Tuesday 02, September 2014 by Robin Amlôt

Clifford Chance reviews DIFC Court ruling against Bank Sarasin

The DIFC Court of First Instance found Bank Sarasin & Co. Ltd, a Swiss incorporated bank with no registered presence in the Dubai International Finance Centre (DIFC), and its Dubai Financial Services Authority (DFSA) authorised DIFC subsidiary, Bank Sarasin-Alpen ME Limited (Sarasin-Alpen), in breach of the DIFC Regulatory Law with liability to pay compensation to the members of the Khorafi family who purchased $200 million of structured products, which were financed, in part, by loans from Bank Sarasin and from another bank.

Features & Analyses

Islamic Finance The path forward

After years of milestones, Islamic finance in Dubai and beyond still has work to do, writes Abdulla Mohammed Al Awar, CEO of DIEDC read more