IslamicFinance.de

Conyers advised DP World on the recent establishment of a sukuk program comprising up to US$3 billion of sukuk certificates to be listed on the Nasdaq Dubai, as well as the successful first drawdown of US$1.2 billion thereunder. Linklaters advised the joint lead managers and bookrunners, who included Citigroup, Dubai Islamic Bank, Deutsche Bank, HSBC, Barclays, Emirates NBD, First Gulf Bank, J.P. Morgan Securities, National Bank of Abu Dhabi and Société Générale. Fawaz Elmalki and Oliver J. Simpson of Conyers’ Dubai office advised on the matter.

The Republic of Kazakhstan’s modifications and additions into some acts of the insurance and Islamic financing law came into force on May 9, 2015. The purpose of the law is to introduce a system of obligatory insurance for employees and to create favorable conditions for the appropriate functioning of Islamic banks. The main directions of the law are: legal support of Islamic insurance issues; improvement of legislation on issues regarding the functioning of Islamic banks; ensuring stable functioning of the organisation, which guarantees insurance payments; and solving problems regarding employees obligatory insurance when accidents occur.

Linklaters has hired KPMG global Islamic finance head Neil Miller as its new global Islamic finance head, based in Dubai. Miller joins the magic circle firm from accountancy firm KPMG. He joined KPMG two years ago from Norton Rose, having developed a leading Islamic finance practice at the firm over around 20 years. Norton Rose moved Miller out to Dubai from London in 2009 in a bid to strengthen its Middle East practice. He previously headed Norton Rose’s Bahrain office from 1997 to 2000.

Civil interest in Bahrain causes transactional business to be slow while litigation is flourishing. Therefore, the country's lawyers are determined to take up a key role in Bahrain's development. Different opinions have been expressed on who or what exactly is to blame for the currently slow business for lawyers.

In a paradox that sums up so much about the country, Dubai recently unveiled the world’s tallest building in the midst of a crisis in the property market.