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Forum shopping in sovereign insolvency proceedings, including NML v Argentina, reveals the need for an international insolvency regime

Mian Muhammad Nazir Most of Islamic finance products and services, particularly financing transactions, necessitate procuring an insurance cover (Takaful). This is to mitigate certain inherent risks in underlying contracts or structures that cannot otherwise be excluded or mitigated in a Sharia compliant manner. The Takaful model for insurance is based on the principle of mutual cooperation and indemnification. Therefore, Takaful cover can easily be used to mitigate market and credit risks in many Sharia nominate financing contracts, without breaching the mandatory Sharia principles which prohibit exclusion or mitigation of certain risks in such contracts. In some commonly used structures for sukuk and investment products, the proceeds of Takaful cover are the only source of payment for the investors in the event of total loss of the underlying assets. Takaful has a critical role in the growth and success of the Islamic banking and finance industry. Therefore, it is very important that the Takaful industry is capable of satiating the increasing demand for Takaful products that are compatible with the profile of risks intended to be mitigated under various Sharia nominate contracts.

Iñigo Rubio Lasarte It seems that Spain may see a solution in the coming weeks to the nine Spanish highways that filed for insolvency within recent months. The Government is working on a plan to finally rescue the insolvent concessions, with the acceptance of the financial lenders. According to various government sources, the proposal consists of nationalising the insolvent concessions (AP-41, R-2, R-4, R-3 and R5, AP-36, Aucosta, Ciralsa, M-12 and Ausur) by contributing the equity of the concessions to a public company. After the Government takes control, it will agree on a restructuring of the debt with the financial lenders, including substantial write-offs. The plan will need the support of both the equity sponsors and the financial lenders, and it is here that a substantial discrepancy may appear between the Spanish and foreign lenders.

Financial institutions are at the centre of Europe’s incoming OTC reforms. But corporates must prepare too. Here’s how

CVC’s offering of PT Matahari shares on IDX demonstrates the development of Indonesia’s capital markets. It also proves that private equity firms can exit in Indonesia

Afma’s principles for retail structured product approval present an example of international best practice across the Asia-Pacific. Here's why

On December 4 2012, Thailand's Energy Regulatory Commission (ERC) announced a solicitation for a total of 5,400 MW gas-fired IPPs, broken down into maximum of 1,250 MW in six capacity addition periods ending 2021-2016.

Twelve months after the US loosened its listing process for emerging growth companies, the market still isn’t ready accept certain regulatory benefits offered to issuers

Takashi Toichi and Takeshi Fukatsu of Anderson Mori & Tomotsune examine recent revisions to the corporate governance regime in Japan

Larry Bates, president of the American Chamber of Commerce in Japan, discusses its structural reform recommendations, the Trans-Pacific Partnership and foreign direct investment into Japan