Transfers of rights and obligations in the UAE: a comparative analysis in the light of English law, French law and the shari'a

Transfers of rights and obligations in the UAE: a comparative analysis in the light of English... 1 INTRODUCTION The ability to transfer rights (and sometimes obligations) is central to mod- ern commerce and indeed to modern notions of property. It is no accident that the world's richest man (at the time of writing) is rich not as a result of his ownership of land or other tangible assets, but in "intangible property", property which owes its existence as such to the capacity to transfer it. Nu- merous types of basic commercial transactions and property depend on effi- cient mechanisms of transferring rights and obligations, including receivables financing, securitization, loan participation, international sale of goods, intel- lectual property rights and so forth, and these have acquired considerable im- portance in international transactions.2 Surprisingly, though, the ways in which different legal traditions regard such transfers can be, on the surface at least, quite different, and quite closely linked to morality, concepts of which vary. This piece aims to examme the approaches taken to this subject by four legal systems: those of England, France, the shari`a3 and the United Arab Emirates (the UAE). This combination of jurisdictions gives a view of one example of the dominant, common law outlook, together with an example of a civil law http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Yearbook of Islamic and Middle Eastern Law Online Brill

Transfers of rights and obligations in the UAE: a comparative analysis in the light of English law, French law and the shari'a

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Publisher
Brill
Copyright
Copyright © Koninklijke Brill NV, Leiden, The Netherlands
eISSN
2211-2987
DOI
10.1163/221129801X00031
Publisher site
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Abstract

1 INTRODUCTION The ability to transfer rights (and sometimes obligations) is central to mod- ern commerce and indeed to modern notions of property. It is no accident that the world's richest man (at the time of writing) is rich not as a result of his ownership of land or other tangible assets, but in "intangible property", property which owes its existence as such to the capacity to transfer it. Nu- merous types of basic commercial transactions and property depend on effi- cient mechanisms of transferring rights and obligations, including receivables financing, securitization, loan participation, international sale of goods, intel- lectual property rights and so forth, and these have acquired considerable im- portance in international transactions.2 Surprisingly, though, the ways in which different legal traditions regard such transfers can be, on the surface at least, quite different, and quite closely linked to morality, concepts of which vary. This piece aims to examme the approaches taken to this subject by four legal systems: those of England, France, the shari`a3 and the United Arab Emirates (the UAE). This combination of jurisdictions gives a view of one example of the dominant, common law outlook, together with an example of a civil law

Journal

Yearbook of Islamic and Middle Eastern Law OnlineBrill

Published: Jan 1, 1

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