DCC 274/2009

This case involved a claim by a bank against a creditor and their guarantors by a bank. A key issue was whether the court had the authority to accept the expert report when it had not included a number of elements including the interest rate. This was irrelevant as this was a Murabaha agreement and the court had authority to decide when it was appropriate to use an expert's report.

Background

Key Legal Questions in the Judgment

1. What are the bank credit operations?

2. Admissibility of the expert's report?

3. What are the rules for appointing an expert and to what extent is a court bound to the report?

4. What are the definitions of a Murabaha agreement?

Background Facts

The Plaintiff (a bank) filed a case before the court of first instance requesting the first, second and third Defendants jointly pay a sum of 2,697,404.52 AED for a documentary credits facilities granted by the bank to the first and second respondents. The guarantors of these facilities were the second and third defendants. The execution of provisional seizure was also requested. The court appointed an expert to review the matter. The expert submitted his report.

Proceedings: