As business activity picks up after the summer, we offer a summary of some of the stories we're following at the Arab Bankers Association.
Briefing on the Qatar Sanctions
Saudi Arabia, the UAE, Bahrain and Egypt cut their ties with Qatar on 5 June, banning sea and air travel to and from their countries and Qatar. The three Gulf states also gave Qatari citizens 14 days to leave their countries, and prohibited their own citizens from visiting Qatar.
Vivien Davies, a partner with Fieldfisher in London, and Dr. Nicolas Bremer, a partner with Alexander & Partner Rechtsanwalte, have written short notes for clients advising them how to deal with the sanctions imposed on Qatar, and drawing attention in particular to the issue of 'force majeure'.
The client notes are attached below, and contain details how how to contact the authors.
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Fitch downgraded the Republic of Lebanon to CCC on 23 August, the same day that S&P affirmed its B- rating and negative outlook. The ABA's Editor, Andrew Cunningham, considers the different views on Lebanon's financial health. The views are his own, not necessarily those of the ABA.
This is an important report, and one of its findings is that those who use Islamic finance say that they have a good experience.
A change in Jersey's tax legislation has clarified that commodity murabaha contracts that are used to strcuture Shari'ah-compliant transactions will not be subject to Jersey tax.
The Directors and staff of the Arab Bankers Association send best wishes to members and their families on the occassion of Eid el-Adha. The holiday was due to begin in most countries on 12 August and will last for four days.