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…
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, but also by the increasing range of sophisticated products and services. The markets for Shariah-compliant funds and takaful (Islamic insurance) are sectors in their own…
Having been appointed by the UAE Insurance Authority to assist in redrafting the UAE insurance law, Irshied Tayeb, head of insurance, Rima Mrad, partner, and Michael Kortbawi, partner at BSA Ahmad Bin Hezeem & Associates LLP ( Former Bin Shabib & Associates) discuss the measures to enhance the regulatory framework. Bringing the UAE insurance law…
Michael Kortbawi and Irshied Tayeb of BSA Ahmad Bin Hezeem & Associates LLP (Former Bin Shabib & Associates) discuss the new mandatory healthcare scheme in Dubai. Health insurance is a high priority for all developed nations; America serves as a great example with the recent enactment of Obamacare. Mandatory healthcare in the Middle East started…
The continuing and accelerating trend toward the globalisation of all things worldwide has informed the way that we look at everything social, economic, cultural and political. And real estate – especially commercial property – is not exempt from this trend. However, I think it is critical to the understanding and evaluation of commercial real estate…
The Middle East and North Africa (MENA) region is a growing market which is attracting increasing interest from local and foreign investors alike. With competition on the rise, the region has also seen significant developments in M&A activity. This trend has been driven by investors from around the world, drawn by the opportunities that the…