Mohammad Ali Rashed Lootah: “This session was aimed at ensuring the business community is aware of the decriminalisation of bounced checks, a significant change that seeks to enhance and revitalise the dynamics of business transactions. Workshops of this type form a key aspect of Dubai Chambers’ drive to support and advance the interests of the emirate’s business community.”
· The Arabic-language webinar was held in partnership with the Habib Al Mulla Academy and focused on the legal responsibilities arising from bounced cheques, including the rights of the beneficiary and the available means of recourse.
Dubai, UAE – Dubai Chambers has hosted a webinar focusing on the legal responsibilities arising from bounced cheques, including the rights of the beneficiary and available means of recourse. The Arabic-language session was held in partnership with the Habib Al Mulla Academy.
The webinar highlighted key amendments to the UAE Commercial Transactions Law including the decriminalisation of issuing cheques with insufficient funds, as well as the criminalisation of new cheque violations and their related penalties. The session also shed light on the implementation of processes for the partial fulfilment of cheques in line with the Executive Order issued, together with the other procedures that apply under UAE civil law.
Participants were made aware of the legal responsibilities arising from bounced cheques and gained a deeper understanding of the obligations, exceptions, and fines applicable under the legislation, as well as the options available to the beneficiary in the event of a bounced cheque. The webinar also examined use cases for cheque guarantees and when it is advisable to obtain these during business dealings.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “The amendments to the provisions of the UAE Commercial Transactions Law entered into force in January 2022. This session was aimed at ensuring the business community is fully aware of the implications surrounding the decriminalisation of bounced checks, a significant change that seeks to enhance and revitalise the dynamics of business transactions.”
He added: “Workshops of this type play an important role in Dubai Chambers’ drive to advance the interests of the emirate’s business community. By enhancing awareness on key legal changes, we are contributing towards developing a business environment that is conducive to sustainable growth and prosperity.”
Dubai Chambers plays a crucial role in facilitating and improving the ease of doing business in Dubai while delivering value-added services. The organisation serves as a bridge connecting Dubai’s dynamic business community with the government and acts as a powerful advocate for the emirate’s business interests.
