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Banking Law & Islamic Banking

Banking Law & Islamic Banking

In every aspect of the 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 domain of banking, there is a law that ensures that every transaction is correct and fair.

The banking law is a body of rules to ensure the integrity of banking transactions. Banks play a vital role in driving the economy by providing various services such as safeguarding, lending money, advising businesses and so on. As a result, there is a requirement for a legislation that can organize and observe these transactions.

Islamic Finance in UAE

Islamic finance is based on the rules of Islamic law called ‘Sharia’. Islamic finance is not a religious finance. It is an alternative method to the traditional finance. It is where finance is managed with social responsibility as opposed to traditional one, which is focusing only on profit. Of course, while making a profit, it endeavors in the upliftment of society as a whole. It is based on the principle of identifying the need of the customer and developing right solutions by appropriate funding technique which is mutually beneficial to the bank and customer.

A number of Islamic finance institutions exist in most of Europeans countries. In particular, the British government is carrying out several legal reforms in order to attract Islamic investments with its aim to become a global Islamic finance hub. After the global financial crisis, it’s highly felt that there is a need for the Islamic financial and banking system to cure the defects in the global financial system.

Banking Disputes in UAE

Same as the other areas in the world, there are disputes that can arise in banking and Islamic finance. Some instances of disputes are bounced cheques, problems with terms and conditions for transactions, payment of installments, credit card payment issues, default paying issues and etc.

This is one of the reasons why banks appoint debt settlement lawyers in some cases as legal aid for debt collection when clients fail to pay in a long time. They are also assigned by banks when they are in need of financial lawyer advice to use for the advancement of their institutions.

It is usually in the Courts where the disputes in banking are settled and resolved. There are times as well that the review of disputes can happen in arbitration tribunal. The latter can happen if one of the two things is true: reviewing any dispute (which arises between parties in the event that one or two of them violate any agreements in a contract) in an arbitration tribunal is included as a clause in a contract that is signed by both parties or if it is not present in a contract, this decision can be agreed upon by the parties to have their dispute be reviewed in an arbitration tribunal.

If the situation of parties is not mentioned in the above, it shall be escalated to the Courts.

Banking Lawyer Dubai

There are a lot of areas related to banking and finance that banking law covers to ensure order in this aspect. The complexity that law always brings to the table leads people to seek help from business litigation lawyers who are knowledgeable in this field. It is advisable to be sure of the decisions that you are about to take or to settle the disputes that are rising in your midst.

The lawyers are expected to handle all levels of complications from the normal customer and bank disputes to litigations between domestic and foreign institutions. Debt relief lawyers are also hired from the first step to ensure that the banks are in compliance with the regulations set for them to follow or to simply provide counsel, acting as a personal finance lawyer.

For individuals or business owners who are thinking of filing bankruptcy, there are also bankruptcy attorneys who are available to assist to settle any issues they have with financial institutions.

HHS Lawyers and Legal Consultants is composed of a team of lawyers who are specialized in banking laws. These professionals have mastered Islamic finance and would be delighted to offer Sharia-compliant banking advice to individuals and organizations. In a fast-growing sector like Islamic finance, our experts are readily-available to happily assist you when you lack expertise on how to manage and deal with it. They will guide you to maximize the benefits poised in the industry through their hands-on experience in various areas.

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Banking Law & Islamic Banking

Our Practices include but not limited to:

  • Islamic finance
  • Study and review all the policies and regulations related to financial services
  • Advising companies and individuals in financial transactions with banks
  • Scrutiny of bank finance transactions and their compliance with the laws and regulations
  • Representing and defending financial institution before courts
  • Negotiating with the banks in order to get funding
  • Negotiating with banks on debt restructuring
  • Drafting mortgage and loan contract
  • Litigation, arbitration and dispute resolution
  • AML and compliance
  • Advising on banking law and regulations
  • Financing in connection with real estate, construction project and trade
  • Establishment and formation of the financial institution