Law No. (13) of 2013
Establishing the
Dubai Islamic Economy Development Centre[1]
ـــــــــــــــــــــــــــ
We, Mohammed bin Rashid Al Maktoum, Ruler of Dubai,
After perusal of:
Law No. (3) of 2003 Establishing the
Executive Council of the Emirate of Dubai;
Law No. (14) of 2009
Concerning the Pricing of Government Services in the Emirate of Dubai;
Law No. (35) of 2009
Concerning Management of the Public Funds of the Government of Dubai and its
amendments; and
With a view to implementing the Islamic Economy Initiative,
Do hereby issue this Law.
This Law will be cited as "Law No. (13) of 2013
Establishing the Dubai Islamic Economy Development Centre".
The following words and expressions, wherever
mentioned in this Law, will have the meaning indicated opposite each of them
unless the context implies otherwise:
|
UAE: |
The United Arab Emirates. |
|
Emirate: |
The Emirate of Dubai. |
|
Ruler: |
His Highness the Ruler of
Dubai. |
|
Crown Prince: |
His Highness the Crown
Prince of Dubai. |
|
Executive Council: |
The Executive Council of the
Emirate of Dubai. |
|
IEDC: |
The Dubai Islamic Economy
Development Centre established under this Law. |
|
Board of Directors: |
The board of directors of
the IEDC. |
|
Secretary General: |
The secretary general of the
IEDC. |
|
CEO: |
The chief executive officer
of the IEDC. |
Pursuant to this Law, a public corporation named the "Dubai
Islamic Economy Development Centre" is established. The IEDC will have
legal personality, financial and administrative autonomy, and the legal
capacity required to undertake all acts and dispositions required for the
achievement of its objectives. The IEDC will be affiliated to the Crown Prince.
The head office of the IEDC
will be located in the city of Dubai. The IEDC may establish branches and
offices within and outside of the Emirate.
The IEDC will have
the following objectives:
1. to promote the Emirate as the global
capital of Islamic economy;
2. to develop the
Sharia-compliant economic activities in the commodities sector and the financial
and non-financial services sector as main pillars on which the economy of the
Emirate is based;
3. to promote the Emirate regionally and
internationally as the main centre for Sharia-compliant commodities and
financial and non-financial services;
4. to create a database of Islamic
economic activities; and
5. to encourage that disputes related to
Islamic economic activities be referred to arbitration.
For the purpose of achieving
its objectives, the IEDC will have the duties and powers to:
1. set the general policy and
strategic plans for developing the Islamic economy sector in the Emirate;
2. develop comprehensive and
unified standards to assess the extent to which any commodity or financial or
non-financial service complies with the provisions of Islamic Sharia, and promote
these standards locally and internationally;
3. develop a system for verifying
that products, including commodities and financial and non-financial services,
are compliant with the standards approved by the IEDC, and issue the necessary
certificates in this respect;
4. conduct specialised studies
and research on Islamic economy, and determine the extent to which Sharia-compliant
economic activities contribute to the gross domestic product of the Emirate,
and how to develop them to achieve the objectives of the IEDC;
5. launch and supervise prizes and
programmes related to Islamic economy in accordance with the relevant decisions
of the Board of Directors;
6. establish or contribute to the
establishment of companies and investment projects related to the objectives of
the IEDC;
7. coordinate with various local
and federal entities in areas related to the objectives of the IEDC;
8. coordinate with local, Arab,
regional, and international centres, agencies, associations, and organisations,
and conclude agreements and memoranda of understanding in areas related to the
objectives of the IEDC; and
9. perform any other activities
or acts that are required for the achievement of the objectives of the IEDC.
a. The IEDC will have a Board of
Directors comprised of a chairman, vice chairman, and a number of experienced
and competent members appointed pursuant to a decree issued by the Ruler.
Membership of the Board of Directors will be for a renewable period of three
(3) years.
b. The Board of Directors will
convene at the invitation of its chairman, or vice chairman in his absence, at
least once every three (3) months or where necessary. Meetings of the Board of
Directors will be valid if attended by
the majority of its members, provided that the chairman or vice chairman is in
attendance.
c. Resolutions of the Board of
Directors will be passed by majority vote, and in the event of a tie, the chair
of the meeting will have a casting vote. Resolutions of the Board of Directors will
be recorded in minutes of meeting signed by the chair of the meeting and
attending members.
a.
The Board of Directors will undertake general
supervision of the IEDC, and in particular, will have the duties and powers to:
1.
set,
develop, and supervise the implementation of the general policy of the IEDC;
2.
approve and
follow up on the implementation of the strategic and development plans related
to the work of the IEDC and to developing the Islamic economy sector;
3.
approve the
programmes and initiatives required for the implementation of the general
policy and strategic and development plans of the IEDC;
4.
approve the
administrative, financial, and technical regulations and bylaws regulating work
at the IEDC, including employment regulations, and submit these to the Crown
Prince for final approval;
5.
approve the
organisational structure of the IEDC, and submit it to the Crown Prince for
final approval;
6.
approve the
annual budget and the final accounts of the IEDC, and submit these to the Crown
Prince for final approval;
7.
approve the
services, acts, and activities of the IEDC;
8.
determine
the fees for services provided by the IEDC, and submit them to the Chairman of
the Executive Council for approval;
9.
form
permanent and temporary committees and specialised work teams and determine
their duties and powers so that they would contribute to achieving the
objectives of the IEDC;
10.
determine
the duties of each of the members of the Board of Directors to ensure the integration
of their roles to achieve the objectives of the IEDC;
11.
seek the
assistance of experts and specialists in the areas related to the work of the IEDC;
and
12.
perform any
other duties related to the objectives of the IEDC.
b.
The Board of Directors may delegate any of its powers under
paragraph (a) of this Article to the chairman of the Board of Directors or any
of its members.
A Secretary General
will be appointed to the IEDC pursuant to a decree of the Ruler. The Secretary
General will supervise the work of the technical and administrative sectors of
the IEDC, and perform any other duties assigned or delegated to him by the chairman
of the Board of Directors.
a.
The executive body of the IEDC will comprise a CEO and
a number of administrative, finance, and technical employees.
b.
The rights, duties, and rules of selection and
appointment, of the employees of the IEDC will be determined pursuant to employment
regulations approved by the Crown Prince for this purpose.
a.
A CEO will be appointed to the IEDC by a resolution of
the Crown Prince.
b. The CEO will be
directly responsible to the Secretary General for performing the duties
assigned to him under this Law and the resolutions issued in pursuance
hereof, and for undertaking any other duties assigned to him by the chairman of
the Board of Directors or the Secretary General.
The CEO will supervise
the daily work of the IEDC, and manage and regulate its operations. In
particular, he will have the duties and powers to:
1.
propose the policies; strategic, development, and
operational plans; initiatives; and programmes that contribute to achieving the
objectives of the IEDC and, in coordination with the Secretary General, submit
them to the Board of Directors;
2.
propose the draft technical, financial, and
administrative regulations and bylaws required to regulate work at the IEDC,
and submit them to the Board of Directors for approval;
3.
prepare the draft annual budget and final accounts of
the IEDC, and submit them to the Board of Directors for approval;
4.
propose the organisational structure of the IEDC, and
submit it to the Board of Directors for approval;
5.
develop the plans required for the implementation of
the general policy and work programmes of the IEDC that are approved by the
Board of Directors, and follow up on their implementation;
6.
propose the media marketing plan targeting the areas
that are relevant to the work and objectives of the IEDC on the local,
regional, and international levels;
7.
appoint the technical and administrative staff
required for the work of the IEDC in accordance with the internal regulations
and bylaws of the IEDC;
8.
prepare periodic reports on the implementation of the
approved policies, strategic plans, and programmes of the IEDC, and submit them
to the Board of Directors through the Secretary General;
9.
propose charges for services provided by the IEDC, and
submit them to the Board of Directors;
10.
represent the IEDC before third parties and sign, in
its name and on its behalf, contracts, agreements, and memoranda of
understanding in accordance with the relevant powers vested in the CEO by the
Board of Directors;
11.
open and manage accounts with banks operating within
and outside of the Emirate subject to approval of the Board of Directors; and
12.
perform any other duties assigned to him by the
chairman of the Board of Directors or the Secretary General.
Except in cases of fraud and gross fault, neither the chairman of the
Board of Directors nor any of
its members will, in the course of managing the IEDC and its operations, be
liable to third parties for any act or omission in relation to such management.
The IEDC will be solely liable to third parties for such act or omission.
The financial
resources of the IEDC will consist of:
1.
support allocated to the IEDC in
the general budget of the Government of Dubai;
2. charges for services provided
by the IEDC;
3. grants and gifts received by
the IEDC and approved by the Board of Directors; and
4. any other resources approved
by the Board of Directors.
a.
In regulating its accounts and records, the IEDC will
apply the rules and principles of government accounting.
b.
The financial year of the IEDC will commence on 1
January and will end on 31 December of each year, except that the first
financial year will commence on the day on which this Law comes into force and
will end on 31 December of the following year.
Any provision in any
other legislation will be repealed to the extent that it contradicts the
provisions of this Law.
This Law comes into
force on the day on which it is issued, and will be published in the Official
Gazette.
Mohammed bin Rashid Al Maktoum
Ruler of Dubai
Issued in Dubai on 15 December 2013
Corresponding to 12 Safar 1435 A.H.
©2015 The Supreme Legislation Committee in the
Emirate of Dubai
[1] Every effort has been made to produce an accurate and complete English
version of this legislation. However, for the purpose of its interpretation and
application, reference must be made to the original Arabic text. In case of
conflict the Arabic text will prevail.