Banking Law & Islamic Banking

Banking Law & Islamic Banking

Some laws that govern how financial institutions and banks will conduct their
business under some guidelines and rules & regulations. Banks and other
financial institutions are bound by law to follow and comply with those rules
and regulations. This domain of law in the banking sector ensures that every
transaction that is being conducted is fair and correct. As the banking sector
plays an integral and important role and part in the economy of the country,
therefore it is important to ensure the integrity of each transaction in the
bank. The system of banking based on Islamic laws and teachings is
interest-free and is based on Sharia law. The Islamic banking laws comply with
the practical application of Sharia and Islamic economics. The two fundamental
principles on which Islamic banking operates are the sharing of profit &
loss and prohibition of interest in all transactions.

You  may be interested in : How is Debt Settled in the UAE?

Islamic Finance in the UAE

Over the past few years and decades, Islamic finance has made a breakthrough in
the financial and banking sector. Islamic banking in the UAE has been proven to
be one of the strongest contenders to conventional banking. In Islamic banking,
both bank and customers identify and mutually agree on developing the right
technique and appropriate solutions which are beneficial to customer and bank.
In UAE’s laws, many rulings and teachings from Shari’s laws have been
incorporated into civil law and many commercial laws in UAE are compatible with Sharia’s laws. Most importantly, according to law the courts in UAE are also
permitted to give decisions based on Sharia’s principles especially in the
absence of clear legislation in the law. However, there is a challenge to UAE’s
government and financial sectors in structuring and developing the strong
Islamic banking and finance system due to the occasional mismatch and a gap
between Islamic and conventional banking system.

Banking Disputes in UAE

Like every other sector, the banking disputes in UAE can also arise. In UAE all
the financial institutions and banks are bound to process the complaints filed
by customers within a certain period and are responsible to give clear reasons
in writing to a customer about the framework which the Central Bank has
developed. The disputes can also arise from customer end and to handle those
disputes and any unfavorable situations banks hire legal experts and lawyers to
handle those disputes legally. Some major disputes that can arise in financial
sectors and banks are bounced cheques, delayed or no payment of installments,
issues in transactions, credit and debit card payment issues, default paying
issue and, etc. For these reasons, the bankers hire legal experts, financial
lawyers, and debt settlement lawyers when clients fail to pay for a longer
time. Such disputes and issues are resolved and settled in the courts of UAE.
However, in some cases the disputes are resolved in arbitration tribunal
depending upon the nature of the dispute between parties. The arbitration
tribunal can decide and resolve the issue if one or both parties violate any
rule against agreement or if such dispute arises which is not present in the
agreement. If both parties agree on the decision the issue is resolved
otherwise it shall be escalated to courts.

Banking Lawyers in Dubai, United Arab Emirates

In financial institutions and banking sectors very complex issues can arise,
which demands the legal assistance of experts and their guidance. The
complexity of issues and laws can make people and institutions to seek proper
legal aid from knowledgeable business litigation lawyers. It is highly
advisable to seek help and be sure of the decisions and steps you are going to
take to settle the disputes that arise or might arise in the future.

The legal experts and lawyers available in Dubai, UAE are expected to handle
and resolve such disputes professionally and handle all the complications of
the whole process. Debt relief lawyers and attorneys also work in Dubai, UAE
for banks and are hired by banks and financial institutions to make ensure that
banks comply with all the rules and regulations set for them. They may act as a
personal financial lawyer to provide counseling to them. In Dubai and other
states of UAE, you can also find bankruptcy attorneys for business owners and
individuals to settle any issues and disputes that can arise with banks and
financial institutes.

The lawyers in Dubai, UAE some professionals and experts who are highly
knowledgeable and experienced who are always delighted to provide legal
assistance for Sharia-compliant services to institutions and individuals.

Our Services Include:

• Islamic Finance
• Litigation, arbitration, and dispute resolution
• Defending and representing financial institutes before court
• Providing legal advice to individuals for banking transactions
• Reviewing and structuring policies and rules related to financial services
• Giving legal advice on banking law and policies
• Helping in the formation and establishment of financial institutions. Making
sure that all transactions are in by the law
• Helping in financing with construction projects, real estate, and trade

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