Why Saudi Arabia has not joined the CISG And should it join now Research Paper

Why Saudi Arabia has not joined the CISG And should it join now - Research Paper Example The popularity of the CISG was however restricted in some Arab Islamic countries due to the presence of conflicting and ambiguous principles. Though certain modification have been done by some of the Islamic countries in signing to the convention but still countries like Saudi Arab have refrained themselves from taking part in the CISG. The factors which prevent Saudi Arab from being a part of the CISG have been studied over here. A special analysis of the article 78 of the CISG has been carefully studied over here. Critical recommendations have been made for analyzing whether CISG should involve them in the treaty and be a part of the global treaty. CISG: The CISG (Convention for the International Sale of goods) is an important adoption in the international business transaction. The area covered by CISG is huge and a large portion of the international business transaction is under its control. The CISG covers only the buying and selling of goods. The various signatories of CISG have decided to implement the laws of the CISG in a uniform fashion. The United Nations Convention for International Sale of goods is applicable to international transactions of goods. However it does not applies to transaction of personal and family household. The CISG came into effectiveness in the year 1988, and fifty eight countries have been the signatory of the treaty including four Islamic countries from the Arab. The success of the CISG can be attributed to the expansion of the global business worldwide. However the establishment of the CISG came into existence after a long struggle in the 1920’s. The evolution of CISG has been an important historical treaty in the international trade. However there exists disparity in terms of the understanding of the CISG and the Islamic law and it is found that many Arabic countries have refrained from joining or being a member nation of the treaty. The contracting propositions are discussed below. Analyzing the causes for Saudi Arabâ €™s non-participation in CISG CISG and Islamic law of Interest: Under the international law of the CISG Article 78 clearly underlines the payment of interest to the distressed party (Akaddaf). The convention of the CISG however does not have any clear rules or policies regarding the interest rate calculation or the time frame required for the payment of interest. However charging of interest is not promoted under the Islamic law and it is prohibited. According to Quran charging of interest is held as an injustice. A notion is held that in order to maintain equity and fairness in carrying out a trade transaction, charging of interest brings differences and becomes unfair in respect to the weaker party of the contract. The Islam idea regarding this unfairness is somewhat similar to the Uniform commercial code as followed in the American approach. Islam’s held the idea that charging of interest leads to the oppression of the poor and is generally believed that interest charg ing should be eliminated from the commercial transactions. Practice of providing loans is common in the Islamic countries but the theory of profit making is not encouraged to place a party in any sort of financial disadvantage. Relieving a person form the debt is assumed to be an act of charity according to Islamic laws and culture. Evidence of international arbitration regarding the charging of interest or â€Å"riba† also exists. It claimed that the policy regarding riba did not provide restriction on all cases where it led to a financial loss of one party due to the inability of one of the party to pay back in time (Twibell). Islamic Banking: Islamic banking came into functioning in the year 1970. It started its operation in Egypt. Soon it became popular in the other Islamic countries as well and became popular

Self assessment in MEMO style Essay Example | Topics and Well Written Essays - 250 words

Self assessment in MEMO style - Essay Example I am also an honest person, and I believe to win the trust of the organizations managers and employees. I am also friendly in nature and would easily create a good rapport with other staffs (Stanton, 2009). Considering my weakness, I am always time conscious and would carry out a job hurriedly without considering the consequences. I also easily believe and trust the unknown person, hence can easily be convinced to do something without realization of the consequences. I am also a straightforward person and would not tolerate anything bad done by the employees or employers despite the rank. I am also somehow emotional and sensitive; I can easily be annoyed to an extent that I lose control of myself (Stanton, 2009). In the carrying out of the plan for improvement, my first step is to come up with a list of all my weakness and strengths. This would allow me to form comparison and see if any strength can cancel out any weakness and also to see if the strengths overpower the weaknesses. The second step is to analyze the environment of the workplace to see if it is favorable for my weaknesses and strengths. This will give me a hint on whether to take or reject the job. I will finally look if there is a room for change in the organization, of which if not a reject the job. In my conclusion, strengths and weakness in communication are things that exist in the daily life. An individual should never allow the strengths to overpower the weaknesses. I believe in change provided I am given a chance to work on my weaknesses. I believe in adjusting myself to the working environment despite the weaknesses I