Usury, or the charging of interest, is forbidden by Sharia.
Money is not a commodity, nor does it have a value over time if left unused, according to the law. Therefore, interest earned is an unjust income.
An individual who is involved in usury, or lends money at unreasonably high rates of interest, faces a jail term of at least three months plus a fine of at least Dh2,000, according to Article 409 of the Penal Code.
"If the lender takes advantage of the borrower's need and weakness, the punishment will be a jail term of up to three years plus doubling of the fine," said Rashid Tahlak, a Dubai-based criminal lawyer.
A repeated offence carries a jail term of up to five years, he said.
* Ramona Ruiz
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net
And%20Just%20Like%20That...
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Various%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Sarah%20Jessica%20Parker%2C%20Cynthia%20Nixon%2C%20Kristin%20Davis%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
LEAGUE CUP QUARTER-FINAL DRAW
Stoke City v Tottenham
Brentford v Newcastle United
Arsenal v Manchester City
Everton v Manchester United
All ties are to be played the week commencing December 21.
More from Aya Iskandarani
