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UAE stands as a beacon of accountability and justice
The country’s balanced approach and commitment to upholding financial obligations and safeguarding economic integrity is unwavering
The Commercial Transaction Law has been revised to secure the base interest of someone who may have received a bad cheque.
In a world where financial impropriety often goes unchecked, the UAE stands as a beacon of accountability and justice. The nation's commitment to upholding financial obligations and safeguarding economic integrity is unwavering. The UAE's unique stance on addressing financial obligations through incarceration has sparked debates, discussions, and even criticism.
Today, I would like to delve into the heart of this matter, shedding light on the rationale behind our approach and presenting a visionary strategy for a win-win situation that benefits debtors and creditors alike.
Beyond the Iron Bars: A Deeper Understanding
The UAE's stance on financial obligations reflects its dedication to ensuring a fair and responsible financial ecosystem. While some might question the practice of incarcerating individuals unable to meet their financial commitments, it is essential to understand that the approach is not one of cruelty but instead of conviction. The goal is to establish a society where financial promises are upheld, bolstering trust and confidence among businesses, individuals, and investors.
However, it is crucial to recognise that not all debtors are equal in intent or circumstance. With this keen awareness, the nation embraces a progressive outlook focusing on redemption over retribution. All who call the UAE their 'Home' or are associated with it through business or otherwise know well that the country's commitment to justice extends beyond the punitive realm, recognising that rehabilitation and resolution can coexist.
UAE STRAT-2071: Pioneering a Balanced Solution
Enter UAE STRAT-2071, a visionary endeavour that resonates deeply with the nation's values. This philanthropic think tank is dedicated to communicating the UAE's humanitarian and environmental stance.
Collaborating with banks and government institutions, UAE STRAT-2071 spearheads an innovative initiative to foster win-win solutions for debtors and creditors.
Under the newly revamped Commercial Transaction Law, the legal approach to bounced cheques offers a prime example of this evolution. The law has been revised to secure the base interest of someone who may have received a bad cheque. They can now approach the execution court directly to recover their unpaid dues via civil means, avoiding prolonged legal battles. This streamlined process allows for swift action, sparing all parties unnecessary time and resources.
The Win-Win Paradigm: A Glimpse into the Future
The UAE STRAT-2071 initiative is a powerful commitment to a brighter future, where financial obligations are not chains but stepping stones towards growth. Through open dialogue and mediation, we aspire to transform debtor-creditor dynamics into opportunities for resolution and progress. Collaborative efforts can yield payment plans, debt restructuring, and even skill-building programs, all empowering debtors to fulfil their obligations and emerge stronger and more responsible citizens.
UAE's vision for its economic landscape extends beyond penalties and bars. It envisions a society where debtors are not incarcerated but instead empowered to become integral contributors to our nation's growth. Through STRAT-2071, we aim to strike a harmonious balance between holding individuals accountable for their commitments and helping them redeem their positions.
Conclusion: A Promising Horizon
The UAE's unique approach to addressing financial obligations reflects our enduring commitment to economic integrity. Its laws are not merely about punishment but about fostering accountability and trust. The introduction of UAE STRAT-2071 is a revolutionary step, underlining our dedication to nurturing a society where debtors are given an opportunity to regain their standing as creditors find their rightful recompense.
The path forward is illuminated by dialogue, cooperation, and the shared pursuit of progress. It is now the responsibility of all stakeholders – financial institutions, businesses, and individuals – to join hands in making the UAE a true global leader in championing a progressive, balanced, and just financial ecosystem.
Lal Bhatia serves as the Chairman of the Hilshaw Group and UAE STRAT-2071. Views expressed are his own and do not reflect the newspaper’s policy.
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