Author

Sandeep Puri

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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,…

As the 2019 Novel Coronavirus (COVID-19) continues to spread across the world, governments are actively working with global and local health authorities to implement nationwide measures to help curb transmission and mitigate virus-related risks as well as offer relief for businesses and individuals in these challenging times. In response, businesses and government institutions across the UAE are taking necessary action to minimise the impact of the pandemic on their operations, workforce and supply chains, in…

As you may have seen in the press over the last couple of weeks, there has been a significant development in the recognition and enforcement of UAE judgments in India with the issuance of the official Indian Gazette Notification on 17 January 2020 (the Notification). The Notification declares the UAE as a ‘reciprocating territory’ and, going forward, judgments from the UAE courts will be recognized and enforced in India. What has changed? Whilst India and…