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Restructuring challenges in Islamic financing

Posted on 03 November 2010

From Financierworldwide.com: As an Islamic state, it must always be kept in mind that the law of the Kingdom of Saudi Arabia is based on the Shariah, with the Quaran and Sunnah as principle sources of law. Given that interest is ‘riba’ or forbidden under Islamic law, for example, there are obvious tensions between the basic Saudi Arabian legal environment and the interests of typical bank creditors.
Nonetheless, creditors do have a number of enforcement options. Firstly, a creditor may make application to the Negotiable Instruments Committee under the Ministry of Commerce and Industry for recourse in respect of promissory notes or the like, provided such notes are in the appropriate form……………………………………….Full Article: Source

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