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.…
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 to the promotion of the Islamic finance sector. This definitely is helping in shaping the progressive role the UAE is playing in the development of…
We contributed the UAE chapter in this guide by Meritas as part of the global alliance of business law firms in the network. The purpose of this guide is to give HR managers, in-house legal counsel and commercial managers an overview of employee rights and employer obligations when businesses are transferred, so they can better…
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 Sadiq provide an overview of recent developments…
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…
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…
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…
Multinational companies, with offices in the UAE, have recently been facing conflict of law issues rising upon termination of an employment agreement when an employee is transferred abroad within their network of offices. Among the significant amount of claims handled by BSA, a classic case was one where an employee was arbitrarily dismissed without any…
The legislative battle against anti-corruption in the region began in the 1980’s. Mamoon Ashraf and Edouard Salwan of Bin Shabib and Associates look at how it has becoame a priority in the last 12 months. What’s been happening? The battle against bribery and corruption in GCC countries and their regional neighbours began in the 1980s,…
Non-fire retardant cladding poses an enormous risk for high-rises in the UAE, write Barry Greenberg and Michael Kortbawi from BSA Ahmad Bin Hezeem & Associates LLP The recent fire at the Torch tower located in Dubai Marina raises several important concerns as to the safety of many of Dubai’s buildings, whether any measures can be…