International Trade

Topic 

International Trade

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The United Arab Emirates is one market that is set to be guided by principles of Islamic trade rather than Western business trends and habits (Feenstra 2015). The western imagination of an ideal market economy is to ensure competitiveness in the market; they believe that in competition, people should be doing even the impossible to make sure that they achieve their market desires. This is entirely the opposite of what happens in the United Arab Emirates. In this region, business is guided by the principles of Islamic law; they do not believe in the obsessed competitive market and the concept of profit-making at abnormal percentages/rates. The rates have been set so low under the Islamic law jurisprudence, and throughout the business community in this country, the belief is mere that all persons should follow these established guidelines. These rules here are believed to be the law in this land.

Word Count: 900