Dr. Omar Bin Sulaiman, Director General of the DIFC Authority, welcoming the organisation commented: "It is with great pleasure that we welcome our first UAE based law firm, Bin Shabib & Associates (BSA) to the DIFC. The fact that the DFSA has registered Bin Shabib & Associates (BSA), reflects the sophisticated level of service offered and the high standards of the firm. We have seen the dynamic growth of Bin Shabib & Associates (BSA) in the last decade and are happy with the development of the local business. We are especially delighted to see the advancement of UAE based firms that are now able to provide qualified services which are equivalent to that provided by global players. Bin Shabib & Associates (BSA) is one of the UAE success stories and we welcome them to the DIFC."
Founder of the law firm, Dr. Rashid Bin Shabib, stated: "It gives us a great pleasure to be the first local firm providing legal services registered by the DFSA. This is a significant strategic milestone for Bin Shabib & Associates (BSA) that positions it among the best law firms in the market. Operating within the DIFC, which is becoming a local hub for the financial activities, will now be even more beneficial for our clients who value our expertise in the UAE market."
"We would like to thank DIFC and DFSA for supporting our application and encourage them in their continuous efforts in strengthening a fully fledged 'onshore' capital market, comparable to Hong Kong, London and New York. This license is a proof of our vigorous efforts in meeting the requirements of the DFSA and reflects our ability to meet a high standard of performance."
Bin Shabib & Associates (BSA) is a law firm that combines local customs and practices with the western approach. The firm's divisions, Corporate & Commercial, Banking & Finance and Litigation, deal with a wide range of clients and industries from the local players to major international companies. The firm is renowned for its expertise in working on most significant developments in the market including IPOs, mergers and acquisitions and Shari'ah complaint financing. The industries and sectors the firm is involved in include: governments, real estate, banking and finance, communications, transport, insurance, capital markets and investment banking and other.
The office is led by Dr. Rashid Bin Shabib and Jimmy Haoula who have had long experience with Clifford Chance's Dubai office. The firm has been founded by Dr. Rashid Bin Shabib who is well respected and known within the UAE business and social scenes.
Bin Shabib & Associates (BSA) will be moving its head office to the DIFC before the end of 2006.
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DIFC welcomes Bin Shabib & Associates (BSA), the first UAE based law firm to operate in the DIFC
- United Arab Emirates: Saturday, March 18 - 2006 at 13:54
- PRESS RELEASE
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Bin Shabib & Associates (BSA) became today the first UAE based law firm to be registered by DFSA to operate out of Dubai International Financial Centre (DIFC) as an Ancillary Service Provider.
Dr. Omar Bin Sulaiman, Director General of the DIFC Authority and Dr. Rashid Bin Shabib
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Posted by Lara Lynn Golden, News EditorSaturday, March 18 - 2006 at 13:54 UAE local time (GMT+4)
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This article was updated on Mon Apr 23 2007.
Notes and Media Contacts »
About the DIFC: The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just over one year, more than a hundred top international institutions have joined the DIFC as members. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modelled on that used in London and New York, and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)
3. The Dubai International Financial Exchange (DIFX) - A liquid and transparent electronic market trading securities, bonds and derivatives, launched in September 2005, the DIFX eases access to regional and international investment opportunities and funds. (www.difx.ae )
4. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae )
For further information contact:
Amira Abdulla
Tim Harrison/Lavina Chatterjee
PR Manager, DIFC
Tel: +971 4 362 2433
Asda'a Financial Practice
Tel: + 9714 3355969
In just over one year, more than a hundred top international institutions have joined the DIFC as members. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modelled on that used in London and New York, and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)
3. The Dubai International Financial Exchange (DIFX) - A liquid and transparent electronic market trading securities, bonds and derivatives, launched in September 2005, the DIFX eases access to regional and international investment opportunities and funds. (www.difx.ae )
4. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae )
For further information contact:
Amira Abdulla
Tim Harrison/Lavina Chatterjee
PR Manager, DIFC
Tel: +971 4 362 2433
Asda'a Financial Practice
Tel: + 9714 3355969
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