The UAE judiciary obligates a customer of an Emirati bank to pay 889 thousand dirhams
The UAE judiciary issued a court ruling obligating a client of one of the UAE banks to pay approximately 889 thousand dirhams, and the amount is divided into 500 dirhams in legal fees, in addition to 887,777 thousand dirhams to the bank, which he was late in paying.
A client of an Emirati bank has been ordered by the judiciary of the UAE to pay a fine of 889 thousand dirhams.
The judiciary of the UAE issued a court judgement that required a customer of one of the UAE banks to pay about 889 thousand dirhams. This sum is broken down as follows: 500 dirhams will be paid in legal fees, and the remaining 887,777 thousand dirhams will be paid to the bank as a result of the customer's failure to make timely payments.
A bank in the Emirates sues a customer for non-payment of 887 thousand dirhams
A consumer in the Emirates is being sued by a bank for an outstanding debt of 887 thousand dirhams, Specifically, a bank filed a lawsuit against one of its customers, and at the conclusion of the case, it asked the judge to issue a ruling that firstly obligated the defendant to pay him 887 thousand and 777 dirhams, in addition to a late fee of 9% annually from the actual due date until the date of full payment, and secondly obligated the defendant to pay the expenses of the case. The bank stated, in support of its lawsuit, that the defendant had previously submitted a request for approval to grant him facilities in the form of financing investment certificates in the Islamic Murabaha formula amounting to 684 thousand with a profit rate of 85.2%, with a total of 97 thousand and 470 dirhams, and payment was agreed upon. In exchange for legal fees and expedited enforcement, the bank said that it would grant the defendant the requested facilities in exchange for legal fees and expedited enforcement. Installments due per month totaling 13,25 dirhams apiece. In addition to that, he was able to get a credit card that was guaranteed by a monthly wage of 25,462 dirhams. The total amount that the defendant owed on all of his credit cards was 887,777 dirhams.
Al Ain Court ruling against a bank customer who did not pay the bank’s financial dues
The Al Ain Court ruled against a bank customer because the customer owed the bank money but did not pay it, The Al Ain Court of First Instance came to the conclusion that a customer of a bank was required to pay 887 thousand and 777 dirhams in addition to a fine of 500 dirhams in legal fees. This was due to the fact that the customer had obtained facilities from the bank in the form of financing investment certificates using the Islamic Murabaha formula, and it was agreed that he would pay it in monthly installments. Additionally, the customer had obtained a credit card from the bank. He did not make a commitment to pay when he guaranteed the monthly wage, thus the money was considered to be owing to him. The court explained in the merits of its ruling that what is proven through the papers and documents presented in the lawsuit is that under the aforementioned Murabaha contract, the defendant submitted a request for approval to grant him facilities in the form of financing investment certificates through Murabaha under Murabaha contract, and he also obtained a credit card guaranteed by the monthly salary, and the total balance owed by the defendant amounted to 887 thousand dollars.