ADCC 158/18, 208/18
Type
Case
Court
Abu Dhabi Court of Cassation
Jurisdiction
Abu Dhabi, United Arab Emirates
Taxonomy
General Ecclesiastical Law, Financial Services & Activities, General Contract Law, General Leisure & Licensing
Copyright
LexisNexis
Decision date
29 Oct 1996
Catchwords
Foreign Currency Dealing – Sharia Law – Damages – Contract Null and Void – Betting
The original dispute involved a claim for damages after a bank had been given authority by a customer to trade in foreign currency for them and had made losses. The customer tried to claim damages. The court stated they could not as the contract was null and void. This was because trading in foreign currency was illegal under Sharia law and considered to be illegal betting under the civil code.
Background