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On the side of civil law, one sees a lack of predictability,

transparency, and consistency. Full codification of law, whichis needed for predictability, is not implemented in the countriesunder civil law regimes. The problems posed by civil law canbe witnessed in the recent Nakheel Sukuk case, in which therewas confusion overwhich law should be adopted when Nakheeldeclared itself in a state of default. Because the Nakheeloffering circular was governed with English common law whilethe sukuktransactions took place in acivil law jurisdiction, therewas a conflict when the investors sued Nakheel for capitalrepayment in Dubai's civil court. The investors could sue inEnglish courts as well as in the United Arab Emirates, theseven-member federation that includes Dubai. Nevertheless,even if they win and the court orders seizure of the assets, theforeign law ownership as well as sukuk agreement cast doubtsover whether the law is enforceable in the UAE (Kasolowsky &Abocar, December 200g). Consequently, the investors, rightsare restricted from what was promised in the offering circular.Therefore, this indicates that civil law is not yet predictable andflexible enough to be enforced in governing jurisdiction JhordyKashoogie Nazar Regulatory and Financial lmplications ofSukuk's Legal Challenges for Sustainable Sukuk Developmentin lslamic Capital Market, gth lnternaiional Conference onlslamic Economics and Finance,p. g.

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15) SPEC|AL PURPOSE VEHTCLES AND SECUR|T|ZAT|ON,

Gary Gorton, Nicholas S.Souleles,Working paper 11190 htp//www.nber.org/papersA^/1 1 1 90, Cambridge, MA 021 3g, Marcfr

2005.P. 2. Date: 2011 t?01g.

16)Gary Gorton,The Wharton School, 16) University ofPennsylvania, and.NBER, Nicholas S. Souleles, The Wharton

School University of Pennsylvania,and NBER, Special purpose

Vehicles and Securitization May Vt, 2OO3,This Version:

September 2005, The Abstract.

17) Gary Gorton,The Wharton School,University of pennsytuania,

and NBER, Nicholas S. Souleles,The Wharton School Universityof Pennsylvania,and NBER, Special purpose Vehicles andSecuritization May 24,2003,This Version: September 2005,The Abstract.

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