By Mark Sutton
Proposed law will govern commercial electronic transactions including messages, records and signatures
The Dubai International Financial Centre (DIFC) has released its proposed Electronics Transactions Law (ETL), which will govern electronic transactions, including messages, records and signatures, at DIFC.
The ETL, which has been published for public consultation, is intended to provide the regulatory framework for electronic commercial transactions within the market.
The proposed law has been based on the US Uniform Electronic Transactions Act (1999) (UETA), which has been adopted as law in many US states.
HE Dr Omar Bin Sulaiman, Governor of DIFC and Vice Chairman of the UAE Central Bank said: “In Furtherance of DIFC’s efforts to be a catalyst for the growth of financial and capital markets, the new Law helps to ensure a strong and supportive legal framework for electronic transactions undertaken from within DIFC.
“The new Law forms part of DIFC’s efforts to provide a modern, world-class regulatory framework that offers the certainty necessary for financial services companies to carry out a range of transactions at the level of DIFC’s Global Counterparts. The Electronic Transactions Law reinforces DIFC’s strong emphasis on integrity, transparency and efficiency,” he added.
The ETL is expected to become law in January 2009.
GCC & Arab countries are slow to adapting the technical revolution. They are sooner or later bound to adapt what is good. So why hesitate. Better to take the initiative and debate it out with all (citizens & government) and take decisions fast. Kuwait, Saudi with its complacent and hesitant orthodox mindset will take another decade before such actions are in place in these countries.