The Dubai International Financial Centre and a Systems-Based Model for the Regulation of Islamic Finance UAE editor Paul Lee explains how the Dubai International Financial Centre’s systems-based model is one solution for creating a sharīʿa-compliant financial system. “The Dubai International Financial Centre (“DIFC”) is a parallel legal system to the legal systems of the Emirate of Dubai and the UAE as provided for by a series of federal and local laws. The Constitution of the UAE generally confers exclusive authority to the federal government to regulate enumerated areas including, among other matters, ‘civil and commercial transactions and company law,’ while conferring residual authority to the individual emirates.However, the UAE amended its Constitution in 2004 to allow for legislation governing the establishment of Financial Free Zones, which are ‘exempted from having to apply the rules and regulations of the Union.’” Read more. Image Credit: Wikipedia


LEGISLATION:: Dubai Law No. 12 of 2004: Judicial Authority in the DIFC This legislation established the Dubai International Financial Centre’s court system. Read more. Image credit: Business Dubai


CASE: Jihad v. Fabian (D. Minn., USA, 2010) This case examines religious accommodation of Muslim prisoners in Minnesota prisons. The plaintiff claimed that adequate services were not offered for prayer and dietary requirements.  Read more. Image credit: J. Scott Applewhite | Star Tribune


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