In a remarkable international recognition, the DFSA has received the "Best Government Initiative of the Year" award from the Society of Trust and Estate Practitioners (STEP).
The DFSA received this prestigious award for the excellence of its Trust Law, which was enacted by the Ruler on 9 November 2005.
This prestigious award, judged by a distinguished panel of independent industry practitioners and experts, was received by Roberta Julfar, DFSA Legislative Counsel, at the award ceremony held at the Grosvenor House Hotel in London.
Commenting on this, Dr Habib Al Mulla, DFSA Chairman, said: "The receipt of this award is yet another acknowledgment of the quality of the laws and the legislative framework that the DFSA has put in place. The DIFC is striving to be the international financial hub of the region and the world class legislation that has been put in place is a crucial element. This award is international recognition that our laws are of world class standard. To have received a highly valued industry award from STEP is a vote of confidence in respect of our policy direction and leadership. I congratulate the staff of the DFSA whose work has led to this significant award."
The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Centre, including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
The Dubai Financial Services Authority (DFSA) is a central component of the Dubai International Financial Centre (DIFC), a new financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
Dr Habib Al Mulla was appointed Chairman of the DFSA in June 2004. Dr. Al Mulla holds an LLB in Shari’a and law from the UAE University; LLM from Harvard Law School and a Ph.D. from the University of Cambridge. He is also the Managing Partner of Habib Al Mulla & Company, a leading law firm based in Dubai. Dr Al Mulla has been a Member of the UAE Federal National Council since 2002.
The Society of Trust and Estate Practitioners (STEP) is a unique professional body providing members with a local, national and international learning and business network. STEP provides education, training, representation and networking for its members, who are professionals specialising in trusts and estates, executorship, administration and related taxes. Members advise clients on the broad business of the management of personal finance. Full members of STEP are the most experienced and senior practitioners in the field of trusts and estates.
