Islamic Finance

Islamic finance law in the UAE is based on the Sharia, the religious law of Islam. This law is applicable to all financial activities and is under the Central Bank and several other regulatory bodies. Islamic finance law in the UAE focuses on the principles of justice, fairness, and efficiency, and it prohibits the practice of usury, or charging interest on a loan. Islamic finance law also prohibits investment in certain industries. Such as alcohol and gambling, and it encourages investment in socially responsible, ethical, and philanthropic activities. The UAE is seeing an increase in Islamic finance products and services in recent years. As a result, the country is now a leader in the global Islamic finance industry.