The Basel Committee on Banking Supervision has issued a Report to the G20 Finance Ministers and Central Bank Governors on Basel III Implementation. The implementation period for Basel III capital requirements starts from 1 January 2013 and includes transitional arrangements until 1 January 2019. At the time of the report, 8 of the 27 member jurisdictions of… Continue Reading
Reforms to Banking Disputes in Saudi Arabia
Posted in Banking and Finance, Islamic Finance, Project Development and Finance, RegulatorySeveral 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
Current Challenges for GCC Family-Owned Businesses
Posted in Banking and Finance, Capital MarketsFamily-owned businesses continue to drive commercial activities in the economies of the Middle East. According to recent statistics, in the Gulf Cooperation Council (GCC) region alone, family businesses control over 90% of commercial activity. Today, family businesses are confronted with numerous challenges in the changing economic environment, including governance, globalisation, technology, generational change and innovation…. Continue Reading
Sipchem Mudaraba Sukuk–A Transfer of Beneficial Rights
Posted in Banking and Finance, Islamic FinanceSipchem’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