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Export contracts in the Middle East?


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Old 06-15-2008, 02:11 AM
Vito Vito is offline
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Default Export contracts in the Middle East?

I want to do a paper on the peculiarities of exporting in the Middle East. I guess there must be special types of contracts - I mean... the law system is different - they have a different insurance system, finance system and all... I'm not sure the INCOTERMS work there. I've heard that during the Ramadan all business is somewhat paralysed. And is the payment done through the banking system as usual - does the Muslim bank transfer the money to a Western bank?
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Old 06-15-2008, 02:11 AM
export export is offline
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Default Export contracts in the Middle East?

The law system in middle east is different same like law system in different between US and Europe.
INCOTERMS do work there.
Indeed during Ramadan business gets slow NOT paralysed but now its also changing toward normal.
Muslims banks comes under central banking system of their countries and they are bound to work as per international banking standard.
International banks like Standard Chartered bank provide islamic banking so you could see they can't move away from international banking standards.
Middle east depend alot on trade from Europe and US and they can't do this unless they working according to international standards and norms.
Insurance also work same. The parallel islamic insurance system (Takaful) is still new and under trial working so existing systems is just like insurance system. product/services may vary,

I know this because i work with as well as I work in those countries.
So i am saying what i know and I experienced
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