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Legal assistance

New and established companies are always in need of legal assistance. Businesses usually need support to function within Sharia regulations. Understanding Islamic finance in the UAE can be difficult for someone who does not possess knowledge in the area. Hence, hiring a legal agent is a great option.

Financial services are always in continuous change. That is why, in Connect Legal, we provide the most efficient legal strategies to deal with any inconveniences. Our lawyers offer their help with:

  • High-profile regulatory concerns.
  • Local and international business transactions.
  • Brand expansion and many other legal circumstances.
Islamic Finance Law

ISLAMIC FINANCE LAW

Islamic Financial Law legislation has become a major part of the public discourse in the last five years. They safeguard people from financial risk and fraud. Therefore, any corporations or businesses that want to remain compliant with the law must follow them. Since many difficult situations within your company may require assistance from a professional, hiring an Islamic finance Law Lawyer can be very beneficial. They can provide:

In every country with a prosperous economy, finances are an everyday topic in business. After all, the target of every business is to be profitable and grow from there.However, in most nations, businesses rely substantially on conventional financing to operate in the market. But, in the specific case of the UAE, the scenario is very different. There, a new major contender to conventional financing comes into play: Islamic finance Law and practice. It is giving its first steps, but it has already proven to be a breakthrough in the Islamic Law and finance scene.

Above all, Islamic financial Law is a way of financing based on Islamic principles that are arranged together in an abstract form of law called the Shari’a. Now, the most important aspect to know regarding Islamic financial Law is the interplay between Shari’a concepts and the laws of the UAE. This interplay is building what is known as Islamic Financial Law. Consequently, you need to have legal advice regarding this piece of legislation to keep your business in the UAE running smoothly. We at Connect Legal can provide excellent legal advice in Islamic Finance Law in UAE. Our financial lawyers will assist you in establishing a robust foundation for your business while generating outstanding development.

1.Background

For the citizens of the United Arab Emirates, Islam is more than just a religion. For them, it is a complete way of life that involves all aspects of human life. The body of the Law related to Islam is known as “Shari's”. It translates to “a clear path to be followed and observed”. In the financial world, the goals of Shari’a law are to eliminate exploitation in business transactions and the prohibition of dealing in transactions with excessive risk or speculation, among others. Above all, it has three principles directed at Islamic economics and finance: The Prohibition of Interest (Riba), Profit and Loss Sharing (PLS), and Garrard. Above all, it has three principles directed at Islamic economics and finance: The Prohibition of Interest (Riba), Profit and Loss Sharing (PLS), and Garrard. Above all, it has three principles directed at Islamic economics and finance: The Prohibition of Interest (Riba), Profit and Loss Sharing (PLS), and Garrard.

2.Shari’a principles and their applicability

Modern legislation often has some mismatch with traditional principles of any kind. In the UAE, laws have occasionally encountered those mismatches with Shari's principles. This has generated a challenge to structure and offer Islamic finance Law compliant products. Therefore, the applicability of Shari’a principles is a paramount task for Islamic finance Law in the UAE. When looking to apply Islamic finance in UAE, in your business, you can find two scenarios. First and most commonly, you will encounter provisions in the UAE laws that are reflective of Shari's principles.

For instance, the pre-requisites regarding capacity to contract and the requirement of clear contractual terms fall in this first scenario.

Secondly, you will too find provisions in the UAE laws that are inconsistent with Shari's principles. For example, transaction laws allow charging of interest as long as it is not extremely excessive. But, under Shari’a, interests of any amount are absolutely prohibited. What you can do to ensure Shari's compliance, is to eliminate these prohibitions and restrictions from the financial structure and relevant agreements. In conclusion, both scenarios can make you face legal issues related to Islamic Finance Law. Hence, get in touch with us to discover how our financial lawyers can help you avoid them.

3.Shari’a pronouncements

In the UAE, Shari’a scholars or experts structure and certify every Shari’a product as Shari’a compliant. This has become a standard practice for the Islamic finance Law institutions in the country. Therefore, you would find it reasonable to assume that products offered by licensed financial institutions have undergone legal and Shari’a analyses before their availability approval are granted.

However, in reality, you will discover that these Shari's pronouncements have no binding effect. As a matter of fact, they are not taken into consideration by UAE courts when determining a case. In essence, the UAE courts will rely only on the terms of the contract, and not on Shari's pronouncements. Now, you probably find it uncomfortable to face a case in the UAE courts. But, if it is your case, you will need all the legal assistance you can get. Luckily for you, our finance lawyers can offer you the best legal assistance in the UAE. They will help you determine when a Shari’a pronouncement is important to ensure the quality of your product to your customers.

In short, take your phone or fire up your computer, and reach out to us by any of the contacting ways that we have at your disposal.

4.Legal Disputes related to Shari's financial transactions

When a financial transaction that is Shari's compliant faces a case in the UAE court, it will likely receive the same treatment that a conventional financial transaction. Consequently, legal disputes related to Shari's financial transactions will be settled applying the laws of the UAE. Thus, courts will likely disregard Shari’a law when determining the case.
Hence, it is prudent that the body of your agreements has all the elements related to Shari’a compliance purposes provided. This will help you maintain the legal enforceability of your agreements. But, you will find out that the courts will not imply any further meaning or additional terms if the intention of the parties is clearly stated in the contract. Therefore, they will not examine any Shari’a aspects in the document.

Thus, you must use clear language in every contract. However, if you do not have legal knowledge at all, it can be a complex requirement. Our team of expert lawyers in Islamic Finance Law in UAE will assist you in this matter. They will ensure that your contracts are properly written and that Shari's principles are taken into consideration. Get in touch with us and seek our outstanding services in the UAE.

5.Shari’a products in the UAE

In the world of Islamic finance Law, you will be able to find mainstream products offered by the Islamic finance in UAE institutions of the country. Ijarah, Mudaraba, Murabaha, and Istisna are examples of Shari’a products in the UAE. These are both from the loan and deposit aspects. Furthermore, they are supported by normal ancillary services, such as internet banking, provision of checkbooks, and Shari’a compliant credit cards.
However, you will discover that certain products are not offered in some jurisdictions of the UAE due to their incompatibility with local laws. In essence, products have the Shari’a requirement to comply with the laws of the jurisdiction in which they are available.Products that involve beneficial ownership over land or trust arrangements are examples of this last case.
Hence, you will have to ensure that the product you are using regarding Islamic finance Law complies with this Sharia requirement. The failure of this compliance can make you face legal troubles related to Islamic Finance Law.

To sum up, you must get yourself legally protected when using any of these products. To do so in a correct manner, reach out to us, and let our finance lawyers give you the legal advice you need.

6.Security Arrangements

The security of any financial transaction is substantially important to all companies and organizations. Hence, the products used in these transactions that are Shari's compliant are not exempt from this. However, you will realize that the security arrangements of conventional products and their Shari’a counterparts are similar. The only requirement on the Shari’a side is to remove their elements of interest.

Therefore, you can expect to find the same security documents in both cases, such as guarantees, pledges, and mortgages. In Islamic finance Law, these documents need to have a Shari’a structure to be suitable. But, you will also discover that, when using these documents for a case in a UAE court, they will require to have been duly perfected under UAE law. Figuring out which documents you need for your financial transactions can be difficult. After all, they involve several other laws requirements to be correctly built. Hence, to ensure that your security arrangements are the necessary ones and that are properly elaborated, the services of financial lawyers may come in handy.
To work with the best of them in the UAE, get in touch with us. Find out how our financial lawyers can bring outstanding security to all your financial transactions.

7.Islamic Banking

In the same manner that conventional banks are the financial transactions’ core, Islamic Banking represents the core of Islamic finance in UAE. Most importantly, Islamic Financial Law supporting banks offer services similar to those of their conventional counterparts. But, their services have some key changes related to Shari's principles. Some of those services are the following: •Current Accounts: They are offered to customers looking to safely guard their funds. To comply with Sharia law, a charge may be imposed for providing this service on a non-interest basis.
•Savings Accounts: They are very similar to Current Accounts, but they restrict their fund withdrawal frequency. Islamic Finance Law supporting banks also often require a notice period to withdraw funds from the Account.
•Project Finance: It is the financing of a project, but provided through the use of the Mudaraba contract. By doing so, they ensure it is Shari's compliant.
•Assets Finance: It is the financing of acquisition of assets through the use of the Ijaza contract. In this way, they also ensure it is Shari’a compliant. You may find it difficult to deal with Islamic Finance law supporting Banks when you are used to conventional banks for transactions. Our finance lawyers can assist you in this. Hence, reach out to us regarding our services in Islamic Financial Law.

8.Frequently Asked Questions about Islamic Financial Law in UAE

You now have a deeper knowledge of Islamic Financial Law in the UAE. After all, the UAE Constitution states that Islam is the official religion of the United Arab Emirates.
Furthermore, implementing Islamic finance in UAE mechanisms in your business will make it well suited to the legal system.
Besides, it will give you an advantage with the judges in UAE courts, who come from an Islamic Finance Law background. However, Shari’a is a law with a high number of principles, some of which generate certain mismatches with UAE laws. So, any additional information you can get about Islamic Finance Law will be tremendously beneficial.
To help you do just that, we prepared some answers to Frequently Asked Questions our clients often have about Islamic Finance in UAE Law. Feel free to get in touch with us if you have any additional questions besides the ones listed below. Our team of skilled financial lawyers will give you the answer you are searching for in the blink of an eye.

a.What can your Finance Lawyers do for me in the UAE?

Our Finance Lawyers will help you navigate your company’s daily operations without difficulties with regards to Islamic Finance Law in UAE. Moreover, they will assist you by professionally managing your legal problems. Besides, they can also support your business operations by doing the paperwork involved. In essence, they will give you the legal advice you certainly need for your financial transactions.
Reach out to us by one of our contact ways, and discover more about what our team of expert lawyers in Islamic Finance Law can do for you.

b.Why do I require the services of Finance Lawyers?
You will find a legal framework involved in every financial transaction related to your business. Failing to comply with its requirements can make you face some unwanted legal issues.
Consequently, our finance lawyers’ services will allow you to avoid any of these legal issues, and even help your business development. They will give your business its badly need foundations to operate in the UAE. Do not downplay this topic. Seek the services of our Finance Lawyers and protect you and your company from any legal fixation.

c.Why should I choose Connect Legal?
With us, you will be making the right decision. We are a qualified legal agency with expertise and skill sets' that can manage any legal queries you have. Our Finance Lawyers will always be a call away from you, working alongside you every step of your way to success. They will leave you without any legal problems unresolved while helping you with the legal bases of your financial transactions just like any other Islamic finance Law Firms in UAE.
We at Connect Legal believe in meaningful work. Contact us to take a glance at all our legal services, and ensure your company will remain acquiescent to the law.

  • Extensive legal knowledge and advice for a specialized area.
  • Effective management of any lawful matter.

Frequently Asked Questions

Islamic finance Law in Dubai or any other region of the UAE can be challenging. For that reason, our local experts can help you deal with any legal processes you may have by providing the best Legal services. With our support, you will always remain compliant with the Islamic Finance in UAE.

  • How can a law office help me with my financial transactions?

    Having to navigate a company’s daily operations is often difficult. Additionally, when you include a bundle of legal problems, they become impossible to manage without professional help. This is why hiring a law office can relieve you of such a burden and our Lawyers comply the Islamic Finance Law.

  • Why do I need a financial lawyer?

    A Islamic Finance Law supporting financial lawyer will let you understand Islamic financial laws. In the same way, they are trained to provide the right tools to allow your business to establish a robust foundation while also generating long-term development. Furthermore, when hiring a financial lawyer, you will avoid any legal fixations.

  • What are some of the services of a financial lawyer?

    Islamic Finance Law supporting Financial lawyers provide very important services. For example, they support business operations by taking care of the paperwork. Lawyers review legal documents to keep you from contractual disagreements, they also offer their advice on legal matters. In the same vein, law firms can help you arrange a settlement if you do not want to take a difficult case to court.

Why Connect Legal?

Turning to a qualified legal agency such as Connect Service can be very beneficial. With our expertise and skillset, we can manage any legal queries that your business may have. Consequently, helping you learn and figure out what your company must and must not do. Our experienced lawyers are always a call away. This way, you will not have any legal problems unresolved. Connect Service provides a wide range of services tailored to every necessity. Do not let your business succumb to any avoidable commercial problem. With the support of our team, your company will remain acquiescent to the law.

Islamic Finance in UAE
Islamic financial law
Islamic Finance Law

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