Dubai’s Ruler has ordered the transfer of all legal action in the Dubai International Financial Centre courts involving Amlak Finance, an Islamic mortgage firm undergoing a government-led debt restructuring, to a special judicial committee outside Dubai’s normal legal system.
A decree issued on December 16 by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, says all Dubai courts including those in the DIFC, the emirate’s main financial hub, “shall be prohibited from the consideration and settlement of any application or claim related to Amlak Finance,” according to a translation seen by Dow Jones………………………………………..Full Article: Source