LexisNexis Middle East

Qatar: Islamic Banks to Activate E-cheque Feature Soon

25/04/202023/04/2020
by Benjamin Filaferro

Islamic Banks are expected to activate a service for electronic cheques in the near future in Qatar. The service is a smart banking service which would contribute to reducing and facilitating financial transactions. The service would also reduce the time needed to execute and clear cheques which have been traded in the market especially rent cheques and some of the other trade transactions where the value is high which renders using cheques necessary. The electronic cheque would be the equivalent of paper cheques.

News developments

Saudi Arabia: SAMA Allows Digital Authentication of Bank Products

25/04/202023/04/2020
by Benjamin Filaferro

Saudi Arabia’s Monetary Agency has notified banks they have no objection to them using the digital tools to authenticate banking products related to funding for individuals and issuing credit cards if the bank wants to do so. It was stated that banks should evaluate the risks associated with using the service and verify the identity of the applicant. SAMA has stressed that banks who wish to use this service should adhere to a number of requirements including that the providers of the service should be recognized by the national centre for digital authentication.

News developments

Bahrain: Rethink on Proposed Income Tax Law Urged

25/04/202023/04/2020
by Benjamin Filaferro

Bahrain’s Businessmen’s Association has urged the Government to rethink a proposed income tax law on industrial and commercial establishments. The Association is concerned about the potential negative economic effects of the law. It has asked for a proper assessment of the benefits and drawbacks of the law to be carried out and suggested any tax changes of this kind be introduced together with other GCC countries to ensure the country’s competitiveness is not damaged. The Association’s Chairman added the tax should not be imposed as the Kingdom tackles the Coronavirus outbreak.

News developments

Abu Dhabi: Commercial Bank Sues NMC Health

25/04/202023/04/2020
by Benjamin Filaferro

Abu Dhabi Commercial Bank has announced it is suing NMC Health. The case has been filed with the Emirate’s Attorney General. The case has been filed against various individuals at the hospital operator. They are suing the Bank to protect its commercial interests. ADCB has $981 million exposure to the entity. NMC is $6.6 billion in debt and it share value has fallen by more than 50% since December 2019.

News developments

Saudi Arabia: SAMA Allows Digital Authentication of Bank Products

18/04/202017/04/2020
by Benjamin Filaferro

News developments

Bahrain: Rethink on Proposed Income Tax Law Urged

18/04/202017/04/2020
by Benjamin Filaferro

News developments

Abu Dhabi: Commercial Bank Sues NMC Health

18/04/202017/04/2020
by Benjamin Filaferro

News developments

Kuwait: Some Air Conditioning Maintenance Outlets Should be Allowed to Open

17/04/202017/04/2020
by Benjamin Filaferro

Kuwait’s Commerce and Industry Ministry has announced it will ask Kuwait Municipality to allow some air conditioning outlets to open. The aim is to meet the anticipated demand as temperatures start to rise in the country. If some outlets are opened, the technicians in those outlets will be allowed to work providing the breakdowns are permanent and it would be difficult to postpone the maintenance work. The Ministry has also announced Kuwait Ministerial Decision No. 96/2020 will be extended for another three months. The Ministerial Decision relates to distributing subsidy items for ration card holders and personal identification cards, like civil and security cards. Elsewhere, the Interior Ministry has announced it has asked the Municipality to allow some garages to open to repair police cars.

News developments

Oman: Investigation of a Video Showing a Driver Destroying Wildlife

11/04/202010/04/2020
by Benjamin Filaferro

Oman’s Environment and Climate Affairs Ministry has announced it is investigating a video showing a driver destroying wildlife during a mountain drive. The destruction of the wildlife is a violation of the wildlife rules and the Environmental Protection Law. It was reported on the Ministry of Environment and Climate Affairs (MECA) in cooperation with the Royal Oman Police (ROP) had arrested a motorist for causing environmental damage. The Ministry has confirmed it will take legal action against anyone who tries to destroy the environment or harm the wildlife and violate Environment Protection Law.

News developments

Bahrain: Dismissal of a Civil Servant Charged of Receiving a Bribe

11/04/202010/04/2020
by Benjamin Filaferro

Bahrain’s Supreme Administrative Court has upheld a decision to dismiss a civil servant who had been referred to the criminal court with a charge of receiving a bribe. The civil servant was acquitted of the charge, however, a disciplinary decision was still taken against him. The Supreme Court has said that the decision to acquit the employee in the criminal case did not prevent him from being subject to disciplinary measures and did not lift the suspicion completely. The Supreme Court added disciplinary measures were independent of other cases because each of them had its own legal system. The employee requested the Supreme Court to cancel the decision to dismiss him. He was dismissed because he had requested money from one of the service providers he was working with on some projects for a government ministry.