The Legal Autonomy of the Dubai International Financial Centre: A Scalable Strategy for Global Free-Market Reforms

6 Pages Posted: 2 Jun 2009

See all articles by Michael John Strong

Michael John Strong

affiliation not provided to SSRN

Robert Himber

affiliation not provided to SSRN

Abstract

Islamic culture is founded on a deep and pervasive respect for contract, and for contractual relationships as a means of solving diverse social problems. In addition, for more than a thousand years Islamic empires have included Jewish and Christian communities that were allowed to have a substantial degree of legal autonomy. These two facts about Islamic legal culture are used to explain the remarkable phenomenon of the Dubai International Financial Centre (DIFC), a financial free zone in Dubai in which a British judge administers British common law within the zone while outside the zone UAE law applies. We encourage other nations to consider the flexible and pragmatic approach that has characterised Dubai in the creation of the DIFC.

Suggested Citation

Strong, Michael John and Himber, Robert, The Legal Autonomy of the Dubai International Financial Centre: A Scalable Strategy for Global Free-Market Reforms. Economic Affairs, Vol. 29, Issue 2, pp. 36-41, June 2009. Available at SSRN: https://ssrn.com/abstract=1412906 or http://dx.doi.org/10.1111/j.1468-0270.2009.01891.x

Michael John Strong (Contact Author)

affiliation not provided to SSRN ( email )

Robert Himber

affiliation not provided to SSRN ( email )

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