Join us next week for a free webinar hosted by the Association of Trade Finance Compliance Professionals, exploring recent court
Pakistan has embarked on an ambitious multi-year plan to transform its financial system into a Shariah-compliant framework by 2028. Two trade finance specialists explain what this entails and the inherent challenges and opportunities it presents.
As mandated by a Federal Shariat Court decision[[1]] issued 28 April 2022 and consistent with constitutional amendments, Pakistan is transitioning its conventional banking system into a Shariah-compliant banking system towards a Riba-free economy by 1 January 2028. As the world's second most populous Muslim-majority country after Indonesia, Pakistan is preparing to transform its economic system, particularly its banking sector, into one that complies with Islamic principles. This includes the elimination of interest (Riba).[[2]]
Low default rates, increased flexibility, technological advancements and evolving regulations make standby letters of credit (SBLCs) an appealing option in international trade
A dispute involving an ISP98 standby and litigation in two jurisdictions raises a host of considerations. Here, Carter Klein comments on five facets of the Shinetec (Australia) Pty Ltd. v. The Gosford Pty Ltd Australian appellate court decision.
In the third instalment of his DCW article series on major issues surrounding potential revision of UCP, ICC Banking Commission Senior Technical Advisor Dave Meynell confronts continuing misplaced reliance on strict compliance.
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