14 October 2010

In the name of His Highness Sheikh Hamad bin Khalifa Al-Thani, Emir of the State of Qatar

Justice Dohmann, Justice Lord Cullen, Justice Sackville:

JUDGMENT OF THE COURT

1. On 16 August 2010, the Court gave reasons for determining two questions submitted to it by the liquidators of Al Mal Bank LLC (“the Bank”) pursuant to Article 95(1) of the QFC Insolvency Regulations: In the Matter of Al Mal Bank LLC (In Liquidation); Tamir Omara v Al Mal Bank LLC (Judgment No 2. 16 August 2010). The questions and the answers given by the Court were as follows:

Question 1: Is the “two months (special payment) bonus” referred to in Section 5.2 of Al Mal Bank's Human Resources Policies and Procedures Manual (“the Manual”) a fixed and binding obligation on the Bank to its employees, or is it a discretionary bonus falling within the scope of Section 5.3 of the Manual?

Answer: A fixed and binding obligation.