The Dubai Financial Services Authority has approved Malaysian firm Zaid Ibrahim & Co to provide legal services to local, regional and international clients in the Dubai International Financial Centre (DIFC). The DIFC was created by the government of Dubai with the intention of creating a regional capital market for the benefit of the UAE and the wider region as a whole. Firms operating in the DIFC are eligible for benefits such as a zero tax rate on profits, no restrictions on foreign exchange or repatriation of capital, operational support and business continuity facilities.

 

Zaid Ibrahim is the first Asia law firm to have received approval to operate in the centre. The firm’s Dubai office is a natural progression from the setting up of its Middle Eastern desk, based in Kuala Lumpur, in September last year.

 

The firm’s Dubai operations are set to start mid-July 2008. It will be headed by senior associate Farid Hussain and supported by the firm’s Arabic-speaking lawyers from the Islamic banking practice.

 

Zaid Ibrahim has 130 lawyers in offices located throughout Malaysia. It also has offices in Singapore, Indonesia and Thailand. Some of its practice areas are Islamic finance, taxation, intellectual property and corporate finance and securities.

 

The DIFC estimates the current market for Islamic financial products to be in excess of US$260bn and is predicted to grow at 12–15% pa over the next 10 years.