01/03/2022
UAE cheque rules: A big leap towards global best practices
Law to bring more clarity and flexibility in cheque transactions
Legal, Tax, Regulation & Compliance
12/30/2021
Dubai unifies all government health insurance systems; announces new benefits
The move covers all government insurance schemes, including Saada
12/30/2021
Saudi Central Bank approves Gulf Union Al Ahlia's capital raise to $122mln
The increase will double the company's capital
12/30/2021
Turkey’s banking field registers USD5.8b of net profit
Regarding the liabilities part, deposits kept at lenders in the country amounted at about 5.2 trillion Turkish liras (USD401.7 billion) in the end of November
12/29/2021
Saudi cabinet approves law of evidence to develop the legislative system
The law of evidence will achieve a “major qualitative leap in the judicial legislation system,” the crown prince said
12/29/2021
Binance Gets To Be The First-ever Crypto Regulator In The Middle East North Africa
In-principle approval is a sign that Binance must complete the application process in full and expects to complete “in the near future,” the announcement notes.
12/28/2021
Qatar Chamber urges inactive companies to strike off their commercial registrations
Companies that fail to abide by such procedures alongside the submission of financial statements will be prone to pay financial penalties of QR500 for each day of the delay (maximum QR 180,000), according to Article 24 of the Income Tax Law.
12/28/2021
Saudi Central Bank issues draft rules on real estate refinancing
The rules aim to contribute to the development of the finance sector promoting growth and stability in the secondary market for real estate finance
12/28/2021
New amendments on cheque provisions in UAE to take effect from January 2
The clarification issued by the CBUAE aims to raise awareness on decriminalisation of bounced cheques and penalties
12/27/2021
Compliance deadline set for cyber security regulations in Bahrain
Businesses offering financial services have until March next year to fully comply with new Central Bank of Bahrain (CBB) regulations
12/27/2021
Dubai Courts begin decriminalising bounced cheque cases
Criminalisation is limited to cheques issued in bad faith
12/27/2021
UAE Central Bank fines an exchange house for compliance failure
The banking regulator imposed a total penalty of $95,847 against the business
12/24/2021
Appeal dismissed in landmark multi-billion dollar fraud trial
The original judgment with its “over-compartmentalised approach” had, for instance, not considered Al Sanea’s “proven dishonesty” and rejected compelling arguments in favour of Al Sanea’s use of forgery.
12/23/2021
AMF releases booklet on using AI in the banking services
In addition technology aids lower operational cost and help in detecting and preventing fraudulent financial activities.
12/22/2021
Saudi Arabia forms independent body to probe financial crimes
Saudi Arabia is taking several measures to ensure the protection of consumers and businesses within the Kingdom and from criminals operating outside
12/22/2021
Etisalat’s blockchain arm crosses Dhs10bn
Launched commercially in April 2021, the platform was co-created by Etisalat Digital along with seven UAE banks
12/22/2021
Gulf states must revive plans for a common currency
That earlier efforts to create a unified currency should not be allowed to get in the way
12/21/2021
KPMG Records Strong Growth in FY21 in the Middle East & South Asia Region
The aggregate revenue of KPMG member firms in the Middle East & South Asia region grew by 7.8% in US dollar terms for FY21
12/21/2021
UAE central bank increases oversight of banks’ real estate exposures
The CBUAE unveiled today an enhanced framework to better monitor and supervise banks’ exposures to the real estate sector
12/20/2021
Dubai World Trade Centre to become comprehensive zone and regulator for virtual assets and Crypto
The Dubai World Trade Centre will be designing a comprehensive ecosystem for this progressive sector within Dubai.