Legal issues of Islamic housing finance products and consumers in the UAE with reference to practices in Malaysia
The United Arab Emirates is one of the world's leaders in Islamic banking. The industry has grown in recent years thanks to well-organized Islamic financial institutions and Islamic financial products that adhere to Islamic Shariah provisions. This study discusses murabahah-based Islamic reside...
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| Format: | Thesis |
| Language: | eng eng eng |
| Published: |
2023
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| Online Access: | https://etd.uum.edu.my/10901/1/Depositpermission-Embargo%201%20years_s902768.pdf https://etd.uum.edu.my/10901/2/s902768_01.pdf https://etd.uum.edu.my/10901/3/s902768_02.pdf |
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| Summary: | The United Arab Emirates is one of the world's leaders in Islamic banking. The industry has grown in recent years thanks to well-organized Islamic financial institutions and Islamic financial products that adhere to Islamic Shariah provisions. This study discusses murabahah-based Islamic residential real estate financing products, as well as leases that end in ownership and exclusion. These are products governed by contracts that connect Islamic financial institutions and consumers. The goals of this research are to (1) Examine Islamic financial products in the UAE, (2) investigate legal issues found by consumers in Islamic financial products in the UAE, and (3) make recommendations and improvements to Islamic residential property financing products to protect the consumers in the UAE. This study used qualitative methodology and was based on direct interviews with stakeholders such as government officials from the UAE Central Bank, municipal departments, land and property departments, and property regulatory institutions. In addition to staff of Islamic financial institutions, internal and external Shariah bodies, and users of Islamic residential real estate financing products as primary sources, official and legal reports and general and specialised books, research, government publications, academic journals, newspaper articles, and Internet resources are used. This study concludes that there is no comprehensive legislation regulating the work of Islamic financial institutions in the UAE, which is the source of many problems and issues affecting banking, including a lack of consumer confidence in Islamic banking products in the UAE. This study makes recommendations to legislators and regulators to increase consumer confidence in Islamic financial institutions, as well as to consumers to broaden their knowledge and behaviour in Islamic banking operations |
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