News & Analysis as of

Sharia Law

Impact of US Risk Retention Rules on Sukuk

by White & Case LLP on

In July 2010, the United States Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). The Dodd-Frank Act mandated extensive changes to the financial regulatory system in the...more

Asset-backed sukuk: Is the time right for true securitisation?

by White & Case LLP on

In the 'conventional' finance space, asset-backed financings have proved a successful method of funding social and civil infrastructure. However, in Islamic finance, asset-backed sukuk have not yet taken off. The...more

Criminal Law - Finance

by Hassan Elhais on

Banks and financial institutions are a part of everyone’s life. The financial relationship between a person and his bank is government by documents and agreements. In the event of loans, especially mortgages, this...more

Special Conditions in the Marriage Contract

by Hassan Elhais on

Marriage contracts usually take a standard format, however special conditions may be added into marriage contracts. Such special conditions can provide different rights to either of the parties, but we have seen a prevalence...more

Adultery is a Serious Breach of UAE Criminal Law

by Hassan Elhais on

There are some common misconceptions that expatriates have about UAE family laws. Hassan Elhais, a Legal Consultant in Dubai, Femina ME’s guest columnist, clears the misunderstandings. If the wife applies for a...more

Enforcing Foreign Arbitral Awards where assets are in Saudi Arabia

by Reed Smith on

A recent case may represent a tangible sign that the enforcement of foreign arbitral awards in KSA has entered a new era. Saudi Arabia has recently enforced a US$18.5 million foreign arbitral award rendered under ICC Rules,...more

Sukuk: The cornerstone of Islamic finance

by White & Case LLP on

Sukuk have emerged as one of the most significant financing tools in Islamic finance. These securities form a bridge between issuers—primarily sovereigns and corporations—and investors located in the Middle East and...more

Application of Home Country Inheritance Law

by Hassan Elhais on

The Personal Status Law provides in Art. 1(2) the general rule that" the provisions of this law shall apply to non-UAE nationals" and the exception that "unless the foreigner elects to apply his or her personal status law"....more

Sukuk vs. bonds - Sukuk, the Islamic alternative to conventional bonds, is rapidly and steadily gaining ground in Turkey.

by White & Case LLP on

Sukuk typically represent an undivided beneficial ownership interest in certain tangible assets (save for certain receivables, such as zhimam or duyun), the usufruct of an asset or certain projects or investment activities. ...more

The sukuk experience in Turkey

by White & Case LLP on

Turkey's government is determined to make Istanbul a financial hub for Islamic finance, regionally and globally. With a GDP of US$733.6 billion in 2015 according to the IMF, Turkey is the 18th largest economy in the world,...more

Husband and Wife Rights under Shariah Law

by Hassan Elhais on

Family article on husband and wife rights under Shariah Law. There are specific rights designated to Husband and Wife under Shariah Law. Overall, the rights cover the following categories: a) Exchange of rights between...more

Adoption in the United Arab Emirates

by Hassan Elhais on

Sadly a great number of children are abandoned in the United Arab Emirates each year. Most likely this is as a result of young mothers being fearful of the repercussions of bearing a child outside wedlock. It is a criminal...more

Adoption rights in the United Arab Emirates

by Hassan Elhais on

There are many good reasons couples choose to adopt, and the procedure can provide a wonderful solution for adoptive parents, biological parents and children alike. However, the law relating to adoption in the UAE is less...more

Procedure for Divorce in the UAE Part One

by Hassan Elhais on

In accordance with the UAE’s Shariah law principles that regulate the arena of Family Law, certain procedures must be undertaken in order for a valid marriage contract to be terminated. For Muslims in the UAE, there are two...more

The Waiting Period Post-Divorce

by Hassan Elhais on

Family law in the UAE is governed by Shariah law, from the Islamic principles. For this reason, the courts will often distinguish between situations involving Muslims and non-Muslims. This is the case with a three-month...more

UK Financial Regulatory Developments - March 2016 #16

by Dentons on

Lloyd’s reports on complaints handling rules - Lloyd’s has published the March edition of its Conduct Standards Newsletter. It provides updates on recent changes to the complaints handling rules and requirements. It also...more

Qatar's Strong Start to a Testing Year

by K&L Gates LLP on

Perhaps it is no longer a hidden fact that 2016 will be a difficult year for the Qatari market. With more governmental or quasi-governmental entities announcing reductions or cancellations of projects, staff redundancies and...more

South Carolina Legislative Update

by Moore & Van Allen PLLC on

Infrastructure, workforce development, Sharia Law, and automobile dealer closing fees seemed to dominate last week’s activities of the South Carolina General Assembly. Below are a few highlights...more

Saudi Arabia Issues New Regulations for Companies, Altering Regulatory Landscape

by Latham & Watkins LLP on

Innovative changes address company and investor concerns as Saudi Arabia moves to modernize its corporate legal regime. On 9 November 2015, the Council of Ministers of the Kingdom of Saudi Arabia approved the...more

Islamic Finance in Indonesia: Waking up the Sleeping Giant

by K&L Gates LLP on

This alert will bring to your attention the significant measures the Indonesian government has taken to provide the regulatory environment necessary to germinate and stabilise their Islamic finance market including:...more

Seattle Considers Development of Sharia-Compliant Financing

As the United States continues to become increasingly diverse with residents from different cultural backgrounds and religious faiths, financial institutions are working to find ways to provide both consumer and commercial...more

The Current State of Islamic Finance in the Gulf Co-operation Council

Shari’ah-compliant finance and banking has mushroomed in recent years despite its prohibition on accepting interest on loans and its application of other limiting Islamic principles. Let’s briefly examine the current state of...more

Real estate finance – Shari’ah compliant transactions

by K&L Gates LLP on

Produced in partnership with K&L Gates LLP - Real estate is an increasingly important asset class for Islamic-compliant transactions and banks in the UK. Islamic-compliant finance has proved to be an alternative source...more

The IDB assisting private sector growth in Africa

by K&L Gates LLP on

Introduction - The World Bank has estimated that capital investments in infrastructure of US$93 billion per year will be required in sub-Saharan Africa to sustain growth in the region, with only US$40 billion currently...more

Resolving Islamic finance disputes through international arbitration

by K&L Gates LLP on

The tendency to favor litigation - Litigation through the courts is the most well-known method of determining disputes. A recent judgment of the UK Tax Chamber of the First Tier Tribunal published on the 15th July 2013...more

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