Business

Wind-up petition for Tabarak Partners with court

Tabarak Partners, a Sharia-compliant finance company, is facing a petition to wind up after its partners became embroiled in a commercial dispute.

Tom Arnold

March 21, 2010

Tabarak Partners, a Sharia-compliant finance company, is facing a petition to wind up after its partners became embroiled in a commercial dispute. If it is ordered to be liquidated by Dubai International Financial Centre (DIFC) Courts, it would be the first case involving an Islamic advisory company within the free zone to be wound up. "We are petitioning for winding up the partnership on just and equitable grounds as the partners are in deadlock," said Kaashif Basit, the managing director of JSA Law, which is representing two non-executive partners of Tabarak Partners.

A court date is scheduled for May 19 and 20 when the results of a report by the appointed provisional liquidator examining the financial position of the company is considered. JSA Law has applied for winding up the firm on behalf of non-executive partners Andrew Tamplin Clout and Hussain al Awlaqi. They are in dispute with executive partners Khuram Hussain and Ziad Baya'a. Mr Hussain is the senior executive officer and Mr Baya'a the chief financial officer.

It is only the fourth insolvency case to be tried at the DIFC Court. Orion Holding Overseas, a financial services firm once valued at almost Dh1 billion (US$27.2 million), was ordered to be involuntarily wound up by the court in January. That case marked the end of a bitter dispute between shareholders and the failed Dubai company's management. With its own commercial laws, the DIFC has a more developed insolvency regime than local courts.

Tabarak was given authorisation by the Dubai Financial Services Authority (DFSA) in July 2007 to provide Sharia structuring, advisory and investment distribution products. It was granted a licence to advise on financial products and arrange credit and deals in investments. According to Tabarak Partner's website, the firm has executed Sharia-compliant transactions worth more than US$1bn (Dh3.67bn).

The firm developed and provided regional banks such as National Commercial Bank, Dubai Islamic Bank and Banque Saudi Fransi with funds across asset classes including private equity, property and trade finance. It signed a partnership with the Saudi Arabian wealth management company Arbah Capital in April 2008 to provide Saudi institutional investors with Sharia-compliant investment products. No one was available for comment at Tabarak.

tarnold@thenational.ae

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Rating: 3/5

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Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
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If you go
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U19 WORLD CUP, WEST INDIES

UAE group fixtures (all in St Kitts)

  • Saturday 15 January: UAE beat Canada by 49 runs 
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UAE squad:

Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
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Important questions to consider

1. Where on the plane does my pet travel?

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Source: Pawsome Pets UAE

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Hawks

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Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

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Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
World politics
Scoreline

Liverpool 3
Mane (7'), Salah (69'), Firmino (90')

Bournemouth 0

Who are the Soroptimists?

The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.

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  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
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Source: Federal Office for the Protection of the Constitution

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

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