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Saudi Arabia: The Duality of the Legal System and the Challenge of Adapting Law to Market Economies

Saudi Arabia: The Duality of the Legal System and the Challenge of Adapting Law to Market Economies 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 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Arab Law Quarterly Brill

Saudi Arabia: The Duality of the Legal System and the Challenge of Adapting Law to Market Economies

Arab Law Quarterly , Volume 19 (1): 91 – Jan 1, 2004

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Publisher
Brill
Copyright
© 2004 Koninklijke Brill NV, Leiden, The Netherlands
ISSN
0268-0556
eISSN
1573-0255
DOI
10.1163/026805504774478427
Publisher site
See Article on Publisher Site

Abstract

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

Journal

Arab Law QuarterlyBrill

Published: Jan 1, 2004

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