Specialized Insolvency Regimes for Islamic Banks: Regulatory Prerogative and Process Design Author: Hdeel Abdelhady Original Publication: World Bank Legal Review, Volume 5 Abstract…
Hdeel Abdelhady proposes a multilateral food security waqf, a type of Islamic trust or endowment, as a vehicle of investment in the future food security of the Middle East. This article focuses on the rationale and objectives of a waqf-based framework currently under development by the author, for application by governments, institutions, and private entities. The structures under development combine the waqf (as a foundational framework to allocate funding and other assets) with Islamic financing structures, Islamic and conventional asset management approaches, Shari’ah- and civil law-based legal frameworks, and effective governance and operational models to achieve measureable impact, in a manner that equitably and rationally distributes rights and responsibilities among parties across the food supply chain, from government consumers to small farmers.
Hdeel Abdelhady proposes a multilateral food security waqf, a type of Islamic trust or endowment, as a vehicle of investment in the future food security of the Middle East. This article focuses on the rationale and objectives of a waqf-based framework currently under development by the author, for application by governments, institutions, and private entities. The structures under development combine the waqf (as a foundational framework to allocate funding and other assets) with Islamic financing structures, Islamic and conventional asset management approaches, Shari’ah- and civil law-based legal frameworks, and effective governance and operational models to achieve measureable impact, in a manner that equitably and rationally distributes rights and responsibilities among parties across the food supply chain, from government consumers to small farmers.
Recent investigations of financial institutions for “corrupt” hiring of foreign officials’ family members highlight links between anticorruption and AML compliance and enforcement. Financial institutions dealing with politically exposed persons and state-owned enterprises should leverage AML expertise to bolster anticorruption compliance.
Like some emerging economy countries, some EMEs that have had prior success and are financially strong are, at the enterprise level, in transitional phases. These EMEs:(1) are facing changing global and local economic and operating conditions; (2) have newfound global visibility that invites greater public scrutiny; (3) have strategic, next level goals; and, (4) must navigate established and evolving standards of business conduct that are being set and enforced by diverse external constituencies and growing more material to the bottom line. To adapt to changing conditions and advance their objectives efficiently—i.e., by proactively limiting reputational, commercial, legal and other risks and costs and capitalizing on opportunities that favor well-governed enterprises—these EMEs need not just strong governance, but entrepreneurial governance.
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ood insecurity is a global threat. The nature of food and the means of its production make food insecurity a uniquely complex problem with social, political, economic, and ethical dimensions. Serious efforts to promote food security must respond to the complexities of the challenge. At the national level, Middle Eastern countries have attempted to address food insecurity risks through food subsidies, export bans, price ceilings, and other policy measures. Others, particularly Gulf Cooperation Council (“GCC”) states, have sought to bolster food security by acquiring farmland overseas. Acquisitions of overseas farmland and land-use rights by Arab countries and other parties have not been without controversy. The acquisition of agricultural land to produce food exclusively for the benefit of acquirer countries is legally and politically risky. As a region, the Middle East has not explored its potential to sustainably bolster food security by marshaling its combined monetary, natural and human resources for the long-term benefit of its inhabitants. It is in the region’s best interest to identify and pursue strategies to bolster food security, through increased regional production and other means, in ways that are not only economically, legally, and environmentally sustainable, but also are politically, socially, and ethically sound.
American economic and financial heft facilitates the extraterritorial reach of U.S. law. For example, global transactions that are denominated in U.S. dollars and processed through the U.S. financial system “touch” the United States, come within its jurisdiction and create a jurisdictional nexus to foreign parties, property and events associated with those transactions.
BNY’s internships for sovereign wealth fund officials were bribes. Key SEC findings and takeaways for compliance.
United States Adds Russian Direct Investment Fund, Other Russian Financial Services Actors to Sectoral Sanctions List Certain Financing, Debt, and Equity Transactions Remain…