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Suzanne M. Adema
Ahmad Mohammed al-Darbas and Mohammed Ebrahem al-Wasmi
This article intends to present the significance of mortgage financing in emerging markets and explain how mortgage financing affects positively the economies of emerging countries. It will also show the legal foundations of the real-estate mortgage law and the prerequisites for a successful mortgage financing system. This article intends to define the main challenges that some consider a hindrance to the development of the mortgage market in the Arabian Gulf countries. From this perspective, a brief comparative analysis of mortgage financing will focus on varying laws and regulations that apply to real-estate mortgages in the Gulf region. Implications for the development of the mortgage market in Arabian Gulf countries will be based on challenges in the mortgage market.
The post-colonialist academic discourse blames colonialism for the marginalisation of Sharī‘a in the legal systems of Sunnī Muslim-majority countries. However, an analysis of some juristic debates around the Sunnī doctrinal theories of uṣūl al-fiqh and maqāṣid al-sharīʿa exposes few of the theories’ internal problems accounting for the marginalisation. In uṣūl al-fiqh, disputes regarding ijmāʿ and qiyās virtually bring their effectiveness as legal doctrines for positive law legislation to a halt. With regard to maqāṣid al-sharīʿa, an Ašʿarī adherence to a literal reading of the text reduces its potential to produce new Sharī‘a-compliant laws. Such problems render uṣūl al-fiqh and maqāṣid al-sharīʿa ineffective instruments for regulating accelerated legal changes demanded by fast-paced societal and scientific developments and deem the application of Sharīʿa in Sunnī Muslim-majority countries a task neither possible nor even recommended.
This article provides an analysis of outward foreign direct investment (FDI) trends from Turkey in light of the UAE’s interests. The key objective is to present a concise picture of Turkish FDI and of the opportunities within selected sectors in the UAE. Pursuant to this analysis, the article enumerates various challenges the UAE legal system poses to foreign investment. It then offers recommendations for how the UAE can mitigate these challenges without compromising its legal and economic regimes.