Islamic Banks

Islamic banking transactions require great experience of law, sharia and procedures

Islamic banks emerged in the United Arab Emirates in the mid-seventies of the last century, to provide the multitudes of Islamic banking products and services, including Murabaha, Mudarabah, Ijarah, Ijarah services, Kafalah, Salam , and Istisna'a, as Islamic alternatives to traditional banking services. The Musharakah system  substitutes the interest, to divert efforts to development through investment. Islamic banks with its branches are everywhere in the UAE.

Mohammed Al Saadi Advocates & Legal Consultants devotes a special section to deal with all kinds of Islamic banking products and services. Such section provides legal consultancy, drafts contracts and handles cases before courts and arbitration panels.

Our advice: Islamic banking transactions require great experience of law, sharia and procedures to support such products and services to protect them and guarantee their popularity.

Islamic Banks

Islamic banking is banking or banking activity that is consistent with the principles of sharia (Islamic law) and its practical application through the development of Islamic economics. As such, a more correct term for Islamic banking is sharia compliant finance. Sharia prohibits acceptance of specific interest or fees for loans of money (known as riba, or usury), whether the payment is fixed or floating. Investment in businesses that provide goods or services considered contrary to Islamic principles.