Islamic Finance, Banking & Philanthropy Insights
MassPoint's Principal, Hdeel Abdelhady, presented on Rule of Law in the Exploration and Use of Outer Space at the annual Galloway Symposium on Critical Issues in Space Law. Ms. Abdelhady, along with her co-panelists, engaged in a comparative law discussion.
Critical Minerals, Critical Resources, Doing Business in Emerging Markets, Islamic Law, MassPoint Legal and Strategy Advisory PLLC
Thinking beyond the parameters of standard "international development" and industry playbooks, the lack of progress (or, in some cases, regression) in developing Afghanistan's mining sector should induce interested government, industry and nongovernmental actors to consider if and how laws, policies and technical assistance can be formulated, modified and implemented in ways that might enhance their effectiveness in practice, rather than just on paper. Afghanistan, as is well known, is a Muslim majority nation in which Islamic law (as locally interpreted and implemented formally and informally) plays a significant role. Islamic law (Shari'ah), provides rules and precedents applicable not only to family matters and ritual worship, but also to business transactions, public governance, market regulation, and limitations on government dominion over private property. in these areas, and others, Islamic law and historical practices provide rules and precedents applicable to the regulation, administration and conduct of mining and other extractives businesses. These laws and precedents are just as robust, and more so in some cases, as international and foreign laws and standards.
MassPoint’s Founder and Principal, Hdeel Abdelhady, will speak at a program on Islamic Finance at Harvard Law School. Ms. Abdelhady, who has acted as legal counsel to financial institutions, companies, and non-profit organizations on Islamic Finance, banking, and governance matters, teaches a course in Transactional Islamic Law at The George Washington University Law School in Washington, D.C. The program, entitled “Islamic Finance: Principles and Strategies,” will take place on March 6, 2018 at the Harvard Law School in Cambridge, Massachusetts. Program information is available via Harvard Law School.
This post discusses these issues in Dana Gas sukuk matter and offers some observations and lessons that can be drawn from the governing law and forum selection questions raised by the Dana Gas sukuk matter. As this post entails post hoc discussion of the Dana Gas sukuk offering based on publicly available information, there is an element (or more) of Monday morning quarterbacking, and this should be borne in mind. Nevertheless, the general observations and potential lessons—which are not unique to the Dana Gas sukuk or Islamic transactions—should be read for their generality.
Dana Gas PJSC, the Sharjah, UAE-based gas producer, has unilaterally declared “unlawful” sukuk instruments issued by the company in 2013  (through, as issuer, Dana Gas Sukuk Limited, a Jersey public company with limited liability). This post discusses some of the Shari’ah, UAE law, and factual issues triggered by the Dana Gas statement on the unlawfulness of its sukuk.
Banking Law & Regulation, Doing Business in Emerging Markets, Islamic Banking & Finance, Islamic Law
Specialized Insolvency Regimes for Islamic Banks: Regulatory Prerogative and Process Design Author: Hdeel Abdelhady Original Publication: World Bank Legal Review, Volume 5 Abstract As Islamic banks grow in size…
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.