Sharia Laws and Regulations that Govern the Residential Financing at Ajman Bank in the UAE

Abstract

Residential financing is one of the main pillars and pillars on which the economy depends. The movement of the various economic sectors is linked to funds and loans granted fromfinancing sources. Consequently, countries needed to determine the directions and paths of financing according to the requirements of the economic situation. Nevertheless, the demand for Islamic residential financing in the United Arab Emirates has increased. This paper aims to identifythe Islamic Residential finance products offered by Ajman bank and examine the Sharia and legalissues and challenges. However, the extent to which Islamic Sharia legislation at Ajman bank is implemented is in a true sense. In order to achieve the objective of this paper, pure legal research was adopted using the qualitative approach to analyze relevant Islamic Sharia legislation related to residential financing at Ajman Bank in the UAE. The paper concluded that Islamic Sharia legislation at Ajman Bank in the UAE is not implemented in a true sense. The paper recommendedan urgent need to set the UAE Central Bank policies on an equal footing with some Islamic countries to control the Islamic residential financing products. It is also recommended to exaggerate the rates of profits on their financing products and high fees carried out by some Islamicbanks in the UAE.