Banking & Finance
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- RAK - Al Nakheel Towers, Office 104
Mahmood Bin Jaber Advocates & Legal Consultants provide legal services for Banks, individual borrowers, and corporate lenders in all aspects of banking and Islamic finance law including general transactional works and litigation recovery matters. Our team specializes in the possession and collection of unsecured commercial and consumer debts, as well as bounced cheques. Our team of lawyers have the experience and knowledge to help you with best result oriented solutions. We achieve commercially-viable results for our clients through cost-effective recovery litigation.
In banking or finance, trust is the only thing you have to sell
Patrick Dixon – An author and business consultant
In the corporate world, there is a set of rules that govern areas in order to maintain order and prevent any problems or have control over it. In the field of banking and finance sector, there is a law that ensures that every transaction is correct and fair.
The banking and finance law is a body of rules to ensure the integrity of banking transactions. Financial institutes in UAE play a vital role in driving the economy by providing various services such as safeguarding, lending money, advising businesses etc. As a result, there is a requirement for a legislation that can organize and observe these transactions.
Regarding the banking system, UAE is one of the most advanced, reliable, and established banking infrastructures. This level of development has become attainable because of the strict government regulations and measures implemented by United Arab Emirates Central Bank. The UAE Central bank oversees and monitor all activities of banking institutions in UAE.
The banking system of UAE is governed under the applicable Banking Laws, which includes The Central Bank Law, Law of Islamic Banks, Circulars relating to Anti-Money Laundering.
Mahmood Bin Jaber Advocates & Legal Consultants provide legal services for Banks, individual borrowers, and corporate lenders in all aspects of banking and Islamic finance law including general transactional works and litigation recovery matters. Our team specializes in the possession and collection of unsecured commercial and consumer debts, as well as bounced cheques.
Our team of lawyers have the experience and knowledge to help you with best result oriented solutions. We achieve commercially-viable results for our clients through cost-effective recovery litigation.
It may be possible to sue banks in small-claims court or through class-action lawsuits. Beyond filing a lawsuit, you have the option of filing a complaint with a government agency such as central bank of UAE about your concern with the bank, which can still result in you getting financial relief.
In general you can sue only for monetary damages, but in some cases you can be claimed damages for emotional distress and inconvenience as well. The cost to file a suit varies by jurisdiction.
Islamic finance is purely based on the rules of Islamic law called ‘Sharia’. Islamic finance is not religious finance. It is an alternative method to traditional finance. It is where finance is managed with social responsibility as opposed to traditional one, which is aim only at profit. It is based on the principle of identifying the need of the customer and developing right solutions by appropriate finance proposal which is mutually beneficial for both the bank and the customer. After the global financial crisis, it’s highly felt that there is a need for the Islamic financial and banking system to cure the weaknesses in the global financial system.
The UAE government has formulated certain amendments to the commercial transactions law that decriminalizes bounced cheque cases, wherein the drawee will not have to undergo the inconvenience of first filing a Criminal Case against the drawer and then filing a Civil Case to avail the funds, from now on the drawee can directly proceed towards the execution against the drawer of the cheque (Federal Decree No. 14 of 2020 Commercial Transactions Law (“the decree”) – 2nd January 2022). The major changes due to this amendment are as reduced Scope of Criminality, Partial Payment of Cheques, and Revised Penalties.
A law firm that consist with values, respects, versatile & protects their clients with utmost transparency results. This delivers trust and security to our clients.
