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Iraq, Secured Transactions & The Promise Of Islamic Law,, Mark J. Sundahl

Law Faculty Articles and Essays

When Iraq regains political stability, major reconstruction projects will have to be funded and local businesses will need financing in order to gain a foothold in the new economy. In order to attract the necessary capital, the Iraqi law of secured transactions must be reformed to allow for lenders to take security in the assets of their borrowers. However, the challenge of reforming Iraqi commercial law is complicated by the requirement under the new Iraqi Constitution that any new statutes enacted by the Iraqi legislature must comply with the principles of Islamic law. This Article sets forth proposals for reform …