United Advocates Introduces Islamic Commercial Tools

Dubai, July 31, 2015 (Newswire.com) - Institutions following Islamic commercial/financial practices have grown in popularity over the recent past, especially in regions such as the Middle East where the majority population is Muslim. Islamic banking, for instance, is banking activity that is consistent and compatible with the principles of Islamic sharia law and its practical application through the development of Islamic economics.

There are certain principles which govern Islamic commercial practices; for instance, acceptance of specific interest or fees for financial loans, whether the payment is fixed or floating, as well as investment in businesses that provide goods or services considered contrary to Islamic principles are prohibited. With many international commercial operations now taking place in the Middle Eastern region, it’s important that they are aware and knowledgeable about these Islamic commercial and financial practices.

The rise of Islamic banking, finance and other commercial dealings has undoubtedly become a challenge in the global legal practice, and especially in the Middle East. The combination of these principles with conventional financial and commercial practices has posed a challenge to mainstream legal training. Hence, the need for especially trained and skilled legal luminaries, to respond to the complexity of the market, and its demand for unique and tailored legal skills.

It’s with the objective of providing such specific services that United Advocates, the top legal experts in Dubai, have introduced the latest Islamic commercial  tools in the UAE. The law firm in the UAE has put in place a sophisticated legal team with expertise in various aspects of Islamic commercial/financial tools. Some of the areas where United Advocates specialises in includes:

• Musharakah and Mudharabah

• Murabaha

• Ijara

• Sukuk

• Takaful

• Sulh (dispute resolution).