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SAUDI ARABIA: THE DUALITY OF THE LEGAL SYSTEM AND THE CHALLENGE OF ADAPTING LAW TO MARKET ECONOMIES* Amr Daoud Marar ** 1. Introduction Adopting a market-oriented economy , or the move towards such policy, is thought to make a positive contribution to the cause of development and modernisation. 1 Hence, many countries and governments, especially after the demise of the Soviet-Union and its alternative centrally-planned economies, are now adopting market economic policies. 2 At the heart of these market-economy policies and changes, which aim for sustainable economic growth and equitable wealth creation, fi nancial systems play a pivotal role. Capital formation is perceived as an important element for development. 3 Extension of credit is an ‘engine of economic growth.’ 4 Any © Koninklijke Brill NV, Leiden, 2004 Arab Law Quarterly 19,1-2 Also available online – www.brill.nl * This article is a part of ongoing PhD research on the Saudi fi nancial sector law reform, undertaken by the author at the International Financial Law Unit, Centre for Commercial Law Studies, Queen Mary College, University of London. ** LLB, LLM (Essex), PhD Researcher (Lond); consultant at Ellis Taylor Legal Services Ltd, London. The author is a member in the London
Arab Law Quarterly – Brill
Published: Jan 1, 2004
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