NEW BANKRUPTCY LAW IN THE UAE Since the time of its promulgation in the year 2016, the Bankruptcy Law has been widely discussed and deliberated on. The enactment of Federal Law Number 9 of 2016 (the New Law) has been critical in light of the volatile oil market across the…
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Heads of Terms “Intention is one of the most powerful forces there is. What you mean when you do a thing will always determine the outcome. The law creates the world.” - {C}{C}Brenna Yovanoff Overview Every contract is the result of an intense negotiation between the parties of the contract…
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Mortgage of Movable Assets The enactment of UAE Federal Law Number 20 of 2016 Concerning Mortgaging of Movable Properties as Security for Debts (the New Law) is a milestone towards the UAE government’s initiative to bring positive changes in UAE’s mortgage law. In parallel to the recent laws on commercial…
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Marketing Foreign Funds in the UAE “There are two times in a man’s life when he shouldn’t speculate: when he can’t afford it and when he can.” – Mark Twain The world of financial markets and investments often induce reserved and divergent responses from the common man. Investing options are…
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Project Finance – Q&A – Practical Guide - UAE What are the key difference in the legislation in the UAE and other key international jurisdiction? In comparison with other jurisdictions, the laws regulating project financing in UAE are not stringent. The Federal Law Number 18 of 1993 concerning the Commercial…
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VAT REGISTRATION in the UAE ‘The Federal Tax Authority has announced the time-limit for companies to register for VAT in the UAE.’ Companies should register for VAT before 31 October 2017. The Federal Tax Authority (the Authority) recently announced that companies and MNCs with a turnover exceeding UAE Dirhams one…
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Boarding Complete: An Islamic Rendering Part II of II In our previous issue, we discussed the Shariah principles of ijara, simple ijara, ijara wa iqtina, ijara mawsufa fi al dimmah, istisna’a, and how ijara and mawsufa fi al dimmah work. Our attorney’s had detailed the different types of leasing provided…
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Boarding Complete: An Islamic Rendering Part I of II Islamic Principles not only lay guidance on the relationship between man and God but also provide directives on a system of transactions for dealings between man and man to lead a life in an Islamic way. Such Islamic jurisprudence referred to…
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Too Much of FATCA! Renowned author and entrepreneur, Mark Twain, once said, ‘tax is a fine for doing well; whereas, a fine is a tax for doing wrong.' Now, the question on hand is which one of the two the Foreign Account Tax Compliance Act (the FATCA) would get unseated!…
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The Evolution of Private Equity in India The advent of the year 2015 has seen a lot of political and economic skepticism unfolding in the form of the Brexit vote, demonetization in India, mounting Chinese debt and concerns over trade relations between the US and Asia. It, however, appears…
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The Effect of Brexit on International Arbitration ‘When life gives you orange, make orange juice'1 Does life always give oranges, you may ask? To some, oranges are acidic but for a few a morning without orange juice is like a day without sunshine. They are packed with vitamin C and…but…
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Whose Money is it Anyway? The Legalities Surrounding Deposits in the UAE ‘Tiny details imperceptible to us decide everything! ’ - W.G Sebald Some contractors may not pay attention to the phrases, conditions, or rules within their contracts. Ultimately this leads to conflicting and inadequate interpretations of clauses. For…
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Guarantee - Law, and Practice in UAE “Credit is a 'system' wherein a person who can't pay, gets another person who can't pay, to guarantee that he can pay.” - Charles Dickens In this modern world of fragile finances, the irony of Charles Dickens’ statement is well understood.…
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Asset Securitization in the UAE (Part II of II) In part one of our series on Asset Securitization, we defined asset securitization, reinforced its importance and illustrated the ways in which it is used for financing purposes. In fact, asset securitization transactions had evolved centuries back and were also, incredibly pervasive…
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