From revelation to modern Islamic finance: Islamic commercial law in the UAE as a case study

Purpose The purpose of this paper is to analyse the Islamic finance segment within the Updated Commercial Transactions Law in the UAE and opine whether the new alterations will have a significant impact on the Islamic financial industry in the UAE. Design/methodology/approach This research uses a qualitative methodology, and the UAE as a case study. A single/embedded case study design is adopted, to analyse several chapters within the Updated Commercial Transactions Law in the UAE (multiple units of analysis). Findings The study revealed that the introduction and incorporation of fiqhi and Islamic financial principles within the Updated Commercial Transactions law in the UAE was done so in its rudimentary form, indicating that its purpose was to enhance the UAE’s position as a leading global Islamic financial hub – as opposed to the sole purpose of its usage during disputes between counterparties. Research limitations/implications This research is limited to the UAE as a case study and thus does not provide a comparative analysis with other GCC countries. A separate study would be required for a comparative analysis. Originality/value Given that the Updated Commercial Transactions Law in the UAE is relatively new, limited research papers have analysed this segment of the updated law in particular. This research, thus, contributes to knowledge by paving the way for future research pertaining to the same matter.