ADCC 144/20
Type
Case
Court
Abu Dhabi Court of Cassation
Jurisdiction
Abu Dhabi
Taxonomy
General Commercial Law, General Criminal Law & Disposition of Offenders, General Criminal Procedure, General Banking & Finance Law, General Contract Law
Copyright
LexisNexis
Decision date
28 Mar 2000
Catchwords
Currency speculation – Sharia Law – Gambling – Validity of contract – Arbitration clause – Delivery of product
This case involved a request to declare a contract between a currency broker and a trading company to invest its money in currency speculation and precious metals as null and void after losses were made. Key points included the impact of an arbitration agreement on jurisdiction, the status of the contract under Sharia law and because there was an agent involved. A key point was that principal needed to know about the terms of the contract and the agent needed to be capable of delivering on it. As this contract involved currency speculation, buying and selling without and expectation of delivering the currency. This meant the contract was null and void.
Background