The UNCITRAL Model Secured Transactions Law : A Shariʿah Perspective

This chapter considers select provisions of the current draft of the UNCITRAL Model Law for Secured Transactions from the perspective of Islamic Shariʿah. The current draft of the Model Law focuses on systems that do not apply the Shariʿah. This chapter was prepared as an element of the efforts of UNCITRAL Working Group VI (Security Interests) to expand the scope of the Model Law. This is a particularly important endeavor in light of the global growth of Islamic finance and the current state of development of legal regimes for secured transactions in many of the jurisdictions in which Islamic finance is practiced. The objective is to provide a comparative vantage on the types of adjustments that must be considered in adapting the Model Law to jurisdictions in which Shariʿah principles are applicable. December 15, 2015 revision