IslamicFinance.de

Abdulaziz al-Ghurair, one of the United Arab Emirates’ most prominent businessmen, is leading calls for regulations across the Gulf Arab region to smooth the transfer of ownership of family businesses after the death of the founder. Ghurair, the billionaire chief executive of Dubai-based lender Mashreq and chairman of conglomerate Al Ghurair Investment, among his titles, would like to see the introduction of wills and trusts that are compliant with Islamic principles to allow the passing of control to future generations. A draft law will be submitted to Gulf policymakers this year that will include rules governing concepts such as Islamic family trusts and family ownership.