In 2021, Abu Dhabi introduced a landmark legal reform with the issuance of Law No. 14 of 2021, which introduced the concept of civil marriage in the UAE. This move signifies a progressive step towards embracing secular...more
In the United Arab Emirates, inheritance and wills are governed by a combination of Sharia law and civil laws. The legal framework for Muslim individuals' wills and inheritance is primarily based on the Federal Law No....more
The UAE is home to around 8.84 million who belong to various nationalities and include amongst other South Asians, Europeans etc constituting approximately 89 per cent of the total population of the country. The term ‘family...more
Islamic finance providers have been slow to make the transition away from LIBOR, as the replacement benchmark rates pose challenges in the context of Sharia compliance - The phase-out of the London Inter-Bank Offered Rate...more
Chapter 15 Update: U.S. Bankruptcy Court Refuses To Enforce Order Approving Indonesian Debt Restructuring Plan Due To Third-party Releases - Cross-border bankruptcy cases filed in the U.S. under chapter 15 of the...more
In In re Arcapita Bank B.S.C., 2021 WL 1603608 (Bankr. S.D.N.Y. Apr. 23, 2021), the U.S. Bankruptcy Court for the Southern District of New York addressed the interaction between purported setoff rights arising under...more
Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 - The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (SI 2020/1350) have been published, together with an explanatory memorandum....more
The Indonesian government has made several key changes to the foreign ownership regime for companies in the Indonesian insurance sector. Government Regulation No. 3 of 2020 on the Amendment to Government Regulation No. 14 of...more
As evidenced recently in the United States, it may be difficult to tell what categories of inventions are eligible for patent protection in foreign jurisdictions. To further complicate issues, standards of eligible subject...more
As commercial real estate investment has increasingly become global in nature, banks and other lenders are likely to see Sharia’h compliant financing opportunities in markets across the United States. ...more
Last week, Hogan Lovells joined representatives of the private and public sector as well as government officials at the Islamic Finance News Kenya Forum 2017. The event was organised by Red Money Events, in collaboration with...more
The development of modern Shari’ah compliant financial products is relatively new, dating back to the early 1970s and the emergence of the first Islamic banks. In recent years, Shari’ah scholars and market participants have...more
This article sets out a brief overview of the legal system in the Kingdom of Saudi Arabia and should be treated only as a general guide and not as legal advice. ...more
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
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
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
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
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
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
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
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
- Co-financing by conventional lenders and Islamic compliant financiers is increasingly common as businesses seek multiple sources of funding. - The structural differences between these tranches mean that issues...more
The number of Sharia-compliant products and transactions has grown enormously over the past decade. Many of the contracts that underpin Islamic finance transactions are governed by English law or the law of another country,...more
In This Issue: - Sharia compliant financing of commercial real estate - Introduction - Real estate as an asset class - Sharia compliance issues that particularly affect commercial real estate...more
You may not have heard of the think tank called the American Public Policy Alliance (APPA), or its “American Laws for American Courts” initiative, which “was crafted to protect American citizens’ constitutional rights against...more