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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.

Can EC regulation and the Uncitral Model Law achieve mutual recognition?

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

Risky and unpredictable, covenant-lite loans are here to stay

Privy Council clarifies structured finance

Research issues for banks organizing equity distribution programmes

Basel II seems to have caused a drop in Japanese banks' fund investment. But it is just a blip

Market at crossroads on covered bonds

Equity The initial public offering of China CITIC Bank Corporation has completed. It is only the second-ever simultaneous dual listing on the Hong Kong and Shanghai stock exchanges, following ICBC last year. The listing benefited from similar retail appetite to ICBC, demonstrating the depth of the Chinese domestic market. The retail portion of the global offering was more than 220 times over-subscribed. Total proceeds from the IPO were $5.4 billion and will exceed $6.2 billion if the over-allotment option is exercised in full. Freshfields Bruckhaus Deringer acted as Hong Kong and US counsel to the underwriters China International Capital Corporation (CICC), CITIC Securities, Citigroup, HSBC and Lehman Brothers. Commerce & Finance Law advised the banks on Chinese law. Skadden Arps Slate Meagher & Flom advised the company on Hong Kong and US law, with King & Wood providing Chinese law advice.

Under Japan's current Trust Law, it is uncertain whether a trust beneficial interest can be represented by a security if not specifically provided for by law (for example, the Law Concerning Investment Trusts and Investment Corporations, and the Law Concerning Securitization of Assets).