Newsletter Archives - Page 176 of 244 - LexisNexis Middle East

A framework agreement of cooperation between IsDB and Standard Chartered Bank

02/11/202002/11/2020
by Benjamin Filaferro

IsDB President Dr. Bandar Hajjar and M. Sunil Kaushal, CEO for Africa and Middle East, Standard Chartered Bank (SCB), signed a Memorandum of Agreement to participate in IsDB’s Restore Track Program aimed to supporting IsDB’s member countries’ private sector through stimulus packages to the economic sectors most impacted by the CoVID19 pandemic.

This agreement leverages on IsDB’s $2Bn “COVID Guarantee Facility” to establish an operational cooperation framework for IsDB and SCB to facilitate financing arrangements to IsDB’s Member Countries.

The COVID pandemic has disrupted international financial channels and put pressure on hard currency inflows to Emerging Markets. This pressure led to considerable limitations of the private sector’s access to financial liquidity. Combined with the loss of income due to reduced demand, the health crisis poses unprecedented challenges to the private sector and especially SMEs.

Through its cooperation with Standard Chartered Bank, IsDB aims to help alleviate some of these pressures by providing blended lines of finance to local banks at competitive prices.

“I am glad to see our, already strong, relationship with Standard Chartered Bank further strengthened with this unique and innovative partnership” stated H.E IsDB’s President, Dr. Bandar Al Hajjar. He also expressed his firm conviction that SCB’s funding expertise added to IsDBG de-risking guarantees will make a lasting impact for IsDB’s Members Countries.

M. Sunil Kaushal expressed his thanks to IsDB for the developing partnership between the two institutions noting that IsDB is the first Bank to sign such agreement with SCB. He also expressed his strong commitment to support IsDB member countries to fight COVID-19.

Both agree that this “out of the box” partnerships between MDBs and the private sector are now necessary to overcome the challenges of our times.

The Islamic Development Bank (IsDB) is a multilateral development bank (MDB) counting 57 member countries across four continents – touching the lives of 1 in 5 of the world’s population.

IsDB works to improve the lives of those it serves by promoting social and economic development, delivering impact at scale. IsDB is one of the world’s most active MDBs, and global leaders in Islamic Finance, with a AAA rating. Headquartered in Jeddah, Saudi Arabia, IsDB is a truly global institution with major hubs in Morocco, Malaysia, Kazakhstan and Senegal; and gateway offices in Egypt, Turkey, Indonesia, Bangladesh and Nigeria.

Standard Chartered Bank (SCB) is a leading international banking group, with a presence in 60 of the world’s most dynamic markets and serving clients in a further 85. SCB’s purpose is to drive commerce and prosperity through it unique diversity, and heritage; and values are expressed in it brand promise, “Here for good”.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

Saudi Arabia: Businesses Urged to Comply with Anti-Coronavirus Rules

30/10/202030/10/2020
by Benjamin Filaferro

Saudi Arabia’s Food and Drug Authority has urged businesses to comply with the anti-Coronavirus rules. The call followed the referring of five businesses to the Interior Ministry for non-compliance. The violations included a lack of commitment to safety instructions like taking employee and customers’ temperatures before they entered the entity, failing to wear face-masks and providing sanitisers in designated places. The Authority has issued a detailed guidebook on the measures food, drugs, cosmetic and medical equipment entities have to take to comply with the anti-Coronavirus rules.

Qatar: Draft Media Activities Regulation Law Reviewed

30/10/202030/10/2020
by Benjamin Filaferro

Qatar’s Cabinet has reviewed a draft media activities regulation law. If approved, it will regulate the press, publications, publishing, media activities and the arts in the country. The Cabinet also approved a Finance Ministry proposal to determine the value of the bank guarantee for tax warehouses, based on Qatar Law No. 25/2018 on excise tax and its Implementing Regulations. The Regulation defines a tax warehouse as the ‘place where the licensee is allowed to produce, transfer, possess, store, or receive excise goods imported or produced in the state under a tax suspension arrangement’.

Oman: Ministerial Decision amending the regulation for running promotional campaigns based on the Commercial Registry Law

30/10/202030/10/2020
by Benjamin Filaferro

Oman’s Commerce, Industry and Investment Promotion Ministry has issued Oman Ministerial Decision No. 184/2020 amending the regulation for running promotional campaigns based on the Commercial Registry Law (Oman Law No. 3/1974). It has also been issued in line with the Trade Law promulgated by Oman Sultani Decree No. 55/1990 and the regulation organising promotional activities issued by Oman Decision No. 239/2013. Under the Decision, shops in commercial centres can hold collective promotional offers, once a year for three days , provided the decision is published in the Official Gazette and comes into force the day after it is published in the Official Gazette.

Kuwait: Law Firm Organisation Decision Issued

30/10/202030/10/2020
by Benjamin Filaferro

Kuwait’s Commerce and Industry Ministry has issued a Decision which includes a regulation for organising professional law firms. The Trade and Industry Ministry said it was drafted and approved together with the Kuwaiti Lawyers Association. It specifies the form of professional law firms. They can be a solidarity, a closed shareholding or a simple recommendation, or with limited liability. It also specifies the conditions for incorporation. The capital of the professional law firm, whatever form it takes, may not be less than 10,000 Kuwaiti Dinars. Under the new regulations, professional law firms cannot practice unless it is through a licensed partners or shareholder. However, a professional law firm may seek the assistance of licensed lawyers who are registered in the list of practicing lawyers, provided they are subject to the supervision and responsibility of the firm.

Bahrain: Bahrainisation Rate in Government-owned Companies Increased

30/10/202030/10/2020
by Benjamin Filaferro

Bahrain’s Parliament has approved an increase in the Bahrainisation rate in Government-owned companies in the Kingdom. It means the rate will be able to be increased to 95% within three years. The proposal has been submitted to the Government to consider. They also approved a proposal to ban foreigners from assuming Director of Human Resources positions in Government entities or entities or companies owned by the State where the State contributes more than 50% the capital. They have also referred it to the Government to consider.

UAE: Global Market Launches Public Consultation on Proposed Company Service Providers’ Framework

30/10/202030/10/2020
by Benjamin Filaferro

Abu Dhabi Global Market’s Registration Authority has launched a public consultation on its proposed Company Service Providers’ framework. It will end on 24 November 2020. The proposed framework will make it mandatory for particular special purpose vehicles and foundations to appoint Company Service Providers. They will also have to impose regulatory requirements on those providers. The aim of the framework is to protect Global Market entities and adapt to the success and increasing demand for Global Market special purpose vehicles and foundations. These structures have introduced several challenges and risks, particularly for entities which do not have a direct connection to the UAE or the Global Market. Transition periods have been proposed for the affected entities and for existing Company Service Providers wanting to engage in these activities under the new framework.

UAE: Country’s Commercial Transactions Federal Law No. 18/1993 Amended

30/10/202030/10/2020
by Benjamin Filaferro

The UAE’s Cabinet has approved amendments to the country’s Commercial Transactions Law (Federal Law No. 18/1993). A Decree-Law to this effect has been approved. It will come into force in 2022.
The amendments include changing certain provision covering bounced cheques and the issuing of cheques without value, by providing fast, advanced and civil mechanisms to collect the outstanding payments. The amendments also re-define crimes involving cheques have been redefined.
In addition, several mechanisms and alternatives will be introduced to ensure payments are collected by cheque simply and quickly. For example, banks will have to partially pay the amount after deducting the total amount available to the beneficiary and make bounced cheques an executive document to be executed directly by an appropriate judge in court.
The amendments will introduce several ancillary penalties, including cancelling the cheque books of convicts and preventing them from obtaining new ones for up to five years. They will also be suspended from practising professional or commercial activities. Additional penalties for legal persons except banks and financial institutions will also be introduced. These penalties will include fines and licenses may be suspended for up to six months. Those who repeat violations will have their licenses revoked or dissolved.
Other amendments cover the opening of joint accounts between two and more people. If one of the joint account holders dies or loses legal control, the other joint account holders will have to notify the bank within ten days of the date of death or disqualification. The bank will then have to limit the ability to withdraw from the joint account within a party’s share of the account balance on the day of death or loss of eligibility.
This provision will apply from the day after the Decree-Law is published in the Official Gazette.
The aim of the amendments is to avoid criminal lawsuits and facilitate related procedures, by encouraging reconciliation and encouraging the value of the original cheque to be paid as the main condition a criminal lawsuit to be avoided.

Saudi Arabia: Fintech Saudi Launches Fintech System Directory

25/10/202025/10/2020
by Benjamin Filaferro

Fintech Saudi has announced it has launched a new Fintech System Directory. It is part of the Organisation’s moves to develop this system in the Kingdom. The free directory will be publicly available on Fintech Saudi’s website. It provides a comprehensive database of the key support services and partners Fintech companies in the Kingdom may need. It is divided into five main categories. These include investors, financial institutions, infrastructure providers, service providers and IT providers. It also provides the details of 32 companies. These details include their contact information, services which can be provided and any exclusive offers or discounts which can be provided to Fintech entities. The launch of the directory follows applications for the Fintech Accelerator being accepted from October this year. The Accelerator offers an intensive three-month entrepreneurship programme which is aimed at helping Fintech communities grow and expand their businesses. Fintech Saudi will also launch Fintech Tour 20 which will be a series of high-profile events to increase public engagement in the Fintech industry at the end of next month.

Qatar: New Rules for Installing Surveillance Cameras Announced

25/10/202025/10/2020
by Benjamin Filaferro

Qatar’s Interior Ministry has announced new rules for installing surveillance cameras at Government entities and private companies in the country. The rules will be specified by the appropriate authority. The rules will vary depending on the type of company or institution. Under the rules, before surveillance cameras are installed, the relevant party has to get approval from the Security Systems Department. Permits will also be issued to specific exhibitions and institutions.