DIFC Trust Law Issued

His Highness Sheikh Maktoum Bin Rashid Al Maktoum, Ruler of Dubai, has enacted the Trust Law, DIFC Law No. 11 of 2005, which provides a fundamental framework for the creation of trusts in the Centre.

The Law comprises 10 major parts and it deals with matters such as choice of governing law, place of administration, creation, validity and modification of a DIFC trust, office of trustee, and duties and powers of trustees.

“The adoption of a legal framework for the creation of trusts will add an important new business dimension to the DIFC,” said David Knott, CEO, Dubai Financial Services Authority. “This proposal was exposed for public comment in August and the new Trust Law reflects positive comments received from the financial and professional services sectors. Those sectors can now develop their trust services with additional certainty and flexibility within the DIFC.”