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The term Islamic finance refers to a system of financing or financial activity that is consistent with Islamic rules and principles. The model outlined under Islamic finance is based on two main pillars: sharing profit and loss and the prohibition of charging interest. Several modes of financing are being used in Islamic finance practice, some of which could be considered similar to conventional banking products. However, the main rule dominating financial instruments in Islamic finance is the prohibition of recovering interest, which gives rise to the essential mode of financing based on the deferred sale of a commodity, that is, murabaha.

This year, two amendments to securities law came into effect that bring the Slovak legislation even closer to EU directives. Both set legal guidelines to protect the interests of minority shareholders of securities that are the subject of a purchase, takeover or change in control of a majority stake.

Directive 2004/39/EC on markets in financial instruments (Mifid) introduces a comprehensive regulatory regime to ensure a high quality of investor transactions and represents a framework measure designed to improve the regulation of securities markets. The Mifid amends Directives 85/611/EEC, 93/6/EC and 2000/12/EC, and repeals Directive 93/22/EEC. It will come in effect starting November 1 2007.

European Directive 2003/71/EC, regulating the prospectus that must be published in public offerings of financial instruments, was recently implemented in Italy through Legislative Decree 51 of March 28 2007.

Corporate governance reform accelerates in Latin America

What every public company should know about disclosing results

The UK pension regulator's statement should not be taken at face value

An introductory guide to the risks foreign banks face

Michael Simon of ISE describes the challenge of creating a stock exchange from scratch

The Monetary Authority of Singapore (the MAS) issued a monograph on its supervision of financial institutions on April 23 2007, which seeks to provide greater clarity and transparency of how the MAS assesses the risk of financial institutions and develops appropriate supervisory plans.