The following Banking & Finance practice note Produced in partnership with Morgan, Lewis & Bockius LLP provides comprehensive and up to date legal information covering:
There are a number of different opinions and principles iterated by Shari’ah board members when interpreting Shari’ah law in commercial situations thus resulting in what would appear to be discrepancies in the use of legal documentation within Islamic finance transactions.
In response to these recognised market inconsistencies, there has been greater global focus upon the development of national centralised regulatory authorities on matters of Islamic finance. For example, in 2017 following the national sanction of an Islamic finance industry, the Moroccan Shari’ah Committee for Participative Finance was established by royal decree as a body of 10 Islamic scholars and financial experts to oversee and regulate the newly established financial sector. The Central Bank of Bahrain (the CBB) which has regulated the Bahrain financial sector since 2002, has similarly followed this developing regulatory trend by releasing an announcement in September 2017 to the effect that from 2020 all banking reports (traditionally approved by in-house Islamic scholars) are to be subject to external audit, plus from June 2018 new rules are to be introduced to further unify the role and independence requirements of in-house Shari’ah boards. The United Arab Emirates (the UAE) has also responded to global moves to increase regulation via the introduction of the UAE Higher Shari’ah Authority, which was sanctioned by the UAE Cabinet in May 2017 and held its founding meeting
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The offence of false imprisonmentFalse imprisonment is a common law offence but it is more common as a civil action in tort (see Practice Note: False imprisonment).It is triable only on indictment. It may be classified in class 2A, 2B or 3 in accordance with the Criminal Practice Directions.The
Intimidation of witnesses and jurorsIntimidation of witnesses and/or jurors is an offence under section 51 of the Criminal Justice and Public Order Act 1994 (CJPOA 1994). An offence is committed where a defendant:•does an act which intimidates, and is intended to intimidate, another person (the
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive disclosures under Part 7 of the Proceeds of Crime Act 2002 (POCA 2002) or Part III of the Terrorism Act 2000 (TA 2000)—see Requirement to appoint a
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