In accordance with the terms and circumstances of the Murabaha contract reached between the two parties, the Al Ain Civil, Commercial, and Administrative Cases Court ordered a bank client to pay Dhs255,665 to a bank from whom he had gotten banking facilities through Murabaha. The bank filed a lawsuit against the client, alleging that he had violated his contractual obligations and neglected to pay the monthly installments. The bank sought a judgment requiring the client to pay Dhs257,128, the remaining value of the facilities granted to him, as well as fees, expenses, and legal attorney fees.
The appellee was requested to pay what he owed, but he refused. The bank claimed that the appellee had violated his contractual responsibilities by failing to pay the installments and amounts due from him. The claimed sum was recorded as dues. The court explained that it was clear from the case documents and papers, as well as from the report of the bank-appointed consulting banking expert, that the customer obtained banking facilities under a Murabaha contract for a vehicle. The initial facility amount was Dhs340,000, the agreed-upon profits were Dhs52,530, and the total facility amount was Dhs392,530, to be paid in installments, after the bank obtained guarantees consisting of an undated Dhs408,000 and a mortgage on the vehicle in the bank’s favor of the bank. The client only paid Dhs138,125 before ceasing to make payments, according to the court. He was then compelled to pay the bank Dhs255,665 after the agreed-upon late payment penalties of Dhs1,260 were calculated.
Also Read:
Katie Burnell: Redefining the Real Estate of the UAE
Raashii Khanna Shares the Types of Characters That Truly Appeal to her
About Author
