UAE’s Commercial Transactions Law 2022 to
boost Islamic finance
UAE’s Commercial Transactions Law 2022 will lift
Islamic financial and banking services sector, and strengthen the country’s
position as a global financial center.
The law was issued by a decree of His Highness
Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE.
The new ruling will open the doors to more
Islamic Sharia-compliant financial services.
The Islamic bank in the world in the world was
established in the UAE in 1975. The emirates also enacted the Islamic Banking
Law in 1985, and the Central Bank Law in 2018, which established the Higher
Sharia Authority responsible for defining the general rules, standards and
principles for licensed financial businesses and activities.