Banking & Finance

The following Q&A, originally published for Lexis Middle East, answers important questions regarding the laws and regulations governing Islamic Finance in Oman. What types of Islamic finance products are most...

A raft of UAE anti-money laundering guidance has been published recently. Rima Mrad examines the key provisions and their impact on Licensed Financial Institutions and other organisations. WHAT’S HAPPENED AND...

The worldwide economic distress caused by the ongoing Covid-19 pandemic has certainly not spared the GCC region. The pandemic has exacerbated the region’s pre-existing economic challenges, many of which date...

The Saudi Central Bank (SAMA) is launching a new initiative – Open Banking - that promises to stimulate growth and innovation in the Kingdom’s financial services industry. Already an established...

UAE Bankruptcy Law Amendments The UAE Federal Decree-Law No. 9 of 2016, known as the Bankruptcy Law, has been amended pursuant to Federal Decree-Law No. 35 of 2021, to clarify...

Islamic Finance has seen unprecedented growth in recent years and the pace of this growth is accelerating. This is evidenced not only by the size of the Islamic finance market,...

In the past month, a number of achievements have been announced on a regional and global level with regards to the Islamic finance industry. The nature of the progress we...

The Islamic financial market has seen continuous growth in the past few years, particularly in the use of sukuk. As this debt instrument is carving itself a prominent place in...

Dar Al Sharia has launched its eagerly anticipated offices in the Dubai International Financial Center (DIFC). Dar Al Sharia is a Sharia, Legal and Financial consultancy firm consisting of an...

UAE has in the past seen a financial crisis which exposed some of the inherent weaknesses of conventional systems of financing. With the slower economic growth and unsteady market conditions,...

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...

Islamic finance is part of the sevenpillared plan to make Dubai a global capital of Islamic industry, economy and finance. There have been several recent developments and initiatives undertaken in...

The past month witnessed the announcement of several pieces of groundbreaking news fostering the growth and presence of Shariah compliant products in the Middle Eastern market. The latest developments are...

The method used to tap the real attitude of the main Islamic industry players in Lebanon has raised several questions: • Can Lebanon be an attractive hub for the Islamic...

The Dubai Financial Market (DFM) published its ‘Standard for Issuing, Acquiring, and Trading Sukuk’ on the 2nd April 2014. Rima Mrad takes us through the details. After researching and reviewing...

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...

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...

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...

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...

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...

The reception took place in Dubai on 29 October 2014, during the World Islamic Economic Forum (WIEF) which was held on 28 – 30 October at Madinat Jumeirah conference. WEIF...

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...

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...

The President of the Federation of Enterprises in Belgium (FEB), Mrs Michèle Sioen, invited BSA, as a members of IsFin,to take part in a the FEBbreakfast, attended by HRH Princess...

Speakerat the Islamic Economy in Belgium: Scope & Concrete Opportunitiesseminar Hosted at the Conrad Hotel, Dubai on 26th March 2015 Topic: Introduction of Sukuk and issuance in the UAE Presenter:...

A number of delegations visited the UAE in the past period with the aim of focusing on the terms of cooperation between the UAE and various European governments with respect...

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...

The Islamic finance sector in the UAE during 2015 featured a substantial expansion. The nature of growth witnessed throughout the first and second quarter of 2015 was mainly seen in...

The UAE is moving ahead with its planswith respect to the development of theIslamic economy. 2016 started with theannouncement of a number of Islamiccompliant transactions that furtherfoster Dubai’s objective to...

This month witnessed the much-awaited announcement regarding the establishment of a national regulatory authority for Shariah in the UAE which is expected to further promote the overall local Islamic economy....

The growing awareness of socially responsible investments (SRI) in the energy sector by financial institutions and the majority of major contributors to the world economy is part of a number...

The following Q&A, originally published for Lexis Middle East, answers important questions regarding the laws and regulations governing Banking in Oman. What are the main laws regulating the banking sector...

Michael Kortbawi, Partner and Maamoon Ashraf, Associate at BSA Ahmad Bin Hezeem & Associates LLP (former Bin Shabib & Associates LLP) discuss Qatar's new Central Bank Law and elaborate on...

Mamoon Ashraf, corporate associate, BSA Ahmad Bin Hezeem & Associates LLP (former Bin Shabib and Associates (BSA) LLP) provides an overview and comparison of the key provisions of the UAE...

Throughout the UAE, a common frustration exists with insolvencies due to its time-consuming nature and significantly low recovery rates, which stemmed from the outdated governance of insolvency that made it...

The Saudi Arabian Bankruptcy Law complies with the best international practices and gives Saudi Arabia a legal infrastructure to deal efficiently with companies that get into financial difficulties, paving the...

Dubai Chamber of Commerce and Industry recently organised a workshop in collaboration with BSA Ahmad Bin Hezeem & Associates LLP which provided valuable information about the UAE Bankruptcy Law and...

Prior to the recent passing of the Omani Royal Decree No 53/2019 (the "Bankruptcy Law"), Oman law contained limited legislation governing the area of bankruptcy. The Commercial Law issued by...

Certain enhanced protections of debtors under the UAE Bankruptcy Law – Federal Law No. 9 of 2016 – which were previously put into place on an emergency basis in response...

The rise in the number of companies facing severe financial distress is an unavoidable fact of today’s economic market. The underlying causes of this distress are several and include the...

In the following series of articles, Barry Greenberg provides the reader with a comprehensive look at bankruptcy proceedings in the UAE, from beginning to end. The series consists of: Part...

Earlier this year Saudi Arabia issued a historic new Bankruptcy Law (Saudi Arabia Royal Decree No. M5/1439 and Saudi Arabia Cabinet Decision No. 264/1439), the Kingdom’s Council of Ministers has...

Q1: Key considerations on how a multinational business can set up as a group in the region The United Arab Emirates (“UAE”) economy continues to flourish and be attractive to...

The new UAE Bankruptcy Law was widely discussed and debated upon its introduction in 2016. Brought in to encourage a ‘rescue culture’, the regulations were hailed as a significant move...

All UAE business owners and managers should be aware of the very recent decision of the Dubai Court of First Instance in the matter of the Bankruptcy of Marka Holdings...

As part of a string of legislative reforms in the Kingdom of Saudi Arabia (“KSA”), the Saudi Arabia RoyalDecree No M/05/2018 dated 13/02/2018) (the “KSA Bankruptcy Law”) comes as a...

How does a fractional title deed work? With the aim of attracting investors to the Emirate, the Dubai Land Department (DLD) announced a ‘fractional title deed’ initiative. A fractional title...

Small investors: imagine owning a property by browsing a website and buying a piece of property that appeals to you – just as you buy a piece of clothing you...

Central Bank Digital Currencies (“CBDC") are a new form of digital currencies, sharing similar functions and the basic value as traditional banknotes and coins in general, such as being a...

The Future of Finance for SMEs In recent years, the governments of the Gulf Cooperation Council (GCC) have moved to reduce their reliance on hydrocarbons, designing ambitious strategic plans to...

Update on Bankruptcy Law Project in the United Arab Emirates As attractive and financially lucrative operating a business in Dubai may seem, uncertainty still plagues the business environment which is...

Although, the UAE’s Islamic Economy has been growing, there are outstanding issueswhich have slowed development. Rima Mrad of BSA Ahmad Bin Hezeem & Associates LLP explains the problems and changes...

Starting your own business is one of the most exciting decisions you can take. But it is imperative to follow fundamental rules and keep certain key considerations in mind to...

The creation of a strong legal framework for commercial companies will positively impact the growth of FDI in the UAE Dubai is in the final countdown for the preparation of...

Context Misconceptions persist among business owners and directors as to the purpose of the UAE Bankruptcy Law and its comparative likeness to international counterparts, notably the US Bankruptcy Code. All...

Although there is no separate bankruptcy law in Oman, both the Commercial Code of 1990 and the Commercial Companies Law of 1974 provide a framework for the bankruptcy of traders...

  Excerptfrom slc.dubai.gov.ae In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Law No. (4)...

Saudi Arabia will introduce its first comprehensive bankruptcy law on 18 Aug. 2018 in a move designed to encourage foreign and domestic investment in private business. The move is also...

The legal and regulatory landscape is constantly evolving, meaning businesses have to remain agile in order to continue to progress. The past 12 months have been a true testament to...

Our experts Rima Mrad and Sarah Kadhum contributes to Emirates Law Magazine and explains how the new UAE bankruptcy law fits in with the existing legislation andbusiness practice in the...

An Overview In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued the Dubai International...

UAE expat residents who find themselves in financial difficulties, indebted to the point where their options are limited, fleeing to the airport with hastily packed overstuffed cases and a one-way...

From asking your bank for a mortgage payment holiday or knowing where you stand when it comes to defaulting on your payments, legal experts in the United Arab Emirates explain...

A Rundown of the most important things to know about home financing in the UAE With property prices easing and an abundance of new properties available, more people are choosing...

Abstract The UAE Netting Law, Federal Decree-Law No. 10/2018 was issued on 20 September 2018. Its provisions will apply to all Qualified Financial Contracts and Netting Agreements specified under the...

The UAE Bankruptcy Law is viewed as an improvement over the prior insolvency laws (as outlined in the Commercial Transactions Law), insofar as the Bankruptcy Law: 1. allows companies in...

What is the recently announced Targeted Economic Support Scheme? The Central Bank of the UAE (CBUAE) has launched a AED100 billion ($27.2 billion) stimulus scheme to contain the economic repercussions...

On 13 June 2021 the UAE Central Bank issued a circular with reference no. CBUAE/BSD/N/2021/3148 (“the Circular”) addressed to all financial institutions operating in the UAE, offering structured conventional life...

The laws around consumer protection in the UAE are continuously evolving and on 25 November 2020, the UAE Central Bank issued the Circular No 8 of 2020, Consumer Protection Regulations...

2021 was an exciting year for the UAE: the market continued to see positive progress, the Dubai EXPO hosted visitors in their millions and the country topped the global ranking...

I. FREE ZONE FUNDSForeign investors interested in creating an investment fund in the UAE can choose between two free zones the Dubai International Financial Centre (the “DIFC”) located in the...

The UAE’s Crypto Industry’s Exponential Growth Leading to an Increase of Cryptocurrency-Related Scams: How to Detect and Avoid them  It has become increasingly clear that the UAE has recognized the...

The ongoing legal battles surrounding the NMC Healthcare, the largest private healthcare provider in the United Arab Emirates (UAE), has been a big learning curve for how businesses manage their...

Since the implementation of Corporate Tax (CT) into the UAE was announced on 31 January 2022, there has been much excitement (good or bad) and curiosity about how it would...

In a recent edition of The Oath Magazine, Arsalan Tariq and Yasin Chowdhury offer commentary on the new CBO Financial Consumer Protection Regulatory Framework - a milestone for financial consumer...

A criminal complaint takes precedence over a civil claim or “Le criminel tient le civil en l’état”, is a legal principle with origins in the French Penal Procedures Law, which...

Over the past two years, the UAE Central Bank (“CBUAE”) has been actively working on issuing updated circulars to address the growing concerns and challenges relating to money laundering, financing...

The following article, originally written for and published by Global Legal Insights, covers 2022 FinTech Laws and Regulations in the UAE. Approaches and developmentsThe United Arab Emirates (“UAE”) continues to maintain...

Real estate funds (“REF”) and real estate investment trusts (“REIT”) are currently a topic on everyone’s agenda given the introduction of new regulations aiming to attract more foreign capital to...

On Monday 21st November we hosted our Mock Trial event in collaboration with Lexis Nexis, taking an in-depth look at bankruptcy cases in the local UAE courts, including a case...

Real estate investment funds (“REIF”) are currently a topic on everyone’s agenda given the introduction of new regulations aiming to attract more foreign capital to the REIF’s industry as part...

2022 saw a full host of legal and regulatory updates announced in the Sultanate of Oman, aimed at achieving the objectives set out in the 10th Five Year Plan (2021...

Senior associate Michèle El Khoury examines recently introduced reforms to real estate investment funds in Dubai, for Global Restructuring Review, which she says aim to strengthen the jurisdiction’s position as...

The factors that contributed to the collapse of Silicon Valley Bank were complicated and varied. Certain professionals have identified the bank's excessive dependence on the technology industry as a key...

Promissory notes are an important part of financing transactions in the Kingdom of Saudi Arabia as it is a relatively simple, easy to understand, easy to transfer through an endorsement...

The following UAE Guide, was written for the International Bar Association (IBA) Banking Law Committee, and forms part of a global report. 1. Fintech regulatory framework: a summary of the most...

In a significant move, the Central Bank of the United Arab Emirates has issued circular no. /3/ of 2023 ("Circular"), in pursuance of the Federal Decree-Law no. /23/ of 2022...

A new Federal Decree-Law No. 51/2023 on issuing Financial Reorganization and Bankruptcy Law has been published in the official Gazette on 31st of October 2023 abrogating Federal Decree-Law No. 9/2016....