Saturday, November 24, 2012

Microfinance Business Law of Myanmar

The Union of Myanmar gained her independence in 1948 after British Colonization for more than one hundred years. There were two periods of constitutional governments; the first was 1948-1962 and the second was from 1974 to 1988. The former was a constitutional democracy with a federal type constitution and the latter was socialist constitution under one party system.

Each constitution last for fourteen years. The current government has drafted a new constitution since 1994. Accordingly, legal system in Myanmar has its root in the Common Law Family. It is, however, not a duplication of the Common Law System. Dr Tun Shin1)frequently notes that Myanmar Legal System is a unique combination of Common Law and Civil Law System. It uses the principles of common law and implants them into the vehicle of Codified Laws or Statute Laws, which are promulgated by the Legislature.2) Sources of Law in Myanmar are  Yazathat,  Dhammathat,  Hphyat-htone, Myanmar Customary Law, Statues, Directives of Ministries, and Departmental Notifications or Instructions etc. The doctrine of stare decisis is used in Courts of Law where laws are interpreted in a manner that is used in other countries that adopt the Common Law legal system. According to section 131of the Burma Law ActIndia Act XIII of 1898, Burmese Customary Law prevails, in cases relating g to succession, inheritance, marriage or any religious usage or institution where the parties are Buddhists.

Under sub-section3of the same Act, it is provided that in cases not provided by sub-section1, or by any other enactment for the time being in force, the decision is to be made according to principle of common law ‘Justice, equity and good conscience’.

The current legal framework particularly in rules in commercial transaction and transfer of property will be briefly deliberated.

We would like to introduce the microfinance business law of Myanmar for you to read: 

Microfinance Business Law of Myanmar and MFI Directives of Myanmar:

1- Microfinance Business Law of Myanmar 2011 (English)

 2- Microfinance Directives of Myanmar 2011. (English)

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