Business Law in Middle East

Topics: United Arab Emirates, Sharia, Saudi Arabia Pages: 3 (1080 words) Published: March 14, 2013
Business Law in UAE and Middle East

Table of Contents
Specific case: E-commerce law of UAE:5
Works Cited5

This paper is talking about the business and commercial law within the frame work of Islamic world and UAE in specific. Four peer journal articles have been selected in order to build this paper in detail. The paper would first talk in detail various kinds of laws which are prevalent within the united Arab Emirates and the effect of Shariah law on the business and different kinds of financial arrangements. The will discuss in detail the commercial agency law with in the UAE framework. This section will also be supported with information on how Dubai taxation is applicable for foreign banks in UAE. In the next section we will discuss in detail the case of E-commerce law and its applicability in the United Arab Emirates. Discussion

Islamic countries such as Iran and the kingdom of Saudi Arabia adhere to the usage of jurisprudence of Shariah law only. (Cerimagic, 2010) On the other hand various Islamic countries such as United Arab Emirates (UAE), Libya, Egypt have gone a step ahead with dual system of business proceedings with both secular as well as religious law applications. UAE law is based on Egyptian business law and which is in turn derived from the French business law. All the businesses in UAE should initiate merely from the UAE company law No 8 of 1984 which is known to be consisting of over 329 articles. (Horwath Mak , 2010) Under this law UAE business is consisting different kinds of business establishments and they are limited Liability company, general partnership, commandite, Joint Venture, Public Joint Stock Company, private joint stock company and commandite limited by shares. (Horwath Mak , 2010) Shariah law of business works on the principle that “Verse 2:275 of the Quran sates that Allah permits people to conduct business or commerce” (Cerimagic, 2010) Middle...
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