Attempting to define Islamic financing is not always easy. Put simply, Islamic finance is a way of doing financial transactions and banking while respecting Islamic Law (Shari’ah). The underpinning principles of Shari’ah are based on social vision of public interest, equity, justice and fairness. Shari’ah gives guidance as to what is, and what is not
June 2021
When does independent consultant to sub-contractor owe a duty of care to the main contractor? (UK)

The UK High Court found that an independent consultant to a sub-contractor relating to the design and construction of a slipform rig did not owe a duty of care to the main contractor and could not be sued for damages for negligence. There was no assumption of responsibility to the main contractor which sought damages…
Foreign collective investment schemes and FSCA discretion


The Financial Services Tribunal held, in May 2021, that a manager of a foreign collective investment scheme is not to be made subject to the limitations applied to a manager in terms of the Collective Investment Schemes Act of 2002 (CISCA), where an application is made to the Financial Sector Conduct Authority (FSCA) for permission…
Asylum seekers with expired visas remain protected

On 22 April 2021, the Western Cape High Court dismissed, with costs, an application for leave to appeal sought by the Department of Home Affairs against the judgment handed down on 20 November 2020[1]suspending the operation of provisions of the Refugees Act, 1998 and the Regulations until the constitutional challenge to the provisions…
Extra-territorial jurisdiction of the Prevention of Organised Crime Act

In May 2021, the Supreme Court of Appeal delivered a judgment with two important principles namely:
- The High Court has jurisdiction to make a forfeiture order in terms of section 50(1)(b) of the Prevention of Organised Crime Act, 1998 (POCA) in respect of property situated outside the territory of South Africa and belonging to persons
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SCA gives clarity on the meaning of conflict of interest for business rescue practitioners

SCA gives clarity on the meaning of conflict of interest for business rescue practitioners
In February 2018, eight companies in the Oakbay Group were placed in voluntary business rescue. Amongst these companies were the first respondent, Tegeta Exploration and Resources (Pty) Ltd, and its three subsidiaries, Optimum Coal Mine (Pty) Ltd (OCM), Koornfontein Mines (Pty)…
Certifying documents as copies of the original without seeing the originals is dishonest

The facts in a Financial Services Tribunal debarment matter were that the financial services’ representative had certified certain documents as copies of the original without having seen the original documents. She failed to ensure that she complied with the statutory requirements for certifying copies and the duties made mandatory upon her through her position as…
Moratorium on legal proceedings in business rescue

Section 133 of the Companies Act, 2008 provides for a moratorium on legal proceedings against a company which is in business rescue. It does not include an action to recover a deposit on a transaction with the company that was never completed because the money does not belong to the company under business rescue and…
Prescription against notary for badly drafted antenuptial contract

A notary negligently drafted an antenuptial contract in December 1998. The antenuptial contract was declared void from inception in a judgment delivered in October 2016. The court held that prescription began to run from the date in May 2014 when the claimant was told by his attorneys of the problems with the contract.
In order…