AL-ITAR AL-NAZARI LI-ALIYAT AL-IQTISAD AL-ISLAMI FI AL-MASARIF AL-ISLAMIYAH AL-IMARATIYAH: AL-MURTAKAZAT WA-AL-KHASAʼIS WA-AL-ALIYAT

THE THEORETICAL FRAMEWORK OF ISLAMIC ECONOMIC MECHANISMS IN UAE ISLAMIC BANKS: FOUNDATIONS, CHARACTERISTICS AND MECHANISMS

Abstract

The study aims to identify the mechanisms of the Islamic economy in UAE Islamic banks: foundations, characteristics, and mechanisms. The problem of the study lies in the inadequacy of Islamic economy mechanisms in UAE Islamic banks, which necessitates an understanding of the foundations, characteristics, and mechanisms of the Islamic economy in these banks. The study also sheds light on the theoretical framework of the mechanisms of the Islamic economy in UAE Islamic banks—foundations, characteristics, and mechanisms. The study adopted a descriptive analytical approach to describe and analyze the theoretical framework of the mechanisms of the Islamic economy in UAE Islamic banks. The study reached several conclusions, notably that Islamic financing mechanisms are among the most prominent tools clearly and tangibly employed by the Islamic economy. Through these mechanisms, they can be directed to achieve the desired economic returns. It can be said that Islamic financing mechanisms reflect the ability of the Islamic economy to adapt these mechanisms to open new horizons for lawful earnings. The study also revealed that the foundations of the Islamic economy vary between fixed and variable principles inherent in the Islamic economy within UAE Islamic banks. Furthermore, the results indicated that the characteristics of the Islamic economy include trusteeship, integration, and adherence to ethical rules. The study recommended the necessity of incorporating the characteristics of the Islamic economy into the ethical standards practiced in UAE Islamic banks.