Islamic financial law (IFL), an emerging global legal order, is a highly fragmented law comprised of both state and non-state generated laws, standards, commercial practices, institutions, fatwās and legal ideas. A recent event involving ṣukūk issuance in which Dana Gas claimed that its ṣukūk were no longer Sharīʿah-compliant highlights the legal disjuncture between global IFL and the laws of municipal legal systems, which have chosen to facilitate and regulate Islamic finance. Systemic legal issues or ‘legal gaps’ undermine investor confidence and impede sustainable development of the Islamic finance industry. Legal gaps include but are not limited to undeveloped securities laws, enforceability issues and a lack of clarity with respect to the role and effect of the Sharīʿah in the municipal legal systems of many MENA (Middle East/North Africa) states. This paper analyses these gaps and in so doing illustrates the relationship of IFL to the law of the United Arab Emirates.

中文翻译：

---

伊斯兰金融法和阿拉伯联合酋长国法律：脱节和改革的必要性

伊斯兰金融法 (IFL) 是一种新兴的全球法律秩序，是一种高度分散的法律，由国家和非国家制定的法律、标准、商业惯例、制度、教令和法律理念组成。最近发生的一起涉及 ṣukūk 发行的事件，其中 Dana Gas 声称其 ṣukūk 不再符合 Sharīʿah 标准，这凸显了全球 IFL 与市政法律体系的法律之间的法律脱节，后者选择促进和规范伊斯兰金融。系统性法律问题或“法律漏洞”削弱了投资者的信心并阻碍了伊斯兰金融业的可持续发展。法律漏洞包括但不限于未完善的证券法、执行问题，以及伊斯兰教法在许多 MENA（中东/北非）国家的市政法律体系中的作用和影响缺乏明确性。本文分析了这些差距，并以此说明了 IFL 与阿拉伯联合酋长国法律的关系。