Memorandum of Understanding signed between DFSA and Insurance Commission of Jordan

Notes and media contacts

For further information, please contact:
Sofian Qurashi / Mahmoud Ma'ayta
Polaris Public Relations
Phone Number: 556 1592/3
Fax Number: 556 1594

The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Centre, including asset management, banking, securities trading, Islamic finance, insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modeled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.

The DFSA is a critical component of the Dubai International Financial Centre (DIFC), a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.

Dr Habib Al Mulla was appointed Chairman of the DFSA in June 2004. He is also the Managing Partner of Habib Al Mulla & Company, a leading law firm based in Dubai. Dr Al Mulla has been a Member of the UAE Federal National Council since 2002.

Insurance Commission, Jordan

The IC is the independent insurance regulator responsible for regulating and supervising the insurance sector in Jordan. Established in early 2000, its objectives are to protect the rights of the insured and beneficiaries, ensure a suitable environment for the development of the insurance sector, and enhance the role of the insurance industry in the development of the economy.

Being recognized as a model regulatory authority in the region, the IC strives to promote a regional role for Jordan in the provision of insurance services.

Dr. Bassel Hindawi is the Director General and Vice Chairman of the Board of the Insurance Commission of Jordan. He led a major modernization effort for the insurance sector in Jordan that included the establishment of the Insurance Commission in early 2000. Dr. Hindawi is the president of the International Association of Insurance Fraud Agencies (IAIFA), member of the Executive Committee of the International Association of Insurance Supervisors (IAIS), and Chair of the Regional Coordination Subcommittee of the IAIS and a member of the Board of Directors of the International Insurance Society (IIS).