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Al-Mirsal Insights and commentary on legal developments in the Middle East

Category Archives: Islamic Finance

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Top 4 Innovations Driving Growth in the Global Sukuk Market

Posted in Capital Markets, Islamic Finance, Malaysia, Qatar, Saudi Arabia, United Arab Emirates

The Sukuk Opportunity Total Sukuk issuances for 2013 stood at approximately US$120 billion and the Sukuk market is likely to sustain double-digit growth in the coming two to three years with assets in Islamic finance expected to reach US$2.8 trillion by 2015. The growth of the Sukuk market has allowed investors to diversify their portfolio… Continue Reading

How Greater Regulation Will Lead to Islamic Finance Growth in Qatar

Posted in Islamic Finance, Qatar, Regulatory

Qatar is set to further enhance financial markets regulation by developing a consistent risk-based regulatory framework.  Governor H.E. Abdulla bin Saoud al Thani has announced a three-year strategic plan, which was jointly drafted by the Qatar Central Bank, the Qatar Financial Markets Authority and the Qatar Financial Centre Regulatory Authority. The goals of this plan… Continue Reading

The Emergence of Egyptian Sukuk

Posted in Capital Markets, Islamic Finance

Following widespread debate and commentary on the first draft of the Egyptian sukuk legislation (the sukuk legislation), the Egyptian cabinet has approved a second draft of the sukuk legislation to be presented to the Egyptian Shura Council for parliamentary discussion. The legislation is a significant change in legal direction for Egypt that has only embraced… Continue Reading

Hong Kong – Getting Set for Sukuk

Posted in Capital Markets, Hong Kong, Islamic Finance, Regulatory

Following a public consultation process, Hong Kong has commenced the legislative process for the introduction of tax changes to permit the issuance of Sukuk. The proposed legislation was published in a Legislative Council Brief on December 28, 2012, which seeks to establish a level playing field for the taxation of conventional bonds and Sukuk (referred… Continue Reading

Reforms to Banking Disputes in Saudi Arabia

Posted in Banking and Finance, Islamic Finance, Project Development and Finance, Regulatory

Several new laws have taken effect in recent months in the Kingdom of Saudi Arabia from arbitration to the establishment of a centre for registration of lien and the long awaited mortgage law. As part of the restructuring underway in the Saudi Arabian judiciary system, long standing regulations for the resolution of banking disputes in the… Continue Reading

Oxford University Press Publishes Comprehensive Guide to Islamic Finance

Posted in Islamic Finance

Islamic Finance: Law and Practice, co-edited by Latham partner Craig Nethercott, was recently published by Oxford University Press (click here to view). Nethercott, global co-head of Latham’s Islamic finance practice and one of the editors of Al-Mirsal, also is a contributor to the volume, along with co-editor David Eisenberg of White & Case. The book… Continue Reading

Current Trends in Islamic Finance on Agenda at Kuala Lumpur Conference

Posted in Capital Markets, Islamic Finance

In a session on “Current Trends in Islamic Finance” at the In-House Counsel Congress today in Kuala Lumpur, Latham partners Bryant Edwards and Craig Nethercott discussed the opportunities for Shari’ah compliant debt issuance in the United States capital markets. “US capital markets remain the deepest capital markets and investors in these markets are increasingly interested… Continue Reading

Sipchem Mudaraba Sukuk–A Transfer of Beneficial Rights

Posted in Banking and Finance, Islamic Finance

Sipchem’s recent Mudaraba Sukuk is notable as an economic success and also for its structure.  The financing represented a great addition to the tool kit available to corporate treasurers in Saudi Arabia. A Sukuk financing typically requires that: An issuer has unencumbered tangible assets available; The assets are Shari’ah compliant (i.e not related to alcohol,… Continue Reading

Wataniya Mobile’s IPO and the Potential for a Palestinian Growth Story

Posted in Capital Markets, Islamic Finance

Investing in the Palestinian territories has traditionally been laced with political and economic risk. But the successful listing of the second player in the Palestinian mobile telecommunications sector has invited a closer look at the potential for investment. 2011 saw the successful completion of the largest initial public offering (IPO) in the Palestinian territories in… Continue Reading