Regulation No. 2026/1 of Federal Decree-Law No. (50) of 2022 enacting the Commercial Transactions Law, concerning the regulations and rules governing the commercial transactions of Islamic financial institutions and Takaful insurance companies
Pursuant to Article (471) of Title III, Part VI of Federal Decree-Law No. (50) of 2022 enacting the Commercial Transactions Law; and pursuant to the approval of the Higher Shari`ah Authority and the Decision of the Board of Directors of the Central Bank of the United Arab Emirates to issue these Regulations, the following has been decided:
A. Excess: Exceeding the limits prescribed by Islamic law or statutory law, or those agreed upon by the contracting parties as terms that are customarily enforceable, or those established by the applicable custom, when acting in relation to the subject matter of the contract, whethe...