중동 아랍시장 진입시 고려할 법적 사항에 관한 연구
Study on the Legal Matters in entering Arab Islamic Markets
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Arab countries in the Middle East have rapidly developed into being increasingly attractive region for foreign investment. Most of them are seeking to attract foreign investment and promote their trade actively by diversifying away from state owned and oil based business. Even though their legal systems have been based on Sharia for long time, they have tried to accommodate Western business practices. Moreover, thanks to the flexibility of application in Sharia, investment opportunities are expanding there. However, it is still hard to predict the investment circumstances there, where generally does not have legal precedent, favors nationals and constantly modifies their legal rules in respond to changing events. Foreign contractors have also expressly concerned about the difficulty of access of the domestic corporate informations and the lack of transparency in contract negotiations. It might be concerned for the foreign investors that the most common corporate forms in the Middle East are limited liability corporation, partnerships, and joint ventures. Because they still seem to be strongly influenced by Sharia and government policy based on the domestic preference for their establishment and activities. Also, the protection of intellectual property in that region ise often not as stringent as desired by international community. It cannot be denied that the Middle East has been as an attractive market for foreign investment. They are countries which have willingly changed their old economic and legal structures for their economic development by adopting the flexibility of the application of Sharia as one of ts major fundamental theories. For example, riba and gharar have been strictly banned in dealing with commercial matters. But many countries have dealt with riba by qualifying civil versus commercial contracts and allowing for the payment of a periodic fee instead of cumulative interest on loans. Gharar, often appeared in insurance contract and option trading, can be allowed when mutual insurance is interpreted as a donation contract and since there is no profit generated. Furthermore, for the success of the investment and business there, the business persons should build up ‘patience, persistence and loyalty ’relationship with the counterparts as well as carefully considering business needs and regions specific circumstances.
Abstract
Arab countries in the Middle East have rapidly developed into being increasingly attractive region for foreign investment. Most of them are seeking to attract foreign investment and promote their trade actively by diversifying away from state owned and oil based business. Even though their legal systems have been based on Sharia for long time, they have tried to accommodate Western business practices. Moreover, thanks to the flexibility of application in Sharia, investment opportunities are expanding there. However, it is still hard to predict the investment circumstances there, where generally does not have legal precedent, favors nationals and constantly modifies their legal rules in respond to changing events. Foreign contractors have also expressly concerned about the difficulty of access of the domestic corporate informations and the lack of transparency in contract negotiations. It might be concerned for the foreign investors that the most common corporate forms in the Middle East are limited liability corporation, partnerships, and joint ventures. Because they still seem to be strongly influenced by Sharia and government policy based on the domestic preference for their establishment and activities. Also, the protection of intellectual property in that region ise often not as stringent as desired by international community. It cannot be denied that the Middle East has been as an attractive market for foreign investment. They are countries which have willingly changed their old economic and legal structures for their economic development by adopting the flexibility of the application of Sharia as one of ts major fundamental theories. For example, riba and gharar have been strictly banned in dealing with commercial matters. But many countries have dealt with riba by qualifying civil versus commercial contracts and allowing for the payment of a periodic fee instead of cumulative interest on loans. Gharar, often appeared in insurance contract and option trading, can be allowed when mutual insurance is interpreted as a donation contract and since there is no profit generated. Furthermore, for the success of the investment and business there, the business persons should build up ‘patience, persistence and loyalty ’relationship with the counterparts as well as carefully considering business needs and regions specific circumstances.
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