‘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…
Being a senior professional in one of the leading regional law firms, I have worked and still working in a male dominant environment. I have been surrounded by men at all stages of my career which is extremely normal and expected in the Middle East. When I was asked to talk about the main challenges…
France and the United Arab Emirates are two key business partners. Approximately 350 subsidiaries of French companies are estimated to be settled in Dubai, whilst figures of the French presence in other Emirates has also been growing at a constant pace for more than ten years. The UAE can be appealing to French individuals as…
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 are witnessing in this sector, especially in the MENA region, is remarkable as governments and regulators start to actively work on enhancing the regulatory and…
Forfeiture’ or ‘liquidated damages’ clauses feature in many commercial agreements, and more commonly in joint venture contracts in the oil and gas exploration and construction sectors. They are common in GCC contracts but the approach differs to common law jurisdictions. Most construction contracts contain a provision for liquidated damages to be paid in the event of…
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 pushing hard at the limits and boundaries of the Islamic finance industry as serious new players are coming on board. Goldman Sachs Sukuk: Goldman Sachs…
The international nature of recent developments presents challenges not only to regulators, but also to legal systems. This first edition of Insurance & Reinsurance Law & Regulation is an essential reference guide for corporations, financial institutions and legal professionals. Covering more than 19 major jurisdictions worldwide, it provides a clear overview of the regulations and…
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 the international financial market and competing with conventional debt products, we have dedicated this article to shed light on the concept of sukuk, how it…
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…
Rima Mrad and Nadim Bardawil of BSA discuss the main factors contributing to the growth of the Middle Eastern (re)insurance market. The insurance and reinsurance industry in the Middle East region is witnessing growth at a noticeable rate. The insurance legislations in many Middle Eastern countries are being reviewed or have recently been reviewed with…
