The Accounting and Auditing Organisation for Islamic Financial Institutions has introduced new Islamic Finance guidelines. The new guidelines cover competitions and trophies in Islamic Sharia, including their modern applications, investment, gold transactions-regulating criteria and re-purchase standards. The aim is to help scholars decide whether financial activities and products conform with Sharia law.
The Deputy Prime Minister and Interior Minister, Sheikh Saif bin Zayed Al Nahyan has announced a new Ministerial Decision amending the Executive Regulations to the Federal Traffic Law has been published in the Official Gazette. Under the new rules, driving licences issued for the first time will be valid for two years, while renewed licences will be valid for 10 years for citizens and five years for expatriates. Expatriates will also need to have a valid residence permit to renew licences. The new rules also cover registration and licensing rules, stopping distance rules, driving in residential areas, who can sit in the front of a car and traffic routes for buses.
The UAE’s Cabinet is considering a new Public Health Law, which if approved will upgrade occupational safety management systems, especially for workplace injuries. It will also ensure good health and safety standards are laid out for all employees. Article 22 of the Law focuses on health and safety, including preventive treatments to improve employees’ health.
The UAE’s Securities and Commodities Authority will disclose the names of those who violate its provisions
The UAE’s Securities and Commodities Authority has announced it will disclose the names of those who violate its provisions in line with Securities and Commodities Authority Decision No 30/2016. The aim is to protect investors and enhance the principles of sound and fair practices. It is also aimed at improving the efficiency of UAE capital markets. The Securities and Commodities Authority will investigate any alleged violations before publishing their details. If a violation has occurred, the Authority will publish the names and job titles of violators along with the type of infringement(s) and the penalty imposed on its website. Violators will be able to appeal an infringement decision. During this time their details will not be published.
Dubai’s Health Authority has issued the first fines for non-compliance with the Emirate’s health Insurance Law. It has fined 25 health centres, clinics, insurance brokers and insurance companies between 10,000 and 80,000 AED. In addition it has referred six clinics for potential fraudulent activities to the prosecution authorities but has not named them.
Dubai’s Land Department is working on a new rent law and is awaiting approval from the legislative committee. The law is aimed at reducing landlord-tenant disputes and stabilise rental market volatility. It’s understood it will come into force in June. The Land Department is also looking at introducing Real Estate Investment Trusts regulations (REITs).
Dubai’s Land Department has announced new rent regulations are under consideration. The aim is to reduce landlord-tenant disputes and stabilise the Emirate’s rental market. No further details have been given but the draft is ready and will be sent to the Legislative Council soon. It follows the introduction of new measures to improve market transparency, including mandatory use of a unified rental lease form. Department officials are also working on introducing new rental security deposit and unit handover forms.
The Dubai International Financial Centre (DIFC) Courts have launched a consultation on adding a new Part 56 to the Court’s Rules to establish a specialist Technology and Construction Division. The consultation ends on 22 April 2017. Feedback should be provided to email@example.com and the full consultation can be found at:
The current Rules can be found at::
Analysis of what the rules could mean can be found at:
The UAE’s Finance Ministry has published a VAT timetable on its website. The timetable details the dates and venues for all workshops and who should attend. The publication comes as the Finance Ministry launches the first phase of its awareness and education workshops to prepare businesses for the new tax system which will be introduced by the end of this year, for excise tax, and early next yearfor VAT. It also follows confirmation from the Ministry for businesses with taxable suppliers over 375,000 AED to register for VAT. However businesses whose revenues fall short of the threshold should keep updated accounting records. These could be used if and when they need to register for VAT purposes. Both taxes are going to be introduced at around the same time and in line with the UAE’s GCC neighbours. The first workshop targeted so-called 'multipliers' or Government entities like chambers of commerce and economic development departments. It was also aimed at consultancies and partners. The workshops will ensure businesses
fully understand the new system and have the knowledge to take the necessary measures to comply with the new tax laws and procedures.