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Abstract

Financial derivatives such as futures, options and swaps play an important role in the development of financial markets because they can be employed in many ways, notably for hedging, arbitrage and speculation. However, for a variety of reasons, such conventional instruments are considered unlawful under Islamic law and are impermissible in Islamic financial markets. The search for a Sharīʿah-compliant alternative has become a major concern to Islamic financial and legal engineering. Indeed, in this article, we will study the ʿurbūn (earnest money) contract according to Islamic law and positive law in several Muslim countries. Thereafter, we will examine the possibility of substituting the conventional call option contract (Call) by the ʿurbūn contract for hedging market risk, by providing a technical and legal comparison between the two contracts.

In: Arab Law Quarterly

Abstract

This article examines the impact of the United Nations Convention on Contracts for the International Sale of Goods (CISG) (signed 11 April 1980, entered into force 1 January 1988) on Kuwait as a non-Contracting State. By examining the potential application of CISG to countries around the world, it becomes clear that the applicability of this Convention is inevitable. This article identifies and examines the cases where CISG can be applied, according to its rules, and the process by which CISG, as a foreign law, would be applied in Kuwait. As this article shows, this can be achieved through the autonomy of the parties, Kuwaiti conflict-of-laws rules, or through customary law. This article also examines the cases where CISG cannot be applied in Kuwait and the implications of Kuwaiti’s ratification of CISG.

In: Arab Law Quarterly

Abstract

To maintain political stability and to preserve the plurality and the diversity that characterise its societies, consociational democracies require, more than other states, a grand coalition government. In this type of democracy, the grand coalition is not a model that is used in exceptional cases, as in majoritarian democracies. It is a deliberate and permanent political choice. In Lebanon, following the modifications implemented by the 1989 Ṭā’if Accord, the Constitution instituted a collegial power-sharing within the executive that implies the establishment of a grand coalition which enables the political participation of the main Lebanese religious confessions in the government. On the other hand, the formation of the Lebanese Council of ministers since the spring of 2005 has become increasingly difficult and coalitions are often less stable than in the past. These laborious negotiations for unstable governmental coalitions are especially problematic in what may be called the perversion of the constitutional procedure by leaders of the parliamentary blocs.

In: Arab Law Quarterly

Abstract

The carriage of goods by sea plays a vital role in the United Arab Emirates (UAE) economy as its several seaports are strategically located at the crossroads of the Middle East/southwest Asian region. Therefore, knowledge of the legal rules governing the carriage of goods by sea, as they are applied in the UAE, is important. This study focuses particularly on those rules relating to the carrier’s liability for delay in the delivery of goods by sea to their port of destination. Since in most cases of delay no physical loss of goods incurs, economic loss is a prominent aspect of delay cases. This study analyses the provisions of delay in the UAE and compares those with the pertinent international conventions on the carriage of goods by sea. The aim is to examine the extent to which provisions of UAE commercial maritime laws align with the international conventions regarding delay of cargo delivery.

In: Arab Law Quarterly

Abstract

The carriage of goods by sea plays a vital role in the United Arab Emirates (UAE) economy as its several seaports are strategically located at the crossroads of the Middle East/southwest Asian region. Therefore, knowledge of the legal rules governing the carriage of goods by sea, as they are applied in the UAE, is important. This study focuses particularly on those rules relating to the carrier’s liability for delay in the delivery of goods by sea to their port of destination. Since in most cases of delay no physical loss of goods incurs, economic loss is a prominent aspect of delay cases. This study analyses the provisions of delay in the UAE and compares those with the pertinent international conventions on the carriage of goods by sea. The aim is to examine the extent to which provisions of UAE commercial maritime laws align with the international conventions regarding delay of cargo delivery.

In: Arab Law Quarterly

Abstract

Land and property rights in Iraq are an important component of recovery, particularly subsequent to the ISIS conflict. The return of 3.3 million internally displaced persons (IDPs) due to the ISIS conflict are encountering claimants who were dislocated from previous wars and expropriations. This results in numerous land conflicts that if not dealt with will contribute to the country’s instability. Of primary importance in this regard is an ongoing discussion in government and the international community which focuses on a central question—are the current laws and institutions in Iraq, made for stable socio-political settings, able to manage the large-scale land and property problems emerging and ongoing in the country? This article considers this question by examining and critiquing the current legislative and institutional framework in Iraq in the context of the historical-to-present trajectories of land rights problems and development of land and property laws and institutions.

In: Arab Law Quarterly

Abstract

Land and property rights in Iraq are an important component of recovery, particularly subsequent to the ISIS conflict. The return of 3.3 million internally displaced persons (IDPs) due to the ISIS conflict are encountering claimants who were dislocated from previous wars and expropriations. This results in numerous land conflicts that if not dealt with will contribute to the country’s instability. Of primary importance in this regard is an ongoing discussion in government and the international community which focuses on a central question—are the current laws and institutions in Iraq, made for stable socio-political settings, able to manage the large-scale land and property problems emerging and ongoing in the country? This article considers this question by examining and critiquing the current legislative and institutional framework in Iraq in the context of the historical-to-present trajectories of land rights problems and development of land and property laws and institutions.

In: Arab Law Quarterly
In: Islamic Law and Society