MALAYSIA - PUBLICATIONS - ISRA Research Papers 25 and 26

Analysis Of Legal Disputes In Islamic Finance And The Way Forward: With Special Reference To A Study Conducted At Muamalat Court, Kuala Lumpur, Malaysia Hakimah Yaacob	Pioneering Thoughts On Commodity Hawalah: Facilitating The Trading Of Debt?  Prof. Dr. Ashraf Md Hashim & Eqhwan Mokhzanee Muhammad
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INDONESIA - LEGAL - There are Not Too Many Cases of Islamic Banks Transactions Dispute

Jakarta, (28/06). Are there any complain from Islamic banks’ customers lately? The questionnaire has come out from the media at the Chairman of Islamic banking supervisory review of Islamic banks Directorate of Bank Indonesia, Dewi Astuti at Trisakti University sometime ago. (source)

MALAYSIA - LEGAL - Uncertainty, disparity in Islamic finance pose challenges

KUALA LUMPUR: The uncertainty and disparity in some areas of Islamic finance can at times be an added cost for industry players or turn them away from it, said a senior Securities Commission (SC) director.

 

Zainal Izlan Zainal Abidin, the SC executive director, said the legal, regulatory and tax frameworks for Islamic finance sometimes differ from one market jurisdiction to another, and this poses a challenge when one goes into cross border situations.

"As a result, going through the Islamic finance route may, at times, be less clear or economical than the conventional route.

"Until these issues are satisfactorily addressed, there will be some degrees of apprehension among industry players and practitioners to fully embrace Islamic finance," he said. (source)

MALAYSIA - LEGAL - KLRCA To Actively Promote Islamic Arbitration Globally

KUALA LUMPUR, June 27 (Bernama) -- The Kuala Lumpur Regional Centre for Arbitration (KLRCA) is making robust efforts to expand its role in promoting Islamic arbitration globally and will launch Islamic arbitration rules to cover other sectors such as construction and maritime. (source)

LEGAL - Bermuda signs TIEA with Indonesia

The TIEA, which is the Island’s 25th signed agreement, provides for a full exchange of information on criminal and civil tax matters between the two countries. 

Negotiations took place between the two parties at the Ministry of Finance in Bermuda a year ago and the TIEA was signed at the Indonesian Embassy in London. (source)

JAPAN - ARTICLE - Translating Islamic Finance into Japanese Legal Concepts - By Takashi Tsukioka

Recently, in Japan, Islamic finance has been attracting the attention of many potential market players. In December 2010, the Financial Services Agency of Japan offi cially announced its aim to “promote the development of an environment for the issuance of Islamic bonds in Japan” in its action plan for a new growth strategy. (source)

UK - EVENTS -SPEECH - Deputy Governor's Keynote Address at the ISRA-IIBI 2nd Annual International Thematic Workshop 2010: "The Polemics of Governing Law in Islamic Finance"

Speaker : Dato' Muhammad bin Ibrahim Venue : The Thomson Reuters Building, London Date : 29 November 2010 Language : English

Let me first thank the organizers for inviting me to speak at this ISRA-IIBI 2nd Annual International Thematic Workshop 2010. Although I very much regret not being able to be in London in person, I am thankful for the many advances of modern technology for the opportunity to briefly address all of you this morning. I am also happy to note that this event is a continuation of international collaboration between the organizers, the International Shariah Research Academy for Islamic Finance (ISRA), the Institute of Islamic Banking and Insurance (IIBI) and Thomson Reuters, following the success of the inaugural workshop held last year. The theme of this year's workshop, 'The Polemics of Governing Law in Islamic Finance: Recent Developments and the Way Forward', is most apt. With the emergence of Islamic finance as a new growth area in the global financial landscape, this Workshop provides an excellent forum to exchange views and information on topical legal issues in Islamic finance. As Islamic financial activities are increasingly crossing national boundaries, it is critical for more such dialogues to take place at an international level, in order to gain wider perspectives that can contribute to the development of a legal framework for Islamic finance that is internationally facilitative.

CONFERENCES - IFSB - WORKSHOPS (on invitation only)

1. 2011, Jan 27 - Kuala Lumpur Malaysia - 4th Shari`ah Seminar on Realising Shari`ah Response to Legal and Regulatory Challenges Facing Islamic Finance

Participation in the Seminar is BY INVITATION only.

2. 2010, Nov 8 - Kuala Lumpur Malaysia - IFSB-FIS Workshops for Regulatory and Supervisory Authorities of the IFSB Member Countries

Participation in the Workshops is BY INVITATION only.   For more information on the Workshops, please contact Ms. Yazmin Aziz at yazmin@ifsb.org

EDUCATON - SEMINAR - IFSB - BI - Legal Aspects of Islamic Asset Securitisation & Insolvency Regimes

The Islamic Financial Services Board (IFSB) is organising the 5th IFSB Seminar on Legal Issues in the Islamic Financial Services Industry Seminar from 2 – 3 December 2010 in JW Marriott Hotel, Jakarta, Indonesia. The theme for this year Seminar is Legal Aspects of Islamic Asset Securitisation & Insolvency Regimes. Bank Indonesia is hosting the Seminar.

LEGAL - TAHAWWUT MASTER AGREEMENT - ISDA - Islamic derivatives slow to catch on in Gulf states

DUBAI: Islamic derivatives are still struggling to gain traction in the Gulf, six months after the launch of a much-touted over-the-counter contract aimed at creating a standard legal framework for hedging products.

Experts said the contract, known as the Tahawwut Master Agreement, in theory provides Islamic institutions with a simpler template for risk management that has been approved by syariah scholars.