Litigation & DIFC Courts

Al Reyami Advocates and Muhyealdeen is comprised of highly qualified Litigation Lawyers with extensive experience in these matters. This experience and practice in the local courts ensures the very best chance of success in securing the right judgment for you. A thorough and in-depth understanding of the UAE culture and its legal process is crucial in navigating the system hand in hand with real time current knowledge of the law.

We cover all aspects of litigation including but not limited to commercial, financial, transport, banking, construction and employment. A significant portion of our past and current case load concentrates on Commercial and Real Estate development disputes which rely on and further enhance our knowledge and understanding of these specialist areas.

Our record of success in these matters has led to our involvement and representation of clients ranging from individuals, international corporations and government bodies.

The Dubai International Financial Centre (“DIFC”) was launched in accordance with United Arab Emirates (UAE) Federal Decree No. 35 of 2004 as a part of Dubai’s strategic vision to diversify its economic resources and attract capital and investments in the region. It is a Financial Free Zone defined in Federal Law No. 8 of 2004. An independent jurisdiction within the UAE, DIFC is empowered to create its own legal and regulatory framework for all civil and commercial matters.

The following three independent bodies have been established at the DIFC to enable and support the growth and development of businesses in the Centre: the DIFC Authority, the Dubai Financial Services Authority (“DFSA”), and the Dispute Resolution Authority (“DRA”).

FEDERAL LAW NO. 8 OF 2004 (ENGLISH / ARABIC)

Federal Law No. 8 of 2004 on “The Financial Free Zones in the United Arab Emirates” (the Financial Free Zone Law) mainly.

• Allows the creation of a Financial Free Zone in any Emirate of the UAE, by a Federal Decree.
• Exempts the Financial Free Zones and the Financial Activities from all Federal civil and commercial laws.
• Confirms the application of Federal criminal laws in the Financial Free Zones, including the Federal Laws on Anti-Money Laundering;
• Prohibits DIFC authorised firms from dealing in “deposit taking from the State’s markets […] [and] in the UAE Dirham.
• Restricts DIFC-authorized insurers’ dealings in the State to carry out re-insurance activities.

DUBAI LAW NO. 9 OF 2004 (ENGLISH)

Dubai Law No. 9 of 2004 on “The Establishment of the Dubai International Financial Centre” acknowledges the creation of the DIFC and:

• Recognizes the financial and administrative independence of the DIFC
• Creates the DIFC centre bodies, which include the DIFC Authority, DFSA and DRA.
• Exempts the DIFC from Dubai laws and regulations, under certain conditions.

CABINET RESOLUTION NO. 28 OF 2007 (ENGLISH / ARABIC)

Cabinet Resolution No. 28 of 2007 on “Implementing Federal Law No. 8 of of 2004 on Financial Free Zones” further detailed certain provisions of the Financial Free Zones Law.

When it comes to banking system, UAE is one of the most advance, reliable and has highly developed banking infrastructure. This level of development has become attainable because of the strict government regulations and measures implemented by United Arab Emirates Central Bank.

The UAE Central bank oversees and monitor all activities of banks in UAE. The process of obtaining a license for opening a financial institution in UAE is very difficult and that is the primary reason why UAE banking sector has become one of the most reputable banking institutions. Central bank serves the function of the main regulatory authority in UAE. It is responsible for handling most important regulatory task such as currency management, details the monetary policy line and exercise and implements banking regulations.

The banking system of UAE is governed under the applicable Banking Laws, which includes The Central Bank Law; Law of Islamic Banks; Circulars relating to Anti-Money Laundering (AMLSCU). Recently, UAE issued Federal Law No. 14 of 2018 which provide the structure of the UAE Central Bank and the organization of UAE financial institutions and their activities. Under the new law, Central Bank is in charged with the following:

• Administer exclusive control over UAE currency
• Maintain and oversee UAE currency stability
• Develop and direct credit policy to enhance UAE economy
• Supervise the banking system to ensure its effective implementation
• Advisory function to the UAE government concerning financial and monetary issues
• Maintain the government reserves of foreign currency and gold

Hire Expert Banking Lawyer in Dubai UAE

UAE Central Bank aims to ensure transparency of bank activities, for this purpose they issued regulations that define the guidelines the way of providing banking services. At the same time, certain requirements are imposed and standard list of supporting documents are required in opening bank account in UAE. Among these banking regulations includes:

• Prohibition on the issuance of credit cards and grant of loans over the phone by any banking institutions and financial companies;
• Maximum amount of personal loan that can be granted to a borrower is equal to 20 monthly salaries;
  No person or legal entity will be allowed to open a bank account unless confirmation of UAE residence has been met;
• Supporting documents that are mandatory in opening bank accounts includes: Passport with UAE residence visa or UAE citizenship, salary certificate or confirmation of source of income, NOC from the employer or similar document.