Tanya Jain, Author at LexisNexis Middle East

Oman: Banks Have to Comply with Specific Insurance Marketing Rules

18/10/202318/10/2023
by Tanya Jain

Oman Daily Observer, 15 October 2023: Oman’s Capital Market Authority has approved new regulations, which will require banks to comply with specific insurance marketing rules.

The regulations are aimed at tackling unhealthy practices involved in the marketing of these products through banks and to reduce disputes between insurance policy holders related to the banking sector and companies during insurance claims.

Under the regulations, insurance companies cannot market any insurance products through banks without the approval of the Authority.

except after obtaining approval from the CMA.

More than one company cannot market the same insurance product with the same bank, or for the same branch of the bank.

Insurance companies have to retain at least 40% of the net premiums for insurance products marketed through banks, excluding life insurance products.

They have to retain at least 25% of property insurance and insurance products related to SMEs.

The Authority has the right to supervise and control the processes of selling and marketing products through provisions such as internal auditing that will notify it of any violations and set controls to ensure executives employed for marketing insurance products via banks comply with anti-money laundering and terrorist financing requirements.

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News developments

Kuwait: Students Should be Allowed to Work

18/10/202318/10/2023
by Tanya Jain

Alrai, 15 October 2023: Kuwait’s Acting Prime Minister and Interior Minister has asked the Education Minister and Higher Education and Scientific Research Minister to allow students in further and higher education to work while they are studying.

The Public Authority for Manpower has supported the request. They added the move will help the labour market develop.

Read the full story here.

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News developments

Dubai: International Financial Centre Courts Sign Cooperation Agreement with Dubai Chambers

18/10/202318/10/2023
by Tanya Jain

The Dubai International Financial Centre Courts have signed a cooperation agreement with Dubai Chambers to support projects to diversify the Emirate’s and the UAE’s economy and support innovation in this area.

Under the agreement, the two entities will work together on specific digital economy and mediation and notary services provided by both of them.

They will also carry out activities internationally together.

Also reported in Al Bayan on 13 October 2023. Click here to read more.

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News developments

Ajman: New Government Services to be Launched

18/10/202318/10/2023
by Tanya Jain

Al Bayan, 15 October 2023: The Ajman Digital Department has announced that 12 government and private entities are going to announce more than 40 new services.

They will be launched on the Ajman Government Platform to simplify the customer journey and provide an easy and smooth experience for partners and community members.

The Head of the Port and Customs Department said that the Department intends to launch a package of digital technical innovations including a wide range of fields, including the customs and maritime sectors.

They will also sign more than 10 partnership and cooperation agreements with government and private entities, to explore the latest global innovations and technologies, and build new partnerships to improve the digital transformation process in the Emirate.

Click here to read more.

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News developments

Bahrain: Credit Access Law Drafted

17/10/202317/10/2023
by Tanya Jain

Gulf Daily News, 16 October 2023: Bahrain’s government has drafted a draft law to make it easier for small businesses to obtain credit more easily and cheaper.

The country’s Industry and Commerce Minister said the law is yet to be sent to Parliament to consider.

It governs the creation and enforcement of security interests in movable assets.

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News developments

UAE: Emirates Drug Corporation Established

11/10/202311/10/2023
by Tanya Jain

Al Bayan, 9 October 2023: The UAE’s Cabinet has approved a Federal Law establishing the Emirates Drug Corporation.

It will be responsible for regulating and managing everything related to medical products at a federal level and will have its own legal personality and financial and administrative independence.

Among other things, it will trace medical products across the country, including free zones.

These products include pharmaceutical products, medical aids, healthcare products, biological products, nutritional supplements, cosmetics, veterinary products, fertilisers, agricultural conditioners, growth regulators, plants, pesticides, genetically modified organisms, and their products.

Other medical products may be added by subsequent legislation.

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News developments

Saudi Arabia: Call for Tax Fines Exemption Initiative to be Utilised

11/10/202312/10/2023
by Tanya Jain

Arabian Business, 9 October 2023: Saudi Arabia’s Zakat, Tax and Customs Authority has urged individuals and businesses to take advantage of a tax fine exemption scheme.

The Kingdom’s Finance Ministry announced it had published a guide to an initiative to apply for the exemption of fines before the end of this year in September this year.

The initiative aims to mitigate the financial implications arising from COVID-19 that affected companies.

It discusses the exemption from fines resulting from late registration in all tax laws and regulations.

It includes the exemption from delayed payment fines and overdue tax return submission and exemption from the VAT return correction penalty.

However, the conditions for taxpayers who could benefit from the initiative still apply.

The seven-month initiative was launched on 1 June 2023 and ends on 31 December 2023.

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News developments

UAE (Ras Al Khaimah): Plastic Bag Ban to Come into Force on 1 January

11/10/202311/10/2023
by Tanya Jain

Khaleej Times (United Arab Emirates), 5 October 2023: Ras al Khaimah’s Environment Protection and Development Authority has announced a plastic bag ban will come into force on 1 January next year.

Under Ras al Khaimah Law No. 4/2023, the use and circulation of single-use plastic bags will be banned.

It means no single-use plastic bags will be allowed in the Emirate.

The ban will apply to all bags provided by stores, including grocery shops and bakeries.

The ban has been introduced in line with the UAE-wide blanket ban on single-use plastics announced earlier this year. The UAE-wide ban will mean the importation, production and circulation of these materials will also be banned.

Five other Emirates have announced bans or regulated the use of plastic.

The Abu Dhabi authorities have banned single-use plastics since 1 June 2022.

The Dubai authorities have been charging 25 fils per single-use plastic bag since 1 July 2022 and the Sharjah authorities have been doing the same since 1 October 2022. A complete ban will come into force there on 1 January 2024.

Plastic bags have also been banned in Ajman and Ummal Quwain this year.

The announcement by the Ras al Khaimah authorities means Fujairah is the only Emirate not to have introduced any measures.

In January 2026, the plastic ban will cover other products like cups, plates, cutlery, containers and boxes. This will include spoons, forks, knives, chopsticks, straws and stirrers.

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News developments

Qatar: Central Bank Issues Loan-based Crowdfunding Regulations

11/10/202311/10/2023
by Tanya Jain

Qatar Tribune, 10 October 2023: Qatar’s Central Bank has announced it has issued loan-based crowdfunding regulations.

They cover the licensing and regulation of these activities and services in the country.

Among other requirements, entities wanting to provide loan-based crowdfunding activities must apply for the relevant licence from the Central Bank.

The regulations have been issued in line with the national financial sector and Fintech strategies and the Central Bank’s efforts to regulate and develop the country’s financial sector.

Also reported in Lusail on 9 October 2023. For the full story, click here.

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News developments

Oman: Health Insurance Electronic Connectivity Regulations

11/10/202311/10/2023
by Tanya Jain

Alroya, 9 October 2023: The Omani Capital Market Authority has issued Oman Decision No. Kh/83/2023 issuing regulations for the electronic connectivity of the health insurance system.

The decision comes into force 30 days after the date of its publication in the Official Gazette.

The first article of Chapter One states that the “Dhamani” platform is affiliated with the Authority and through it, services related to health insurance are to be provided electronically.

Article Four of Chapter Three states that the insured must be notified of the purpose of collecting personal data and their right to access it and request it to be updated through the platform. They should also be informed about adherence to the relevant medical code specified by the Authority to use in all transactions that take place through the platform.

Read the full story here.

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