Dubai – Mubasher: Dubai International Financial Centre (DIFC) on Tuesday announced proposing a new Trust Law, as well as a new Foundation Law.
DIFC Authority’s Legislative Committee invited public comment on the new laws, which are designed to enhance the operating environment for private wealth management on both a conventional and Sharia-compliant basis, according to a press release.
The proposed laws will significantly enhance DIFC’s wealth management proposition by ensuring that lifetime and succession planning for families will have a robust legal status, Essa Kazim, governor and chairman of DIFC, said.
The new laws form part of the DIFC’s plan to implement the 56 recommendations made by the DIFC’s Wealth Management Working Group to the Governor’s Strategy & Policy Committee and approved by the DIFC Higher Board in December 2016.
The proposed Trust and Foundation Laws are subject to a 30-day public consultation period for providing comments, ending on November 8.
