<論考>湾岸諸国における金融危機とその解決策: ドバイ・アプローチの先進性と実効性

Abstract

Most of the Gulf States have been working on strengthening their financial industries in order to develop another sector that would provide an alternative to their oil industry. In this phenomenon Islamic finance has expanded its province in the financial sector, especially in the United Arab Emirates (UAE). The Islamic financial market grew around 20% on average from 2000 until the global financial crisis in 2008. The Dubai shock attracted massive attention from the world as Islamic financial products were involved. However, the Dubai shock has been overcome by the initiatives of the UAE and Dubai governments. This paper will study how the Dubai shock was overcome by the process of validating the "Dubai Approach", a new dispute resolution system for dealing with disputes related to Islamic finance in Dubai. Accordingly, this paper will examine the progress and effectiveness of the "Dubai Approach".