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Mian Muhammad Nazir From a shariah perspective, it is necessary that any dispute under a shariah-compliant contract must be resolved in accordance with the principles of shariah which govern the relevant shariah-nominate contract. This principle has been reiterated by International Fiqh Academy in its resolution on the subject of governing law for shariah-compliant transactions. Despite the resolution and the importance of the governing law for shariah-compliant transactions, the matter has not received any significant attention from stakeholders. The main reason why the parties are reluctant to choose the principles of shariah as governing law is uncertainty surrounding the recognition of principles of shariah as a system of law by judicial and quasi-judicial authorities and tribunals. Apparently, this indifference accorded to shariah is largely attributable to lack of understanding of the Islamic jurisprudence and its principles. It is often said – indeed it has become a cliché among the legal fraternity – that the principles of shariah are mostly a set of discretionary rules laid down or inferred by a scholar or a school of Islamic jurisprudence based on his or its understanding of Qur'an and Sunnah (the two main sources of Islamic jurisprudence). Surprisingly, this notion has received considerable strength from judgments in a few cases and arbitration proceedings in some jurisdictions. Unfortunately, the Islamic banking industry, which owes its genesis to Islamic jurisprudence, has not made any effort to dispel this misconception.

Shadow banking won’t be as elusive

The growing interest of foreign investors in the Colombian capital markets has increased portfolio investments in local securities to year records. This has led the Superintendence of Finance (SFC) to regulate proxy voting on local listed securities by foreign investors. External Circular 022 of 2012 details proxy voting for foreign investors through local securities depositaries and adds new duties in connection with their interaction with foreign depositaries.

On the regulatory front, ALLEN & OVERY snared Marc Ponchione from the asset management division of Willkie Farr & Gallagher. Ponchione is a former senior counsel at the SEC's division of investment management. COZEN O'CONNOR has gained Jerry Pappert, a former Pennsylvania attorney general and the chairman of the state's Banking and Securities Commission, as a shareholder in its Philadelphia office.

European regulators have recently retracted two controversial clearing proposals. But how much will this help an industry grappling with indirect clearing models?

The UK Listing Rules have recently changed. Here’s what you must know

Directors of multinationals investing in China must be aware of their potential civil, administrative and criminal liabilities. Here’s how to navigate the pitfalls

Azerbaijan’s credit metrics have stabilised since the height of the global crisis. The market’s supervisory and governance frameworks have played no small role

It’s been over a year since the changes to the UK’s Takeover Code took effect. Have fears over the changes’ impact on private equity materialised?

Mutual assistance under Iosco’s Multilateral MoU has become an important enforcement and supervision tool for the region’s securities regulators