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 finance industry? • Can Lebanon attract those investors? • What can Lebanon offer? • What is the real problem, if any, impeding the newborn finance…
The DIFC, Dubai’s, Common Law jurisdiction has recently amended its arbitration law in order to expand the jurisdiction of its Courts with regard to staying proceedings in favour of arbitration. Antonios Dimitracopoulos, Partner and Head of Arbitration at BSA Ahmad Bin Hezeem & Associates LLP, DIFC, looks at the long term repercussions of this recent development,…
The global economy has experienced much uncertainty in recent years, however 2014 is predicted to be much healthier. Both Michael and Nadim have witnessed this up-tick. “We have definitely experienced an increase in activity through the first quarter of 2014,” says Michael. “Dubai has especially felt this surge in activity with the announcement in late 2013 of…
Corporate governance is the underlying set of principles by which good business practices are conducted in the country. The hallmark of good corporate governance is the balance of entrepreneurship, control and transparency while supporting a company in the efficient decision making processes. Nadim Bardawil discusses their impact on businesses. To read full article CLICK HERE and…
Lloyd’s plans to set up DIFC is a great boost to the market. However, there may be difficulties that need to be ironed out first, say Michael Kortbawi and Irshied Tayeb of BSA. Lloyd’s plan to set up in the DIFC is a great achievement for the Centre which shows that the DIFC, and Dubai…
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…
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…
Current practices in the reinsurance industry of the UAE impede its growth and development. BSA Ahmad Bin Hezeem & Associates LLP (Former Bin Shabib & Associates) recommends measures that need to be implemented to tackle the challenges. The dynamic nature of the insurance industry in the GCC, particularly in the UAE market, is heavily dependent…
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…
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…