International Transactions with Securities under Islamic Law

Student: Vutyn Veronika

Supervisor: Dmitry Mikhailovich Maksimov

Educational Programme: Private International Law (Master)

Year of Graduation: 2019

This paper is devoted to the regulation of the Islamic securities international transactions. The author describes several main points: Firstly, main principles of Sharia, impacting to the Islamic financial market. Secondly, existing models of the legal regulation of Islamic Finance in both Muslim and European countries. Thirdly, legal issues of the international transactions with sukuk (Islamic bonds) and Sharia-Compliant shares. Lastly, the author considers legal issues related to Sharia as applicable law to the international contracts with Islamic securities. As a result, the author concludes that Islamic securities in comparison with conventional ones have additional Sharia non-compliance legal risk. The risk could be mitigated by the adoption of the international agreements regulating Islamic securities transactions.

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