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ifinance Seminar Legal Structures and Documentation / Seminar

ifinance Seminar Legal Structures and Documentation The lack of standard legal documentation in the Islamic finance space is a major concern for the sector. It gives rise to duplication of processes and inevitably to increased transaction costs.

Bankers rue the fact that there are no standardized legal documentation or templates for internationally-accepted Islamic instruments such as Murabaha, Ijarah and Istisna.

But is standardized documentation on a global basis desirable or even achievable given the diversity of legal jurisdictions, legal codes and legal cultures? Or should standardization be achieved first in national markets; then regional markets; and later leading to convergence globally?

A seminar to discuss these issues is timely given the proliferation of law firms now offering Islamic financial legal services and the increased competition between these firms in attracting Islamic financial business.

Legal documentation also encompasses other issues in the Islamic finance transaction process. These include the relationship with the Shariah governance process, especially the compiling of the document to reflect the Shariah provisions; the Shariah review of the documentation; the time taken for this review; the quality of this review; the potential areas of conflict and disagreement and how these could be reconciled to satisfy both the law of the land and Islamic financial principles; and issues relating to the etiquette of conducting this legal documentation review process.

There are also other issues which are pertinent - the pre-eminence of English law as the 'legal jurisdiction of choice' for many Islamic financial institutions and transactions; the similarities between English law and Islamic law in certain areas especially 'freedom to contract'; and the potential impact of Islamic financial institutions being authorized in the UK to the development of English law relating to the specific characteristics of Islamic banking.
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Location : 160 Queen Victoria St., London
Country : United Kingdom
Start Date : May 21, 2008
End Date : May 21, 2008
Sectors : Business/Finance
Organizer : Islamic Conferences Group (ICG)
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