Jordanian, Kuwaiti and Omani securities regulation: Can they be the subject matter of a viable comparative study with EU securities regulation? (Part One)
| Published date | 01 April 2000 |
| Date | 01 April 2000 |
| Pages | 349-357 |
| DOI | https://doi.org/10.1108/eb025056 |
| Author | Lu'ayy Minwer Al‐Rimawi |
| Subject Matter | Accounting & finance |
Journal of Financial Regulation and Compliance Volume 8 Number 4
Jordanian, Kuwaiti and Omani securities
regulation: Can they be the subject matter of
a viable comparative study with EU
securities regulation? (Part One)
Lu'ayy Minwer Al-Rimawi
Received: 13th
July,
2000
Law Department, London School of Economics, Houghton Street, London, WC2A 2AE;
tel:
+44 (0)20 7955 7683; fax: +44 (0)20 7955 7366; e-mail: L.M.Rimawi@Ise.ac.uk
Lu'ayy Minwer Al-Rimawi LLM MSc teach-
es public international law and researches
Arab securities regulation at the LSE. He
has had contributions on Arab financial
regulation published in numerous journals.
He has also commented on Middle Eastern
issues in a range of UK broadsheets Arab
newspapers as well as the BBC World
Service and MBC (London).
ABSTRACT
This is the first of two papers which examine
whether Arab securities regulations can be the
subject of
a methodological
study in comparative
securities
regulation, especially with
reference
to
EU regulations. Little is known about Arab
securities regulation in European academic dis-
course on financial regulation. Needless to say,
the sociopolitical dynamics of Shari'a (Islamic
law) have
occasionally
been decontextualised by
Western
researchers
in a manner that has often
resulted in obfuscating a
balanced
projection of
Shari'a's juridical impact. In order, therefore,
to provide a fuller analysis, this first paper
starts by explaining the importance of examin-
ing Shari'a juridically in the
broader
context of
commercial legislation, as despite the relatively
stable regulatory status quo, Shari'a still poses
juridical risks to imported Western legal con-
cepts. It also examines Shari'a's juridical
impact
on
Jordan, Kuwait and Oman.
The second paper, which will appear in a
future issue of
the
Journal,
addresses
the specific
juridical impact of Shari'a on capital markets,
before looking at its impact on capital market
laws of Jordan, Kuwait and Oman. In order to
provide an insight into existing Arab securities
regulations, it then moves to survey the securi-
ties and company laws in the aforementioned
countries. The discussion also includes a brief
examination of
market
conditions, especially the
early factors that accompanied the genesis of
such Arab securities markets, notably in
Kuwait.
The
second
paper
concludes
by
addressing
the
question of the suitability of the case study
Arab markets to comparative studies in EU
securities regulation. It explains in the process
why the European experience is relevant (parti-
cularly in light of
the
many EU—Arab
associa-
tion agreements due to take
effect
from 2010,
together with EU 'harmonisation', 'minimum
standards', and 'single Passport' regulatory con-
cepts).
INTRODUCTION
A wider comparative study of Arab securi-
ties regulation is still needed to address
many issues at doctrinal, legal and episte-
mological levels. For the question of finan-
Journal of Financial Regulation
and Compliance, Vol. 8. No. 4,
2000, pp. 349-358
© Henry Stewart Publications,
1358-1988
Page 349
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