Finance of International Trade in the Gulf.

• Superior document: Arab and Islamic Laws Series ; v.9
• Author: Al-Suwaidi, Ahmed.
• Place / Publishing House: Boston : : BRILL,, 1994.; ©1994.
• Year of Publication: 1994
• Edition: 1st ed.
• Language: English
• Series: Arab and Islamic Laws Series
• Physical Description: 1 online resource (358 pages)

Table of Contents

• Intro
• Title Page
• Copyright Page
• Table of Contents
• Acknowledgements
• Abstract
• Bibliography
• Table of Arabic Cases
• Table of non-Arabic Cases
• Table of Codes, Rules and Regulations
• Abbreviations
• Glossary
• Interviews
• INTRODUCTION
• A. The Problem
• B. The Purpose of the Study
• C. Materials and Sources
• D. Organisation of the Thesis
• E. An Outline of the Gulf Arab States
• 1. Location
• 2. Area
• 3. Population
• 4. Climate
• 5. Strategic Importance of the Arabian Gulf
• 6. Economy of the Gulf Arab States
• CHAPTER 1: HISTORICAL DEVELOPMENT OF THE BANKING SYSTEMS IN THE GULF ARAB STATES
• A. Conventional Banks
• 1. Bahrain
• 2. Kuwait
• 3. Saudi Arabia
• 4. United Arab Emirates
• 5. Qatar
• 6. Oman
• B. Islamic Banks
• 1. Birth of Islamic Banks
• 2. Development of Islamic Banking System
• C. Conclusion
• CHAPTER 2: DEVELOPMENTS OF THE LEGAL SYSTEMS OF THE GULF ARAB STATES
• A. Historical Background
• B. Laws Relating to Banking and Commercial Transactions
• 1. Saudi Arabia
• 2. Kuwait
• 3. Bahrain
• 4. United Arab Emirates
• 5. Qatar
• 6. Oman
• C. Conclusion
• CHAPTER 3: DOCUMENTARY LETTER OF CREDIT
• A. Historical Development
• B. Definition
• C. Operation
• 1. Stages of Opening a Letter of Credit
• a. The Sales Contract
• b. The Application Form
• c. Notification
• d. Beneficiary
• e. Presentation of Documents
• f. Collection of Documents
• 2. Types of Letters of Credit
• a. Revocable
• b. Irrevocable and Unconfirmed
• c. Irrevocable and Confirmed
• d. Standby
• e. Transferable
• i. How to Transfer
• ii. Form of the Second Credit Transfer
• iii. Place, Period and Time for Transfer
• D. Conclusion
• CHAPTER 4: FINANCING OF INTERNATIONAL TRADE UNDER THE ISLAMIC BANKING SYSTEM
• A. General Review
• 1. Paid-up Capital
• 2. Deposit Accounts.
• a. Current Account
• b. Savings Account
• c. Investment Account
• 3. Chargeable Services
• B. Cash Documentary Letter of Credit
• C. Islamic Methods of Finance
• 1. Mudaraba
• a. Historical Background and Definition
• b. Types of Mudaraba
• i. Restricted
• ii. Unrestricted
• iii. Conditions
• 2. Musharaka
• a. Historical Background and Definition
• b. Types of Musharaka
• i. Al-Abdan
• ii. Al-Wujuh
• iii. Al-Mufawadah
• iv. Al-Inan
• c. Financing the Letter of Credit Transaction
• d. The Legal Relationship in Musharaka Letter of Credit Transaction
• i. The Bank and the Customer (Partners)
• ii. The Partners to Musharaka and Seller
• iii. The Issuing and Intermediary Banks
• iv. The Intermediary and the Seller
• 3. Murabaha
• a. Historical Background and Definition
• b. Conditions
• c. Types of Murabaha
• i. Local
• ii. International
• - Import
• - Commodities
• D. Conclusion
• CHAPTER 5: LEGAL RELATIONSHIPS BETWEEN THE PARTIES TO THE MURABAHA
• A. The Relationship between the Customer and the Islamic Bank
• 1. Customer's Application to the Islamic Bank
• 2. Preliminary Agreement
• 3. Signing Promissory Purchase Contract
• a. Common Information in all Islamic Banks
• b. Information Which Varies from one Bank to Another
• 4. Signing the Murabaha Sale Contract
• a. Date of Conclusion
• b. Resale Price
• i. The Original Purchase Price
• ii. Additional Expenses
• iii. Freight Charges
• iv. Insurance Premium
• v. Profit in Murabaha
• c. Method of Payment
• i. Advance
• ii. Deferred
• iii. Monthly Instalments
• iv. Periodic Lump Sum
• 5. Security Provided by the Customer
• - default of the Customer
• B. The Relationship between Islamic Bank and Supplier
• 1. Contacting the Supplier
• 2. Contract with Supplier
• 3. Receipt of Goods
• 4. Risks of the Goods Requested.
• C. The Relationship between Supplier and the Islamic Bank Customer
• D. The Relationship between the Islamic Bank and the Correspondent Bank
• E. Conclusion
• CHAPTER 6: FINANCE OF INTERNATIONAL TRADE IN PRACTICE
• A. Methodology
• 1. Design of Questionnaire
• a. Customer Questionnaire
• b. Interviews
• 2. Translation and Trial Use of Questionnaire and Interview
• 3. Subject Identification
• 4. Procedures
• B. Presentation of the Findings and Discussions
• 1. Coding Open-Ended Questions
• 2. Demographic Information
• 3. Opinion and Attitudinal
• a. Reasons for Dealing with the Banks
• b. Capability of the Banks to Handle Letters of Credit
• c. Reasons for Refusal to Open Letter of Credit
• d. Information Required Prior to Opening a Letter of Credit
• e. Business Relationship Preferred by Bank Customers
• f. Responsibility of Bank and Customer in the Event of Fraud or Defect
• g. Quality of Services in Both Banks
• h. Banking System and Reasons for the Customers' Preferences
• i. Lack of Federal Commercial Law and its Effects on the UAE Commercial Sector
• j. Miscellaneous Data
• C. Conclusion
• CHAPTER 7: THE PROBLEMS WHICH THE ISLAMIC BANKS FACE IN INVESTING FUNDS IN THEIR RESPECTIVE COUNTRIES
• A. Reasons for Investing in the International Market
• B. Main Problems Preventing Islamic Banks from Investment in most Countries
• 1. Political
• 2. Economic
• 3. Social
• 4. Legal
• 5. Scientific and Technological
• C. The Problems Faced by Shari'ah Committee
• D. The Problem of Maintaining Efficiency of Employees
• 1. The Ways and Methods of Appointing Employees
• 2. Integration Between Management and Employees
• 3. Evaluation of the Abilities of Employees
• E. Suggestion
• F. Conclusion
• CHAPTER 8: FRAUD IN INTERNATIONAL TRADE AS IT AFFECTS THE GULF ARAB STATES
• A. Historical Background and Definition.
• B. Fraud in Documentary Letters of Credit
• 1. Bills of Lading
• 2. Commercial Invoice
• 3. Certificate of Insurance
• 4. Certificate of Origin
• 5. Certificate of Inspection
• 6. Packing List and Specification
• 7. Weight List
• 8. Health Certificate
• C. Non-Shipment of Goods
• D. Short Shipment of Goods
• E. Non-Compliance of Terms of the Letter of Credit
• F. Conclusion
• CHAPTER 9: COUNTERTRADE
• A. Historical Background and Definition
• B. Types of Countertrade
• 1. Simple Barter
• 2. Counterpurchase
• 3. Compensation
• 4. Offset
• C. The Functions of Countertrade by the Gulf Arab States
• D. Advantages and Disadvantages of Countertrade
• 1. Advantages
• 2. Disadvantages
• E. Legal Framework of Countertrade
• F. Suggestions
• 1. Points for the Importers
• 2. Points for the Exporters
• G. Conclusion
• CHAPTER 10: ELECTRONIC FUNDS TRANSFERS (EFT)
• A. Historical Background and Definition
• B. Types of Electronic Funds Transfer (EFT)
• 1. EFT in the United States
• a. Consumer EFT
• i. Point of Sale Terminals (POS)
• ii. Automated Teller Machines (ATMs)
• iii. Telephone Bill Payments (TBP)
• iv. Automated Clearing Houses (ACHs)
• b. Wholesale Electronic Funds Transfer Systems
• i. Federal Reserve Wire Network (FEDWIRE)
• ii. Bank Wire
• iii. Clearing House Interbank Payment System (CHIPS)
• 2. EFT in the United Kingdom
• 3. EFT in the Gulf Arab States
• a. Bahrain, Kuwait and Saudi Arabia are Members of SWIFT
• 4. Society for Worldwide Interbank Financial Telecommunications (SWIFT)
• a. EFT Documentary Letter of Credit
• C. Laws and Regulations on Electronic Funds Transfer
• 1. Transmitter Liability
• 2. Finality of Transfer
• 3. Fraud
• D. Advantages and Disadvantages of EFT
• 1. Advantages
• 2. Disadvantages
• a. Fraud
• b. Errors
• E. Suggestions
• F. Conclusion.
• CONCLUSION AND RECOMMENDATIONS
• Appendix 1 UAE Federal Law No.6 of 1985 on Islamic Banks, Financial Institutions and Investment Companies
• Appendix 2 Dubai Islamic Bank, Promise to Purchase Contract
• Appendix 3 Dubai Islamic Bank, Contract of Murabaha Sale
• Appendix 4 Dubai Islamic Bank, Application [Form] for Opening a Documentary Credit
• Appendix 5 Dubai Islamic Bank, Letter of Credit Form
• Appendix 6 Kuwait Finance House, Desire and Promise to Purchase Request
• Appendix 7 Kuwait Finance House, Contract of Sale
• Appendix 8 Kuwait Finance House, Application [Form] for a Documentary Letter of Credit and Indemnity
• Appendix 9 Kuwait Finance House, Letter of Credit Form
• Appendix 10 Kuwait Finance House, Declaration and Guarantee
• Appendix 11 Bahrain Islamic Bank, Promise to Purchase Contract
• Appendix 12 Bahrain Islamic Bank, Application [Form] to Open an Irrevocable Credit
• Appendix 13 Bahrain Islamic Bank, Letter of Credit Form
• Appendix 14 Qatar Islamic Bank, Purchase Request and Promise to Purchase Contract
• Appendix 15 Qatar Islamic Bank, Murabaha Sale Contract (Preliminary)
• Appendix 16 Qatar Islamic Bank, Murabaha Sale Contract (Final)
• Appendix 17 Qatar Islamic Bank, Application [Form] for Documentary Credit and Indemnity
• Appendix 18 Qatar Islamic Bank, Letter of Credit Form
• Appendix 19 Al Rajhi Banking Investment Company, Promise to Purchase (Foreign)
• Appendix 20 Al Rajhi Banking Investment Company, Sale Contract
• Appendix 21 Al Rajhi Banking Investment Company, Letter of Credit
• Appendix 22 National Bank of Abu Dhabi, Application [Form] for Documentary Letter of Credit
• Appendix 23 National Bank of Abu Dhabi, Letter of Credit Form
• Appendix 24 Interview Questions to the Management of the Central Bank of the United Arab Emirates.
• Appendix 25 Questionnaire to the Customer of Conventional Commercial Banks and Islamic Commercial Banks in the United Arab Emirates.