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Vol.XVIII – Issue 1, Jan. 2014–Articles

Development of the Islamic banking industry in Oman

Guiding Principle

This article focuses on the implementation of Islamic banking, finance and investment in the Sultanate of Oman, effected by the Royal Decree 69/2012 of December 6, 2012 Amending Some Provisions of the Banking Law promulgated by Royal Decree 114/2000, as well as the Central Bank of Oman’s Circular IB 1 of December 18, 2012, which adopted the relevant Islamic banking framework.

Security Guarantee Under Egyptian Law

1. Definition, General Introduction

Securities, in the form of guarantees, are regulated by the Egyptian Civil Code (EG-CC) in Section 5 (Securities), Art.772 – 801, EG-CC (Egyptian Civil Code).

For the guarantees which are due to the guarantee-beneficiary by the guarantor on behalf of the debtor, the following provisions are deemed of interest:

Introducing a Cybercrime Law in the GCC

Guiding Principle

No commonly agreed single definition of “cybercrime” exists. Generally speaking, it refers to illegal internet-mediated activities that often take place in global electronic networks.

Iran Sanctions Update: January 2014

Guiding Principle

On November 24, 2013, Iran and the United States, along with Russia, China, France, and the UK, announced a six-month interim deal that temporarily curbs Iran’s nuclear program in exchange for limited sanction relief. The aim of the deal is to give the international players time to pursue a more comprehensive agreement. The deal will come into force on January 20, 2014.

Real Estate Funding in Saudi Arabia

Guiding Principle

Consistent with the expected enforcement of the new real estate funding regulations on 2014, many establishments rushed to get the required funding licenses from the Saudi Arabian Monetary Agency. By January 1st, 2014,  five establishments were licensed following the first license granted to Riyad Bank few days before the end of 2013. More licenses are expected shortly as well. This comes with the expectations that the new funding regulations (Funding Lease, Registered Real Estate Mortgage, Real Estate Funding, and Monitoring the Funding Companies Laws and their Implementing Regulations) will raise the growth of the Saudi real estate market, which has been slowly growing during the last three years.

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