Rashaad Sujee

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Interpretation of contracts: you may not get a judgment if you do not set out the factual matrix

The factual matrix may have to be set out and proved in a case involving the interpretation of an ambiguous contract. We have previously written about the method of interpreting a contract in our posts Golden rule of interpretation – Good riddance and Interpret contracts according to words, purpose and context. The Supreme Court of … Continue reading

Islamic Finance: The Musharakah contract

Islamic finance has an array of structures to deal with various commercial needs, but adhering to Islamic law (Shariah) principles. One commonly used structure is Musharakah. What is Musharakah? Musharakah is similar to a joint venture. It allows equity participation by the parties, who finance a project in agreed proportions in either cash or kind. They … Continue reading

Sukuk: South Africa accessing Islamic debt capital markets

The South African government issued its debut $500 million sukuk in 2014. The sukuk was four times oversubscribed, highlighting the appetite for this product. There have been a number of sovereign backed sukuks of this nature across the Muslim world and elsewhere, such as the UK, where the government issued its first sukuk in 2014. … Continue reading

Islamic Finance: What is it?

Islamic finance transactions are based on Shariah (Islamic law). For an Islamic finance structure to be Shariah compliant it cannot contain elements of riba (interest), gharar (uncertainty), maisir (gambling) or investment in prohibited industries such as alcohol, pork products, conventional finance and pornography. Interest Shariah deems money to have no intrinsic value – it is … Continue reading