THE TEMPLES OF ASSYRIA

The Assyrian Empire was a collection of united city-states most which forms part of modern day Iran, Iraq, Kuwait, Syria and Turkey. The Empire existed till 7th Century BC. The Temples and Royal Palaces in the Empire provided a secured storage to the merchants and farmers for their grains and other commodities. The temples were seen to be secure, given the presence of priests and temple workers and the general inhibition of conducting theft in a religious place. Overtime the temples became the financial centers of their cities. The practice of physical receipts was implemented which served as proof of the grains or other commodities being transferred to the bank and later on, to third parties. Temples and palaces even began disbursing loans at a high interest rate. Cuneiform tablets were used to record the details of the loan provided, including the recording of repayment of loans. During wars, temples being the financial centers became hubs for amassing loot and ample treasury. Over time, temples stopped being the financial centers and kingdoms developed various different hubs to cater to various financial services like safe-keeping of money, lending money, minting currency etc. With each hub exclusively undertaking a specified task.

OUR PRACTICE

India's financial services sector has generally seen strong growth over the years, driven by rising personal incomes, corporate restructuring, financial sector liberalization and growth of a more consumer-oriented, credit-oriented culture. This has led to an increased demand for financial products such as retail loans, insurance and pension products. Our team is well-aware of the ever-changing requirements and norms and challenges posed by this sector and can handle each assignment with detailed precision and expertise.

On the other hand, while financial requirements undergo constant change, debt instruments remain an important way of funding enterprises. Our team consists of lawyers focusing on all aspects of law relating to banking and finance, syndicated and structured finance, including asset finance and debt finance (Rupee as well as foreign currency denominated). Our team understands the technicalities and sensitivities involved in such assignments, whether acting for the borrower or the lender.

Our gamut of services in this area of practice includes preparing, reviewing and negotiating loan and facility agreements (Rupee as well as foreign currency denominated), common loan agreements, guarantee facility agreements, inter-creditor agreements, security agreements, security trustee agreements, trust and retention account agreements and escrow agreements.