18 October 2011 — DFSA Withdraws Licence of Siraj Capital (Dubai) Limited
Dubai, UAE, 18 October 2011: The Dubai Financial Services Authority (DFSA) today announced that it has withdrawn the Licence of Siraj Capital (Dubai) Limited (Siraj) to provide financial services in the Dubai International Financial Centre (DIFC).
The DFSA took this action because Siraj contravened the Laws and Rules administered by the DFSA by failing to:
As a result of the above contraventions, the DFSA found Siraj was not fit and proper to remain as an Authorised Firm in the DIFC and withdrew Siraj's Licence. The DFSA's exercise of its powers in this regard was in the pursuit of the DFSA's regulatory objective of preventing, detecting and restraining conduct that causes or may cause damage to the reputation of the DIFC or the financial services industry in the DIFC.
The DFSA withdrew the Licence on 18 September 2011. No clients of the Firm suffered a loss as a result of the Firm's contraventions.
Mr Paul M Koster, Chief Executive of the DFSA said, "Financial Services Firms operating in the DIFC are required to maintain adequate Capital Resources to satisfy day-to-day claims on the business and to meet future contingencies. The DFSA's Capital Requirement provides investors and customers with the confidence that institutions will be able to meet claims as and when they fall due. The DFSA will take appropriate action where Firms fail to maintain adequate Capital Resources."