DCC 135/2009
Type
Case
Court
Dubai Court of Cassation
Jurisdiction
Dubai, United Arab Emirates
Taxonomy
Islamic Finance, General Construction Law, Financial Institutions, General Banking & Finance Law, General Civil Procedure & Administration of Justice, Types of Contract, Terms, Appeals
Copyright
LexisNexis
Decision date
14 Jun 2009
Catchwords
Murabaha – Istisna'a – Islamic Finance – Construction – Bank – Construction – Judgment – Error – Correction – Condition – Contract – Appeal
The original dispute involved a number of Islamic Finance arrangements with a bank in order to finance construction of some properties and non-payment of those involved in the project. Key issues included looking at conditions in the contract and whether it was possible for an error in the judgment to be corrected.
Background
A Respondent - a company - filed the action No127/2008 against the Appellant demanding that they pay 8,557,247 AED with 12% default interest for a building entitlement as of 14/05/2001 and for an industrial building as of 18/03/2007.