Bahrain and Dubai are positioning themselves as Islamic finance hubs, and implementing generative AI would seem a normal progression that might have worldwide implications for The 2 tech-centered economies.

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five. The Respondent Al Mulla was entitled to the credit or set-off of any and all sums the Claimant obtained throughout its retention, use or Procedure of the topic plane, just before the ultimate sale and disposition of very same.

Islamic banks located in the Gulf Cooperation Council (GCC) countries go on to grow their attain, taking on Shariah-compliant transactions in new industries and establishing new strategic partnerships.

The company's ability to produce higher-top quality, tailored financial remedies continues to be important to its achievements in assisting clients reach their economical ambitions.

Award recipients are celebrated for effectively Assembly their consumers’ wants for Shariah-compliant solutions and creating a stable foundation for upcoming expansion and protection.

Chaouki Daher, GM-head of personal Banking at Dukhan Bank, claimed: “We are very pleased to receive this prestigious award Yet again. These successive honours communicate volumes about our staff's unwavering pursuit of excellence as well as deep self-assurance our purchasers have in us.

131. Disputed Defence of Economic Hardship o r Pressure Majeure Underneath the Laws with the United Arab Emirates. Gulf Jet and Al Meeza assert that Gulf Jet wasn't in breach of its obligations for payment beneath the Leases as Individuals obligations became extremely hard to perform by motive in the severe economic disaster which occurred in Dubai subsequent the financial downturn commencing in September 2008. It is said that for reasons over and above the Charge of Gulf Jet, it became unattainable for Gulf Jet to work and exploit the usage of the leased Cessna jets exclusively by explanation from the financial crisis during the Emirate of Dubai. Given that no gain from the Leases along with the plane might be obtained by Gulf Jet, for no fault of its own, it can be asserted that "the Lessee In cases like this is entitled to discontinue the Lease Inspite of any provision inside the contract to the contrary. In these conditions, no default might be attributed into the Lessee" (see Response of Gulf Jet at paragraph 3.4). In its place, beneath the Regulations of your Emirate of Dubai, it's asserted that a decide "could have the choice to endorse the discontinuity of the lease or reduce the burden to an affordable extent." Gulf Jet also characterizes this defence because the" prevalence of the force majeure being the economic crisis" at paragraph 4.three of The solution Gulf Jet. This defence is more fully set out by Gulf Jet at paragraphs 1.6, one.7, 1.8, three.three, three.4 and four.three of its Response. Cessna forcefully resists this argument in Claimant's Memorial at paragraphs sixty three to 66. 132. You will discover a lot of explanation why this argument of Gulf Jet cannot succeed and would not give rise to a sound defence to the breach of the Leases if not demonstrated because of the Claimant. 133. Initially, Even with the numerous reliance by Gulf Jet with a law on the United Arab Emirates or perhaps a regulation with the Emirate of Dubai, none was determined for acceptable assessment and thing to consider to ascertain the applicability of this kind of broad concept of force majeure to your Leases in this case.

In the GCC, a digitally savvy inhabitants’s sturdy deal with consumer knowledge has assisted neobanks disrupt the status quo for his or her traditional rivals.

These awards celebrate the creativeness, complexity and Over-all achievement from the deals, in addition to the persons and corporations accountable for their execution.

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Worldwide Finance, a Leading Worldwide journal and industry analyst, is renowned for its demanding analysis system that identifies top performers inside the banking and money companies sectors across in excess of one hundred fifty international locations. The factors for your awards consist of technological innovation, leadership, brand name strength, sustainability, and contributions to The expansion of Islamic funding.

Get an in-depth examine The existing point out of affairs as well as what’s within the horizon for Fintech and the future of the money services sector.

2nd, less than Kansas regulation, a force majeure clause agreed through the events will Generally be construed or interpreted In order not to increase to purely financial factors to justify or excuse non-efficiency of obligations. The rationale for this solution is much more Evidently shown in the situation of The usa v Panhandle Japanese Corp., 693 File.Supp. 88 at ninety eight (Delaware D., 1988), copies of which were provided by the Claimant for the get-togethers and also the Tribunal. In interpreting the power majeure clause in situation in that circumstance, the court docket observed the clause did not website "expressly state that remarkably adverse financial or sector circumstances might constitute drive majeure". The clause was interpreted additional narrowly to use to certain Actual physical amenities impacting functionality. In arriving at this interpretation, the courtroom relied upon the choice of Decide Posner, a very respected American jurist, in the situation of Northern Indiana Public Service Co. v Carbon County Coa Co., 799 F.2nd 265 (7th Cir 1986), wherever Decide Posner commented on force majeure clauses as follows: "A power majeure clause isn't meant to buffer a celebration in opposition to the normal challenges of a contract. The traditional threat of a hard and fast rate contract is that the market price tag will change. If it rises, the buyer gains with the expense of the seller (apart from insofar as escalator provisions give the vendor some security); if it falls, as here, the seller gains with the expense of the buyer. The whole reason of a fixed value agreement will be to allocate dangers in this manner. A drive majeure clause interpreted to justification the buyer from the results of the risk he expressly assumed would nullify a central phrase of the contract."