The Banking and Finance industry in the U.A.E. and the region has seen major developments over the past few years. Probably the most significant event that took place was the opening of the Dubai International Financial Center ("DIFC"). Ever since it started its operations in September 2004, the DIFC has attracted some of the major entities in the banking and finance industry offering a wide range of financial products tailored to international standards.

Another important factor that is currently influencing the banking and finance industry is the growing demand for Islamic compliant financial products. Bankers, financial advisors as well as investors are constantly looking for innovative financing instruments and structures. Recent innovations in Islamic Finance have changed the dynamics of the Islamic finance Industry. Particularly in the area of bonds and securities the use of Sukuk or Islamic securities have become increasingly popular in the last few years, both as a means of raising government finance through sovereign issues, and as a way of companies obtaining funding through the offer of corporate sukuk. Sukuk has developed as one of the most significant mechanisms of raising finance in the international capital markets through Sharia compliant structures. Multinational corporations, sovereign bodies and financial institutions use sukuk issuance as an alternative to syndicated financing.

BSA LLP has always been closely monitoring these developments in order to enable its clients to be better prepared for future market demands. BSA LLP has a solid understanding of banking and finance laws. This is demonstrated in the firm's experience in representing major international and domestic banks, financial institutions and corporate clients in various significant transactions within the industry.

The banking and finance team has specific expertise in drafting syndicated loans and security documentation as well as structuring and advising on investment funds. BSA LLP has assisted in the incorporation and licensing of a number of financial institutions both in the U.A.E. and the DIFC. The Banking and Finance team has extensive experience in the DFSA rules and regulations which extends to advising on compliance and anti-money laundering matters. BSA LLP has a strong background in Islamic Finance which is based on the lawyers' considerable experience of working on a number of Sukuk issues and structuring Shari'ah compliant products.