role and effect of the Sharīʿah in the municipal legal systems of many MENA (Middle East/North Africa) states. This paper analyses these gaps and in so doing illustrates the relationship of IFL to the law of the United Arab Emirates.

Item Type: Journal Article
Keywords: Islamic finance; transnational law; standardisation; Sharia; legal transplant; sukuk; Dana Gas; comparative law
SOAS Departments & Centres: School Research Centres > Centre of Islamic and Middle Eastern Law
Departments and Subunits > School of Law
Subjects: K Law
ISSN: 02680556
Copyright Statement: © Koninklijke Brill NV, Leiden, 2018. This is the version of the article accepted for publication in Arab Law Quarterly published by Brill:
DOI (Digital Object Identifier):
Date Deposited: 23 Nov 2018 11:04

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