Emerging markets of the Middle East: A critique of selected issues in Arab securities regulation
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The same sources (quoting the corporate manager for finance at Qatar General Petroleum Corporation, 1998, addition, one of the Qatari corporations which is certain to raise finance from the international bond market (before
See Norton, J. and Sarie-Eldin, H. (1996) 'Securities law models in emerging economies', in Norton,J.and Andenas, M. (eds) 'Emerging financial markets and the role of international financial organisations',Kluwer, pp.335-338.
Well-known historical English examples in this sense are the 1697 Act to Restrain the Numbers and Practices of Brokers and Stock Jobbers (which was passed after the damning report of the Royal Commission of Trade in England) and the 1720 Bubble Act (enacted after the disastrous collapse of the share price of the South Sea Company). See infra. (Ref. 4), pp.171, 174. See also generally Robb, G. (1992) 'White-collar crime in modern England, financial fraud and business morality, 1845-1929',Cambridge University Press.
Gower L., 1988, Rider, B., Abrams, C. and Ferran, E. (1989) 'Guide to the Financial Services Act 1986, 2
Financial Services Newsletter, 1998, N o
generally 'Regulation of the United, 1995, London
1995, London
1997, The Financial Regulator, 2, 24
Mannan M., 1991, Pakistan Edition, 30
J. (1990) 'The sources of Islamic Law: Islamic theories of abrogation', where he enumerates sources of Islamic law as the Quran, Sunna, Islamic sciences and usul-al-Fikh or (Islamic jurisprudence), 9
See Ray, N . (1995) 'Arab Islamic banking and the renewal of Islamic law', Graham and Trotman, p.27. The meaning of ijma' has varied over the years. It originally meant the consensus of the Islamic nation. Some writers have even unconvincingly argued that ijma' refers to the concurrence of the Prophet's companions on a solution to a particular question that was not addressed in revealed sources. See for example, Hidayatullah, M. and A. (1990) 'Mulla's principles of Mahomedan law', N M Tripathi Private Ltd, Bombay, s.33.
Sharma R ., 1988, Key to Islamic law
Leasing, lending and hire-purchased contracts are here seen as not substantially different from equivalent Western mechanisms of financing. See Ray (1995)p.37, op. cit.
See Mallat, C. 'The renaissance of Islamic law: Constitution, economics and banking in the thoughts of Muhammad Baqer As-Sadr', PhD thesis,London University. Madi, S. (1989) 'The concept of unlawful gain and legitimate profit in Islamic law', PhD thesis, London University. Thani, N . 'Legal aspects of the regulatory framework of the Malaysian financial system', PhD thesis, London University, especially pp. 278-320. Kazarian, E. (1991) 'Finance and economic development: Islamic banking in Egypt', PhD thesis, Lund University, Sweden. Siddiqui, S. (1994) 'Islamic Banking', Royal Book C o m - pany, especially pp. 1-25. Owsia, P. (1994) 'Formation of contract: A comparative study under English, French, Islamic and Iranian law, Graham & Trotman. For articles, see: Mayer, A. (1979) 'The regulation of interest charges and risk contracts: Some problems of recent Libyan legislation', International and Comparative Law Quarterly, Vol. 28, N o . 4, October, especially pp. 541-553; Cagatay, N . (1970) 'Riba and interest concepts and banking in the Ottoman empire', Studia Islamica, Vol. 32; Wilson, R. (1998) 'The issue of interest and the Islamic financing alternative', Journal of International Banking, Issue 1, especially pp. 23-25.
See generally, Moghaizel, F. (1991) 'Insurance in the light of Islamic legal principles', PhD thesis,London University; Siddiqi, M. (1985) 'Insurance in an Islamic Economy', The Islamic Foundation and Billah, M. (1997) 'A model of life insurance in the contemporary Islamic economy', Arab Law Quarterly, Vol. 12, N o . 3, September, pp. 287-306.
See Al-Kuhaimi, S. (1982) 'Contract law and the judicial system in Saudi Arabia', PhD thesis,London University; Edge, I. (1985-1986) 'Comparative commercial law of Egypt and the Arabian Gulf, Cleveland State Law Review, 34; Anderson, N . (1954) 'The Shari'a and civil law: The debt owed by the new civil codes of Egypt to the Shari'a', The Islamic Quarterly, Vol. 1; Saleh, N . (1990) 'Definition and formation of contract under Islamic and Arab laws', Arab Law Quarterly, May. See also generally: Schacht, J. (1964) 'An Introduction to Islamic Law, Oxford; Coulson, N . (1964) 'A History of Islamic Law', Edinburgh.
See for example, Ghanem, I. (1987) 'The role of Islamic law in commercial litigation in North Yemen', PhD thesis,University of London.
1997, The Arab Banker, 26
1988, N . 'Financial transactions and the Islamic theory of obligations and contracts', 26
Moore P., 1997, Euromoney, 155
Seznec J., 1987, Croom Helm, 114
Al-Rimawi L., 1998, The Company Lawyer, 19, 2
See Abisourour, A. (1994) 'The emerging Arab capital markets: Status, role and development prospects', pp.65-66, in El-Naggar,S, 'Financial policies and capital markets in Arab countries',IMF.
However, 1991, Law N o . 10 of
Companies Law No, 1998, 21 of 1997 (it came into effect on
Iraq, 1998, Saudi Arabia, the stock exchange halted its downward trend since the beginning of
Beikos A., 1998, Euromoney, 321
Dudly N ., 1997, Arab Capital Markets. Euromoney. May, 97
March 1998, 136
Al-Hayat July, 1995, Financial Times
Allen, 1998, Reference 53.
Ibid., 154
Allen, 1998, op. cit.. Reference 53
It is estimated that from now until 2010, Saudi Arabia needs to invest well in excess of US$100bn in power and water alone. See Moore (1997) op. cit., pp.153-154, Reference38.
However February, 1984, Arab Law Quarterly, 10, 224
31 December, 1987.
M. (1994) 'The role of financial sector reform in macroeconomic and structural adjustment', 7
Guitian (1994) op. cit., p.8.
Generally speaking, an economic adjustment programme refers to public sector reforms, reforming pricing and investment policies, reforming fiscal policies and monetary and financial policies. See Azzam (1997)p.44, op. cit.Reference42.
For a compact assessment of the structural adjustment process in Morocco, Jordan, Egypt, Algeria, Tunisia, Syria and Lebanon, see Azzam (1997)pp.47-62, op. cit. Reference 42. For an equally concise account of policy reforms and challenges in the G C C countries, seeAzzam (1997), pp. 62-66.
Euro-Mediterranean Partnership, 1997, Forging New Links in the Mediterranean, 2
Bahrain, 1997, Azzam, 14
However, 1998, Jordan decided in late
For interesting articles on privatisation in Egypt see Abdel-Rahman, I. and Abu Ali, M. (1989) 'Role of the public and private sectors with special reference to privatisation: The case of Egypt', pp.141-181in El-Naggar,S.'Privatisation and structural adjustment in the Arab countries', IMF, and El-Naggar, S. (1988) 'Prospects and problems of privatisation: The case of Egypt', paper presented to the Thirteenth Annual Symposium, Centre for Contemporary Arab Studies,Georgetown University, April.
However, 1980, Moroccan attempts at privatising non-strategic enterprises date back to the early
As early as July 1985 the Tunisian government passed a law limiting direct governmental control to 164 parent companies and in 1986 a National C o m - mission for the Rationalisation and Restructuring of the Public Enterprise Sector was formed to assess which companies should be privatised, P. and Schiller, C. (1989) 'The fiscal impact of privatisation, with some examples from Arab countries', in El-Naggar, S. 'Privatisation and structural adjustment in the Arab countries', IMF, 107
For an insightful account of privatisation in Egypt, Morocco, Jordan, Saudi Arabia, Kuwait, Oman, Bahrain, the UAE and Tunisia (1997) see Azzam (1989)pp.109-137, op. cit., Reference 42. Also, for a general interesting account of privatisation in the G C C countries, see Khatrawi, M. 'Privatisation and regional public joint ventures in theGulf Cooperation Councilregion', pp. 189-206, in El-Naggar, S. 'Privatisation and structural adjustment in the Arab countries', IMF.
1998, called the Saudi Electricity Company, will be set up to cover the whole country. See report by Reuters on the privatisation of the Saudi electricity sector released on
1995, S. (1996) 'The Uruguay Round and the Arab countries: Papers presented at a seminar held in Kuwait
1994, For example
1995, Foreign investment in Jordan also doubled from S54m between 1986 to 1990 to $112m from 1991 to
1998, is also deemed to be one of the factors which initially stimulated foreign interest in Jordanian corporations. H o w - ever, in early
Mondellini L., 1998, Euromoney. September, 339
1997, between January and June of
1998, Mondellini, 339
Ai-Hayat July, 1995, Financial Times
17 January, 1993 addressed issues relating to: management of funds; capital adequacy; limitation of investment in other funds, etc. See Meyer-Reumann (1995), 227
Jordan Times Arabs, 24 September, 1998.
See CRW Ltd v. Senddon (1972) 72 R (NSW) 17, as cited in Au, K. 'major issues in securities regulation in the 1980s: A comparative study', PhD thesis,University of London, p. 119.
Al-Melhem A., Arab Law Quarterly, 14
1997, Chapter III (Securities Fraud)
See Thani, N . (1993) 'Legal aspects of the regulatory framework of the Malaysian financial system', PhD thesis,London University, pp.353-356.
Comair-Obcid N ., 1994, Arab Law Quarterly, 335
These tilt more towards juridico-moral Islamic teachings concerned with the object of obligation in an attempt to protect parties from all risks that may prejudice the contractual benefits, ibid., pp.344-345.
This is seen through indeterminability adversely affecting the parties through procuring an illicit gain for one, while causing unforeseen loss to the other, ibid., pp.346-347.
Imam, Arab Law Quarterly, 279
SeeAl-Melhem (1998), op. cit., pp.16 - 17,Reference109.
However, 1980, since
1996, see 'The Encyclopaedia of the historical development of the Jordanian Banking System, 1
1959, 1413 issued
1995, from
1971, 3201 dated
1971, 3201 dated
1971, 2283 dated
1966, 1958 dated
Official Gazette No, 1992, 3823 dated
Though, 1986, since