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Sheikh Khalifa issues two new laws in UAE
Abu Dhabi - The laws have been published in the official gazette.
Federal Law No. 05 of 2018, 'Waqf Law', issued in the latest edition of the Official Gazette, contains 40 articles and follows the latest legislative and global developments governing waqf (an inalienable charitable endowment under Islamic law) as an economic and social pillar contributing towards humanitarian development and providing for an active working environment in the endowment sector across various fields, including health, culture and sustainability.
The law classifies waqf according to three categories -- 'Waqf Ahli' where proceeds are designated for the waqf founder's children and their off-spring; 'Waqf Khayri' where proceeds are earmarked for charitable and philanthropic endeavours supporting underprivileged individuals and communities, and 'Waqf Mushtarak' which encompasses the waqf founder's off-spring and general public.
As for the provisions of Federal Law No. 06 of 2018, 'Arbitration Law', the new law applies to all local arbitration taking place inside the UAE, unless agreed otherwise. It also applies to any international commercial arbitration taking place outside the UAE, where the parties have agreed to apply UAE arbitration law; and all arbitrations arising as a result of a contractual or non-contractual relationship governed by UAE law, unless expressly excluded.
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