The Regulation of Securities and Islamic Finance in Dubai: Implications for Models of Sharīʿah Compliance

Abstract

The Dubai International Financial Centre (“DIFC”) has become an important component of an increasingly significant global market for Islamic finance. However, the state of academic discussion has not necessarily kept pace with its growing economic import. This paper improves the current state of literature by (1) examining the current regulatory infrastructure for securities and Islamic finance in the DIFC, (2) comparing its regulatory model with those of other important Islamic finance jurisdictions, and (3) exploring the implications of Dubai’s experience for the notions of legal transplants, convergence, and competition.