Banking and Finance Law Commons^™

Credit Cards

UAEU Law Journal

Credit cards are widely usedall over the world. Theyalmost have replaced currencies in transactions, payments, and in the fulfillmentall types of financialcommitments.

Credit card is an authorization from a bank to the holder of the card, which permits the holder pay for transactions, withdrawing cash and obtaining services.

Various types of credit cards are issued by banks (including Islamic banks) to their customers:

-Regular cards whichallow the holders to pay directly for transactions from his/ her account it is a payment method.

-Cards which do not require the holder to have credit or cash in the account. Interests are charged …

Shari'a, Financial Institutions' Auditing Manual

UAEU Law Journal

Auditing Islamic, financial institutions by Shari'a is a relatively new industry; thus, there is an urgent need for established rules and theories in order to make it a more stable field. This research shows the extent to which the auditing industry needs to prepare an internal auditing procedure manual.

In the first section of this study, the researcher defines the term "internal auditing procedure." Then, he briefly discusses the legality of auditing and its divisions. In the second section, the researcher draws the parameters of the internal auditing procedure manual; then he mentions the most important procedures that the auditor …

The Bank Civil Liability Regarding Consumer Loans Toward Debtor: A Study Based On Kuwaiti And French Law

UAEU Law Journal

Long ago, the French courts did not hesitate in recognizing the bank's liability toward its debtor based upon its failure to warn the debtor especially when the loan did not fit the debtor's financial ability. As a result of that judicial precedent, the French legislature, recently, adopted the bank's responsibility towards its debtor in providing the loan in the Consumer Protection Act. Therefore, when a contract is concluded between a professional and a consumer (Consumer Loan Contract), the bank is obliged to clarify all financial details to a consumer (debtor). In addition, the bank is obliged to verify the consumer's …

Bank Recourse To The Beneficiary Post Implementation Irrevocable Documentary Letter Of Credit Contract )A Comparative Study(, Abdullah Khalid Al-Sofani

UAEU Law Journal

It is hard to imagine, at least materially, that either of the business transaction parties adhere to his/her commitments spontaneously. This is due to the fears inflicted on both parties, which consequently resulted in the creation of distrust between both parties. Therefore, it was better to devise a method represented by legal and institutional forms that will ensure availing guarantees for two remotely separated persons in terms of place. Thus, each party will start implementing his/her obligations with no fear of the non fulfillment of the other party.

For these reasons, and in connection with the documents, the documentary letter …

The Norms Of Algorithmic Credit Scoring, Nikita Aggarwal

Articles

This article examines the growth of algorithmic credit scoring and its implications for the regulation of consumer credit markets in the UK. It constructs a frame of analysis for the regulation of algorithmic credit scoring, bound by the core norms underpinning UK consumer credit and data protection regulation: allocative efficiency, distributional fairness and consumer privacy (as autonomy). Examining the normative trade-offs that arise within this frame, the article argues that existing data protection and consumer credit frameworks do not achieve an appropriate normative balance in the regulation of algorithmic credit scoring. In particular, the growing reliance on consumers' personal data …

Contracting In The Age Of Smart Contracts, Farshad Ghodoosi

Washington Law Review

Smart contracts lie at the heart of blockchain technology. There are two principal problems, however, with existing smart contracts: first, the enforceability of smart contracts remains ambiguous. Second, smart contracts are limited in scope and capability barring more complex contracts from being executed via blockchain technology. Drawing from the existing literature on contracts and smart contracting, this Article suggests new approaches to address these two problems. First, it proposes a framework based on reliance-based contracting to analyze smart contracts. Second, the Article analyzes the seismic shifts in contractual disputes, and offers new insights into its features including decentralized decision-making, network-based …

Digital Greenbacks: A Sequenced ‘Treasury Direct’ And ‘Fed Wallet’ Plan For The Democratic Digital Dollar, Robert Hockett

Journal of Technology Law & Policy

I propose means of immediately converting the Department of Treasury’s existing Treasury Direct system of freely available transaction accounts into a publicly administered digital savings and payments platform. A platform of this type is an essential public utility in any commercial society such as our own. It is additionally growth-promoting inasmuch as growth-tracking Gross Domestic Product (GDP) is a measure of transaction volume, while transaction volume is a function of more efficient and inclusive transacting. As Congress seeks means of streamlining the payments infrastructure in a time of pandemic-induced crisis, the Treasury route recommends itself as the fastest way to …

The “Tawaruq” Method As Conducted By Islamic Banks, Maen Saoud Abu Bakr

UAEU Law Journal

This research aimed at identifying the Islamic ruling regarding both types of Al-Tawarruq. The old “Tawaruq”, which was debated and agreed upon by ancient Islamic jurists and the new type of “Tawaruq” which is adopted by the banking systems today as an alternative to interest-based services. In addition, the research aimed to explore the fundamental nature and the main features of “Tawaruq” adopted by the banking systems and the one relevant to Islamic Fiqh.

To achieve this objective, the researcher analyzed the sayings and documents relevant to “Al Tawaruq” in Islamic Fiqeh objectively without prejudice. The research revealed that fiqeh …

Legal Description Of Credit Card

UAEU Law Journal

In traditional means, payment needs only two parties. In the case of ordinary money, two persons only appear in the payment process, namely the creditor & the debtor in the deal without the intervention of the central bank that issued the money. The central bank is not considered a third party in the payment process and its role is limited to securing accepting the money in payment without having any direct intervention.

However, payment through credit card is different for there are three main parties in the relation, namely the trader, the consumer & the source. Three interrelated relations that …

Central Bank Digital Loonie: Canadian Cash For A New Global Economy, Andreas Veneris, Andreas Park, Fan Long, Poonam Puri

Commissioned Reports, Studies and Public Policy Documents

Global economic digitization continues to advance at exponential speed. This development is in sharp contrast to the financial sector and payment systems that still operate on legacy infrastructure that lacks the flexibility to serve those technology needs. Further, the emergence of Decentralized Finance demonstrates the capacity to disrupt the financial sector, impact national sovereignty, and affect established monetary transmission channels. Hence, it is no surprise that nation-states and tech-firms alike are now building new digital infrastructures that circumvent the legacy practices. Central banks, in particular, are racing to explore the issuance of Central Bank-issued Digital Currencies (CBDCs) in an attempt …

Banking Secrecy In Qatari Law, Mohd. Abdulaziz S M Al-Khulaifi ‎

UAEU Law Journal

Law has supreme objectives. The main one is protecting the human rights, their interests and their souls. And to accomplish those Desired Goals, law is taking different actions which vary according to the nature of the interests and rights. It may resort to protect one of the rights by publicity, as in the case of publication and registration in certain records for companies And real estate. In the other hand, it can resort to use the concept of confidentiality in transactions as a legal means to protect the rights and interests of people. A person who hires a lawyer to …

The Case For Empowering Quality Shareholders, Lawrence A. Cunningham

BYU Law Review

Anyone can buy stock in a public company, but not all shareholders are equally committed to a company’s long-term success. In an increasingly fragmented financial world, shareholders’ attitudes toward the companies in which they invest vary widely, from time horizon to conviction. Faced with indexers, short-term traders, and activists, it is more important than ever for businesses to ensure that their shareholders are dedicated to their missions. Today’s companies need "quality shareholders," as Warren Buffett called those who "load up and stick around," or buy large stakes and hold for long periods.

While scholars in recent years have extensively debated …

Toto, I'Ve A Feeling The Environment Isn't Safe From Cryptocurrency Anymore: The Degrading Ecological Effects Of Bitcoin And Digital Currencies, Samantha T. Edgell

Villanova Environmental Law Journal (1991 - )

No abstract provided.

Revolving Doors - We Got It Backwards, Hadar Yoana Jabotinsky Dr.

University of Cincinnati Law Review

The revolving door phenomenon, in which senior public officials transfer from the public service to the private sector after finishing their term as public officials, and vice versa, is widespread. This gives rise to concern of regulatory capture, which happens when the regulators respond to the wishes of strong interest groups, such as the regulated industry, instead of protecting the interests of the general public. The solution is usually found in conflict-of-interest rules which set cooling-off periods for individuals moving from the public to the private sector. This paper proposes that although revolving doors do incur some costs, they also …

Libor Phaseout: Litigation Is Coming, John Michael Neubert

Michigan Business & Entrepreneurial Law Review

This paper will explore the different steps market participants should take to make sure they are prepared when LIBOR is phased out in December 2021. Part I will focus on the actions market participants should do before going into negotiations that can increase their potential to reach a consensual agreement. Part II will explore what financial firms should be prepared for during the negotiation process and what claims may arise when no agreement is reached. The decision for how to handle any LIBOR-linked financial instrument in their portfolio should be left to the discretion of market participants themselves. This paper …

Strengthening Sanctions: Solutions To Curtail The Evasion Of International Economic Sanctions Through The Use Of Cryptocurrency, Emma K. Macfarlane

Michigan Journal of International Law

Despite the ubiquity of cryptocurrency, no international uniform regulatory system exists. State-by-state regulation of cryptocurrencies has problematic implications for cross-border investigations and predictability in application. Moreover, this regulatory framework leaves open opportunities for actors worldwide to violate international sanctions with impunity.

This Note posits that an international regulatory framework is necessary to combat the evasion of financial sanctions on practical and theoretical grounds. It further argues that the best way to structure this new framework is through the enactment of a new multilateral treaty. A formal international regulatory mechanism for cryptocurrencies would have numerous benefits, foremost among them limiting the …

How To Sue An Asue? Closing The Racial Wealth Gap Through The Transplantation Of A Cultural Institution, Cyril A.L. Heron

Michigan Journal of Race and Law

Asues, academically known as Rotating Savings and Credit Associations (or ROSCAs for short), are informal cultural institutions that are prominent in developing countries across the globe. Their utilization in those countries provide rural and ostracized communities with a means to save money and invest in the community simultaneously. Adoption of the asue into the United States could serve as the foundation by which to close the racial wealth gap. Notwithstanding the benefits, wholesale adoption of any asue model runs the risk of cultural rejection because the institution is foreign to the African American community.

Drawing upon principles of cultural and …

Supreme Court Clarifies Risk Of Loss Due To Fraudulent Efts, Christopher Richter, Benjamin Geva, Matthew Angelus, Eli Monas

Articles & Book Chapters

The Supreme Court of Canada released a short

decision on December 10 confirming unanimously that

it is the bank’s customer who bears the risk of loss of an

amount that the bank transferred by electronic payment

order from the customer’s account to a third party as

a result of a phishing scam. The decision adopts the

reasoning of the Québec Court of Appeal and specifies

that it would not have been different if the customer’s

account had been in positive balance. In this case, the

customer’s account was in a debit position.

Disruptive Technologies And Digital Transformation Of The Financial Services Industry In Singapore: Regulatory Framework And Challenges Ahead, Aurelio Gurrea-Martinez

Research Collection Yong Pung How School Of Law

This paper seeks to provide a general overview of the impact of new technologies in the financial services industry in Singapore. For that purpose, it starts by emphasizing that technology has always played an important role in the financial industry. However, new disruptive technologies, as well as the increasing use of data in the financial services industry, have created new challenges and opportunities for the financial sector. While Singapore has managed to address these challenges by adopting one of the quickest and most innovative and comprehensive responses probably observed internationally, financial markets –and particularly the fintech industry– are constantly evolving. …

Liquidity Management In Islamic Banks, Abduljabbar Al-Sabhany

UAEU Law Journal

Liquidity management is concerned with the ability of the bank to finance the increase in its assets and to meet its obligations in cash on time without incurring unusual costs. Traditional banking has developed a contractual structure, a legislative environment and a set of financial instruments that enable commercial banks to achieve this requirement easily. The problematic of research lies in the difference of the nodal structure of Islamic banks, the shortage of their financial instruments, and in the lack of consistency of their activity with the legislative environment governing it. The study examined the mechanisms of liquidity management and …