The Article also states that all banks and finance companies must declare their respective interest rates on loans, overdraft balances and balances due for credit cards.
Digital currency, or cryptocurrency, is an alternative payment method developed with encryption methods. Encryption technology enables cryptocurrencies to act as both a currency and a virtual accounting system. The use and popular acceptance of cryptocurrencies like bitcoin and ethereum have grown in the last few years throughout the world economy, and the UAE has become a major player in this online financial industry.
In the UAE, it is legally permissible for banks to close a customer’s account if multiple checks are returned due to insufficient funds. All the banks and financial institutions in the UAE are regulated by the Central Bank of the UAE.
Defaulting on a bank loan in the UAE is regulated by the Commercial Code (federal decree-law No. (50) of 2022) and the Civil Procedure Law (federal decree-law No. (42) of 2022). Further, the Central Bank of UAE issued Loan Agreement Notice No. 3692/2012 of the personal loan agreement. This notice stipulates the terms and conditions for loan agreements for both lenders and borrowers.
The advent and rise of cryptocurrency have been a disruptor to the traditional currency system. Even outside the virtual aspect of the currency, the concept is novel due to its accessibility and the level of anonymity available to its users and the swiftness with which a large amount of money can be transferred to any part of the world. But this very aspect of cryptocurrency makes it a tool that can be used to commit illegal activities and transactions with considerable ease.
UAE has influenced technological adoption, especially in finance. Due to the rising significance of cryptocurrencies, the Securities and Commodities Authority (SCA) has implemented comprehensive regulations to ensure market stability and public interest. This article examines the SCA's cryptocurrency regulatory structure, including scope, security designation, crypto asset rules, licensing requirements, and post-license obligations.
This article aims to understand the disputes arising out of such credit card transactions from the position of a merchant.
Reforms related to bounced cheques were recently introduced by the Government of United Arab Emirates. These reforms were introduced through the Federal Decree Law No. 14 of 2020. The new law made changes to the Federal Decree Law No. 18 of 1993 relating to commercial transactions (Commercial Transactions Law) and the erstwhile penal code of the UAE.
In the United Arab Emirates, there are rules which regulate the handling of dormant accounts and unclaimed balances.
One of the significant changes that are being highly welcomed concerns the limited scope of criminalization in instances of returned cheques on account of insufficient funds.
Bouncing of Cheques is witnessed as the incessant complication confronted by the people of UAE.
The bank Guarantee in UAE is governed under Civil Transaction law No 5 of 1985 owing to its commercial nature heedless of the capacity of the party to whom such an instrument is issued or the reason for which it is issued.
A supportive government is what keeping all of us intact and ongoing during this global pandemic
Commercial Lawyers of Dubai have witnessed various opportunities offered by banks for relaxation in the credit cards and loans during Covid-19 Pandemic.
The year 2018 was indeed a Year of Zayed along with that it was the year of perpetual growth in UAE significant laws such as Bankruptcy Law, VAT Law and the New Foreign Direct Investment Law.
In a contemporary international commercial market, there is a document used for collateral payment in commercial transactions known as bank guarantee.
Mergers and Acquisitions (M&A) can be as critical as it seems exciting for any entity's growth and development. If successful, it can assist both the companies to gain a significant share in the market and earn profits. If not successful, it can lead to a different story altogether.
The economic boom in UAE has resulted in huge developments and a considerable increase in trade. This in turn has led to a rise in transactions which require a fast debt recovery mechanism.
Strong relationships with customers remain the key to successful contractual lending and borrowing arrangements in the UAE. However, lending on the strength of relationship (or name) alone is not economically viable or justified.
Total Publications: 19
اتصل بنا
اتصل بنا
