ICFI 343/B/2016
Type
Case
Court
Iraq Court of First Instance
Jurisdiction
Iraq
Taxonomy
Islamic Finance, Types of Contract, Housing & Homelessness, Central Government, General Contract Law, Remedies
Copyright
LexisNexis
Decision date
4 Jun 2016
Catchwords
Murabaha – Islamic Finance – Housing – Central Government –Contract - Remedies
This case involved a request for a contract between the Iraqi Housing Fund and a company to be revoked. The company had failed to fund a housing project by instalments. The court ordered the first payment, Murabaha amount and compensation be paid as remedies.
Background
The general director of the Iraqi Housing Fund filed a case before Baghdad Court of First Instance (Commercial Division) against the commissioner of a company requesting a contract signed between the two parties be revoked because the company had not delivered its contractual obligations. The director also requested the return of money paid to the company plus compensation for the losses experienced by the fund and the commercial and legal benefits. The director claimed he had contracted with the company to fund a housing project by paying cash payments in installments. The payments were planned including the Murabaha amount. The company failed to return the paid money despite the fact that the contract period has passed.