Author

Mazen Boustany

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In brief In addition to the comprehensive economic support and stimulus program launched by the UAE Central Bank to curb the financial impact of the COVID-19 pandemic, the UAE has introduced radical amendments to the UAE Bankruptcy Law, offering distressed debtors with some level of leniency during these times of economic uncertainty and market disruption caused by circumstances outside of their control. Key changes include: adding new provisions to the law related to “emergencies” such…

A recent judgment by the Dubai Court of Cassation has concluded that for a contract to be Shari’a compliant, an Islamic bank or financial institution is required to do more than just to name that contract as a Murabaha contract (Cassation Appeals Nos. 898-927/2019). The Court of Cassation ruled that a Murabaha contract has to meet certain objective criteria to be considered as Shari’a compliant. These criteria are subject to review by the court and,…

In February 2020, the Chairman of the Securities and Commodities Authority (SCA) has issued Board Resolution No. (03/R.M) of 2020 which adopts the new Corporate Governance Guide for Public Joint-Stock Companies (the Resolution). The Resolution will come into force on 28 April 2020 and will repeal the previous SCA Chairman Resolution No. (7 R.M) of 2016 on the Standards of Institutional Discipline and Governance of Public Joint-Stock Companies. The Resolution introduces new corporate governance rules…

On 19 March 2020, the US Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned five companies based in the United Arab Emirates (UAE), pursuant to Executive Order 13846 (EO 13846), for their alleged involvement in purchasing hundreds of thousands of metric tons of petroleum products from the National Iranian Oil Company (NIOC) for delivery to the UAE. The following UAE-based companies were added to the US Specially Designated Nationals and Blocked Persons List (SDN List): (1) Alam Althrwa…

As the world attempts to address the various challenges arising from the Novel Coronavirus (COVID-19), governments and financial services regulators have been making efforts to mitigate the effects of the pandemic on the economy and financial sector. Set out here is an overview of the measures taken and guidance provided by the financial services regulators in the United Arab Emirates (UAE) and overseas to address the financial markets and various regulatory concerns, including the: Dubai…