The Banking, Financial services and Insurance (BFSI) industry, which includes commercial banks, insurance, non-banking financial companies, private equity, venture capital, mutual funds and other financial entities in the UAE is dynamic. It is a strategic sector, which drives investments and moves trad Ensuring its well-regulated with the right legal framework is crucial.
To be in line with global standards, UAE is aligning itself with a raft of new laws and reforms related to bankruptcy, insurance, regulatory frameworks as the dynamics are changing. With over 50 banks, hundreds of insurance firms, brokerages, PE funds based in the UAE, BFSI is a complex and diverse sector. Unlike other markets, the UAE Central Bank is responsible for overseeing banks in the, except in the DIFC, where the regulatory authority is the Dubai Financial Services Authority (DFSA). Adding to this are freezone laws, Federal laws and Islamic laws, Shariah compliance all of which come into play based on the situation.
In such a complex, layered market, ensuring our clients have the right legal support is at the heart of Al Gharib’s BFSI practice. As a leading, pre-eminent law firm, our financial practice has helped clients the past 15 years by developing new approaches for the best outcome.
From cases, involving bounced cheques to defending clients from proceedings brought because of the financial crisis to structuring syndicate loans, we have helped clients all the way.
Our lawyers work closely with regulators and financial institutions to cover the whole field of banking and securities law, both transactional and regulatory. To give our clients ‘one window’ we also work with leading auditing firms, forensic accounting firms, financial experts so clients can focus on more important things – their business and its success.
Services of our BFSI practice, include, but not limited to:
- Advisory on restructuring, bankruptcy and insolvency proceedings
- Financial institution establishment, mergers and acquisitions
- Loan and investment securing vehicles and guarantees
- Legal advisory related to bonds, derivatives, shares
- Drafting banking, finance, Insurance contracts
- Complex representation of Investment Funds related to PE/VC.
- Setting up, financial institutions in freezones or mainland UAE
- Preparation of documentation, terms and conditions related to (re)insurance contracts
- Negotiations conducted on the subject of insurance claims
- Advisory on rights and claims arising for Banks in relation to their debtors
- Performing due diligence and forensic audits
- Advisory on all aspects of Islamic Finance and Shariah compliance
- Banking litigation, arbitration and enforcement
- Setting up Investment Funds and Structures
- Financing related to real estate, trade and export, projects