Islamic Finance as a Vehicle to Promote Improved Intellectual Property Rights in the Gulf Cooperation Council

Abstract

AbstractThe purpose of this article is to assess how Islamic finance can act as a vehicle to enhance the current intellectual property rights regime in the Gulf Cooperation Council (GCC). Islamic finance has developed within the constraints of sharia law and has been a growth sector for the GCC. This article will identify the main principles of Islamic finance that contribute to the success of Islamic finance, which can enhance intellectual property protection in the GCC. The main sharia-compliant areas to be considered are musharaka, mudaraba, murabaha, takaful, istisna, ijara, salam and sukuk. The article will outline the founding principles of Islamic finance, the governance of sharia boards, development of Islamic finance in the individual GCC states, different frameworks of sharia-compliant investment products and the impact of intellectual property rights on the varying Islamic finance investment tools. Furthermore, the article will discuss an integrated approach to intellectual property rights which learns lessons from the Islamic finance sector in relation to infrastructure, regulation and sharia compliance. The lessons learnt from Islamic finance will inform the overall framework of recommendations for an Islamic intellectual property model. The use of Islamic finance as a vehicle to promote better intellectual property rights in terms of defining a new intellectual property approach is novel. It is aimed at spearheading further research in this area, and it will form a part of the overall integrated approach proposals to intellectual property protection in the GCC and beyond.