planning and administration has long been a fraught issue in the Middle
East, with Shari'a based notions of forced heirship potentially
impacting on the efficient transfer of wealth between generations. The
recent accumulation of wealth in the region, and particularly the Gulf
Cooperation Council (GCC) states, has meant that these issues now have
potential global impact. At the same time, the considerable expatriate
presence in many GCC states has meant that many residents have no
Shari’a obligations but must implement their succession against a
background where Shari’a provides the basic law. Until comparatively
recently, planning through advanced succession management tools has had
to be conducted through entities outside the region.
years have seen massive changes, including the introduction of trust
law to Dubai, Qatar and Abu Dhabi, and draft legislation being
considered in Bahrain. Dubai has pioneered an independent probate law
for non-Muslims through the Dubai International Financial Centre (DIFC) Courts.
This briefing will review these developments and identify new alternatives for practitioners to consider when advising clients in the region. The acquisition of
knowledge of these new tools in this fast moving area is critical to the
provision of comprehensive advice which enables clients to make fully
David Russell QC TEP is Chairman of STEP’s International Client Special Interest Group. He has been a member of STEP Council since 2012 and will join the STEP Board on 1 January 2017.
David practices in Dubai and London through Outer Temple Chambers and Sydney through Ground Floor Wentworth Chambers. He is a member of STEP Arabia’s Islamic Assets Legacy Planning Group and Chairman of the Wealth Management Working Group appointed by the Governor of the DIFC to discuss and compile an updated wealth management strategy for the DIFC. Its key focus areas will be to consider the enhancement of DIFC as a wealth management provider and succession planning platform for GCC families, as well as deepening the DIFC’s core offering to the international wealth management community.
Monday, October 31, 2016 5:30 PM - 8:00 PM
STEP Offices, George Tasker Suite, 7th FloorArtillery House South11-19 Artillery RowLondon SW1P 1RTUnited Kingdom
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