Sukuk is a financial bond that complies with Islamic religious law commonly known as Sharia. The traditional Western interest-paying bond structure is prohibited in the Islamic law because the riba, or interest debt, goes against precepts of Islam. Therefore, the Islamic countries and investors need a structure to link the returns and cash flows of debt financing to a specific asset being purchased, effectively distributing the benefits of that asset. In order to do that, in Malaysia, the sukuk was created twenty three years ago and, since then, it has become extremely popular in Islamic finance.
Sukuk represents aggregate and undivided shares of ownership in a tangible asset as it relates to a specific project or a specific investment activity. An investor in sukuk, therefore, does not own a debt obligation owed by the bond issuer, but instead owns a piece of the asset that’s linked to the investment. This means that sukuk holders, unlike bond holders, receive a portion of the earnings generated by the associated asset. Hence, financing can only be raised for identifiable asset, this means an asset whose commercial value can be measured.
KIELTYKA GLADKOWSKI is proud to be selected as one of most desired employers among law firms in Poland, according to one of the international students’ organisations.
The results in a legal organization always result from the full commitment of the entire team, whose potential must always be a balance between many years of experience and the energy and new ideas of young lawyers who spare no effort in acquiring practical skills, which is an integral complement to education and theoretical university knowledge.
Transferring practical knowledge and sharing experience with the next generation of lawyers in Poland is the natural goal and mission of KIEŁTYKA GŁADKOWSKI’s presence in the international legal environment. We are proud and honoured of the fact that our law firm is listed at the forefront of anonymous student rankings, completely independent of any public or professional organizations or institutions.
Our law firm is noticed not only on the domestic exchange of “desirable” places for gaining practical education.
Only recently, one of the students from Western Europe joined our team as part of the ERASMUS program.
The Polish National Fund for Environmental Protection and Water Management has announced another call for applications for co-financing under the priority program Energia Plus. Entrepreneurs can apply for co-financing, e.g. to renewable energy sources.
As for service procedure of documents in Poland until present, the common form was a paper letter that had to be sent with an acknowledgement of receipt. The changes introduced by the 2019-2021 amendments to the Polish administrative procedure, particularly the 2021 amendment on electronic service, are intended to effectively change the way parties are informed about the stages in the procedure. The changes move correspondence with government entities to an electronic level. From 5 October 2021, there have entered into force the changes which concern, among others, the principle of written documents (Article 14 of the Code of Administrative Procedure), provisions on the power of attorney (Article 33 of the Polish Code of Administrative Procedure ), time limits (Article 35 of the Polish Code of Administrative Procedure), reminders (Article 37 of the Code of Administrative Procedure), service (Articles 39-49 of the Code of Administrative Procedure), summons (Articles 50, 54 of the Code of Administrative Procedure), time limits (Article 57), or commencement of proceedings (Articles 61, 63 of the Code of Administrative Procedure).
Conditions of investing in the Polish Special Economic Zones – The conditions: the minimum contribution of the investor – 100.000 EUR and long-term investment
Within the SEZ the investor can undertake production and render services (including logistics and informatics outsourcing, R&D, new technologies, accounting, call centers, etc.). In order to start the investment in the SEZs the investor is required to obtain the permit from the administrator of the SEZ. The permit is issued taking into account such criteria as the sustainability of the investment, the value of the investment of minimum 100.000 EUR, maintaining the investment for not less than 5 years and the creation of new jobs for at least three years (in case of SMEs). Particular requirements are establish in administrator’s ordinances.