Court orders Islamic bank to compensate firm
A court ordered Al Ain A leading Islamic bank to pay a building materials company Dh9.854 million that the bank had deducted from the company’s account without legal cause.
The appealing party, Al Samah Building Material Establishment, filed an appeal against the initial ruling explaining that the bank had refused to issue a statement of the company’s transactions and murabahat (Islamic profits), and asked the court to assign a new expert whose decision would be binding.
Syndicate
