Insight Category: Regulatory & Legal Updates
What happens when strict regulation is imposed onto a market that had until that time been barely regulated? Think of Wyatt Earp and his brothers riding into Tombstone, Arizona in the early 1880’s, looking to impose order on the until that time lawless town. The outlaws were forced to flee, but at the same time… Continue reading UAE Insurance Brokerage Regulations – Challenges in Reforming the Marketplace...
The recently issued Insurance Authority Prudential Regulations, 25 and 26 of 2014 (collectively the”Regulations”), have been a long awaited and much discussed development in the basic methodology underlying the manner in which the financial affairs of insurers in the UAE are regulated. The new requirements represent a sea change on a going forward basis, and… Continue reading Insurance Authority Prudential Regulations...
The UAE economy harbours an exceptional combination of commercial and environmental advantages which, coupled with the UAE’s political and economical stability, and the lenient approach to business; make the UAE a supreme investment environment for foreign enterprises and individuals. Geographically, the UAE is ideally placed to reach consumers of the region’s rapidly growing markets. In… Continue reading International Corporate Procedures (ICP): UAE update 79...
Following the developments in the Islamic finance sector in the UAE in the last quarter of 2014, a number of major announcements have been issued in the beginning of 2015 confirming the UAE’s commitment to foster the expansion of this sector and the increasing confidence by international investors in the future of this industry. Dubai… Continue reading Towards Developing A Global Islamic Economy...
For the past three months, the UAE government and the emirate of Dubai have announced a number of legal and regulatory changes which are expected to have a direct impact on the development and growth of a sustainable Islamic economy based on international standards. Rima Mrad and Aqsa Khan Sadiqprovide an overview of recent developments… Continue reading The UAE Progresses To Be A Global Hub For The Islamic Economy...
Recent moves in the UAE and Oman mean an increasingly regulated Islamic Insurance sector throughout the GCC region. Barry Greenberg and Raghad Hammad of BSA examine these changes and their impact. What’s happening and why? The UAE has recently enacted new prudential Takaful regulations covering the Takaful insurance market and Oman is introducing similar regulations.… Continue reading Tightening The Screw – Insurance Authority Prudential Regulations...
It is common practice for parties entering into contractual arrangements to insert restrictive provisions constraining or limiting either of the parties’ legal or contractual rights. Such provisions work to restrict a party from committing a certain act in the future, or oblige a party to perform a certain obligation at a predetermined time. The objectives… Continue reading UAE Practice On Restrictive Provisions and Penalty Clauses...
The international Islamic economy continues to grow and Dubai made good progress towards its ambitious aspiration to become the leading Islamic business hub. This article is a summary of the progress and the major transactions made in the UAE lately. Dubai International Financial Center (DIFC) The Dubai International Financial Center has designed a 10-year strategy… Continue reading Recent Islamic Finance Developments In The UAE...
Michael Kortbawi, Partner at BSA Ahmad Bin Hezeem & Associates LLP discusses the Tax regime in the UAE. There are no federal tax legislation in the United Arab Emirates (hereinafter referred UAE). However, we find the following emirates: Abu Dhabi, Dubai and Sharjah, legislation establishing a tax system generally companies, including: • The tax on… Continue reading Tax Regime In The United Arab Emirates...
How can project and infrastructure finance help develop the Islamic finance industry? Which region is currently undergoing progress in this sector and which Islamic banks are the most involved? Ahmad Waheed explores the issues and challenges faced by investors and Islamic banks in the sector. The Middle East and Southeast Asia are the main focus… Continue reading Sector Feature – Project and Infrastructure Finance: A Growing Trend...