Insight Category: Regulatory & Legal Updates
The Securities and Commodities Authority (SCA) board of directors recently approved the final form of the Regulation for Sukuk. The regulation enumerates the rules for the issuance and principal listing of Sukuk; rules for Sukuk trading, clearance and sett lement; and rules for the issuance and listing of Sukuk concerning applicants. The regulation states that… Continue reading UAE Country Report: SCA Sukuk Announcement...
The Dubai Financial Market (DFM) officially published the final version of its ‘Standard for Issuing, Acquiring, and Trading Sukuk’ on the 2nd April 2014. The first of its kind, it is a comprehensive standard aimed at enhancing the regulatory environment of Islamic finance. This complements the ‘Standard for Issuing, Acquiring, and Trading of Shares’ published… Continue reading Country Report – UAE: New Standards for Sukuk...
Beirut-based Lebanese Islamic Bank started offering Shariah compliant services in 2005 by offering adequate and effective Shariah compliant alternatives to conventional banking products and services. However, ethics alone may not be enough to help the industry reach its full potential. Competing with conventional finance may prove difficult when there is no global standard in Islamic… Continue reading Country Report: Unpopularity of Islamic Banking In Lebanon...
The first two months of 2014 witnessed a number of announcements relating to the Islamic finance economy which further reflected the commitment of the government of Dubai to follow the path it has set to establish Dubai as a hub for Islamic finance. Among the major news issued earlier this week, the Dubai Multi Commodities… Continue reading UAE Country report: Dubai Continues Its Ambitious Growth Path...
The end of 2013 witnessed the announcement of a groundbreaking decree by Sheikh Mohammed bin Rashid Al Maktoum, the ruler of Dubai, regarding the creation of the Dubai Islamic Economy Development Center. This center constitutes a part of Dubai’s overall ambition to establish itself as a global hub for the Islamic economy. This announcement will… Continue reading UAE Country Report : 2014 The Year For Takaful...
A review of the legal and regulatory framework governing the licensing and importationof telecoms equipment in Saudi Arabia. The telecommunications sector is a vital component of any economy and has gained further significance in this digitalera where commercial and financial transactions of all sorts rely primarily on effective and efficient telecommunications networks, infrastructure and equipment.… Continue reading Staying Connected in KSA...
Ten years on and Erbil has evolved from a backwater to a modern-day boomtown’ spoken of in laudatory profiles in the international press. Oil rich, stable and with its own military and government, Iraqi Kurdistan boasts a mix of both security and growth and attracts nowadays thousands of foreign and Kurdish-owned companies. Erbil is considered… Continue reading Oil Contracts and Policy in Iraq...
Rima Mrad, a Partner at Dubai-based law firm BSA Ahmad Bin Hezeem & Associates LLP (former Bin Shabib & Associates), has stated these new requirements should be a positive step for the UAE’s brokerage sector, improving standards and encouraging mergers and acquisitions. For the first time, the new rules will require broker firms to obtain… Continue reading UAE Brokers Face Tougher Insurance Authority Rules...
As the abundance of disputes in the UAE continues to mount, following the property crisis that hit Dubai in 2008, everyone involved rummages through their contracts to look for the clause that no one paid much attention to during the good days, with a view to sharpen their claws and get ready for battle. But… Continue reading Dispute Resolution in Dubai...
The United Arab Emirates has well and truly bounced back from the financial crisis on 2009-2010. Infrastructure construction has returned to full swing, while M&A deals abound, which means more work for law firms both in terms of deals as well as the resulting arbitration and litigation. Ranajit Dam investigates. Jimmy Haoula speaks to ALB… Continue reading Middle East: UAE Report – The Boom Is Back...