Bahrain's new law regulating auditors

Article Abstract:

Bahrain has issued Legislative Decree No. 26 of 1996 in connection with auditors, effective Nov. 1, 1996. The law sets the requirements for practicing the auditing profession and the duties and responsibilities of auditors. It also establishes the penalties for violations. The main provisions of the law include registration, qualifications, renewal of registration, special requirements, general exclusion, companies and foreign audit offices, time limit for application, and the professional liability of an audit firm.

Accounting, auditing, & bookkeeping, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Accounting Services Regulation, Auditing, Accounting services, Bahrain, Accounting law

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Currency futures trading held contrary to Shari'a

Article Abstract:

The United Arab Emirates Supreme Court in Abu Dhabi held on Jan 22, 1995, that currency futures trading is inherently speculative, contrary to Islamic law thus void. The judgment is directly contrary to that rendered by the Dubai Court of Cassation, which has upheld currency futures trading by a licensed bank. The federal courts have no legal authority in Dubai, so the decision will give the latter ascendancy over Abu Dhabi and the other emirates in financial services.

Economic aspects, United Arab Emirates, Islamic law, Foreign exchange futures

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New law on accountants and auditors in the U.A.E

Article Abstract:

The United Arab Emirates has a new Law on Accountants and Auditors requiring foreign accountants to have local partners, while previously they could operate without such local help. There will be a transition period of five years. One of the partners of an accounting firm must be a U.A.E. national and the articles of association must be in Arabic. The Law also requires the Ministry of Economy and Commerce to maintain a list of active accountants in the country.

Accountants

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