HAVE A QUESTION?
Please check first our frequently asked questions section, if you didn’t find an answers for your requirements
In case I didn’t take my attention or not to reply to the bank about account statement is it cause for damages or harms in the future, especially this statement contains in the case of a no-objection for a period of 15 days the statement will be valid and effective and correct. I need the legal answer?
It is better to take your attention to the account statements to review banking operations in your account on a regular basis but if you not answer or objected to this statement, it doesn’t mean an admission of tacitly approving the validity of this statement and the provisions of the cassation Court in this regard in cassation case No. 1994 / 9 (cassation rights) that (just that the client does not object to the league account that sends it to the bank is not a mere tacit acknowledgment of the validity of the client what is listed as data and final settlement of the account) revealed.
I've got a credit card from the Bank with the a limited credit 9,000 dirhams since the year 2010 and I’m paying every month AED 1300 till this date and I have received from the bank account statement asking me to pay AED 25456 and when I get back to the bank, the employee told me that this statement is correct as a result of calculating the monthly fee and annual benefit card credit and charge delay – but I told him that I didn’t stop the payment and I do regularly, what is the solution, please I want your legal opinion?
We recommend to file a lawsuit at the Court to appoint financial expert to review the fees and fine, and the benefits in the account statements and to remove the interest and fee which not agreed before and then the expert will review the application for a credit card and review account statements and the exclusion of any expenses or non-agreed fee and then the expert will submit his report to the Court and in the case the expert says the bank statement is wrong you can force the bank execute with the expert report and the court issue the judgment as per the expert report.
I have got investment portfolio with a bank - to buy shares in the company ... and I have authorized The bank to be conducted by the purchase of these shares on my behalf of me and I gained some money for a specific period and then the bank sent me account statement that the amount available is less than the amount which I deposited from the beginning to the half and when I review with the bank they told me that these stocks have decreased the price and they sold these shares by in order to avoid a heavy loss or loss of the principal amount deposited, Please I need your legal advice?
Firstly, we must know if there’s authorized letter issued by you to the bank in order to be able to sell and buy the stock or not? In case there’s no authorization, then the Bank shall be responsible for the amounts which is deducted from your account and the bank must refund the money back to you – and in case there’s authorization letter issued by you, you have not to claim the bank with any claims and rights because the nature of investment portfolio is subject to change in the value of either increasing or decreasing, based on the stock price time of sale because the bank in this case will be as a proxy for the process and costly implementation of customer orders - but you must get from the bank the receipts function on the sale of these shares with this value and in the case they refused to give you that - we recommend to file a lawsuit against them.
I've got a credit card in the amount of 16,000 dirhams since 2012 and I was to pay AED 500 monthly and I have received account statement from the bank states the due amount is AED 34589 and when I get back to the bank they told me that it’s interest rate of credit card, fees exceeded withdrawals limit credit card and i told them I did not agree to this interest, the employee told me that this interest rate is changing from time to time, please give me the answer urgently?
We recommend to file a lawsuit Court to appoint a financial expert to review any fees and fines, and reviewing account statements and to remove non-agreed interest and then the expert will review the application of credit card and in the case the expert found that no agreed on bank interest it will be calculated on the percentage of not more than 12% annually and the expert after that will remove the non-agreed interest.
I got fixed deposit and the bank agreed to a specific interest I will deserve it after three years and after five years and when I requested to refund this deposit, the bank advised that the deposit value is decreased as a result of that there is a car loan and there’s a dues for that and they deducted the dues from the fixed deposit - what’s your legal opinion?
The deposit in the principle is a contract which is the customer delegate the bank to – own deposited money with the ownership of the bank in accordance with the activity and its commitment to refund it back when the customer asked according to the terms agreed and in this case is considered a loan in advance from the client in favor of the bank, which entails to be a creditor of the bank in the amount of depository in addition to the requirement of Interest for the agreed date of filing until the date of termination or expiration of depository - and may be clearing between religion, which is the depositor - we are seeing that the procedures of the bank is correct because as a result of refusing to pay the installments due to car loan.
There is a case filed against me from the bank regarding to return cheque with amount of AED 120,000 - In fact, I handed over the check to the bank when I got a personal loan with amount of AED 100,000 as a security cheaque and I paid the full loan except five installments and after I get back to the bank to try resolve this matter amicably – the bank told me that this issue as a result of I didn’t pay the remaining five installments and asked them this check is worth the loan amount all the benefits the entire loan and paid except five installments ,and how you can claim me with the amount of the cheaque fully and the employee told me that this our procedures - so I hope to have your legal opinion ?
we recommended to submit at the court the proof that you paid the full loan except the five installments, and prove to the court as well that this check as a security check related to this loan, and ask the court to appoint an expert to prove that this check is security check and the bank is not entitled to demand me with full amount and the expert will make a report to prove the total value of the loan and the total premiums which is paid by you and he will deduct the payments from the value of the check and then ask the court to confirm the final conclusion of the expert report and the bank cannot to claim me with the total amount of the cheque except the five installment which you didn’t pay.
We are a company - we've contracted with a commercial company for selling some of the goods and the other company has submitted to us a letter of credit from a bank and we sold goods to them after the other company has opened a credit letter with the value of the good in favor of us -and this credit letter is irrevocable , so we sent by our bank in Bangladesh, shipping documents to the bank who handed it over to the purchasing company - without paying the value of good to us and without purchasing company not pay value and the outstanding is AED 743 320 - the rest of the price of goods sold plus we have spent a lot of expenses on the business process - and when you return to the bank they promised more than once that he will find a solution to this issue, but they did not carry out his promise, what is our legal position?
We believe that the bank is responsible for the failure to collect the value of two credit letter and the purchasing company is also responsible for the price of goods which you sold her - therefore we recommend to file a lawsuit against the bank and the company jointly to obligate them to pay the value of the goods because the bank is responsible for the failure to collect the value of goods from the company as the Bank's commitment to the issue of the letter of credit - in the letter of credit is irrevocable – and it is the final commitment and become independent of the sales contract - so they are responsible with the company jointly responsible to pay the value of goods which is requires to put the bank in the lawsuit.
I have robbed from me a checkbook from my car and I have contacted the bank and I told them that - and I have received a letter from the bank that he was withdrawing money from my account by check –and after I get back to the bank I found this check is a one of the checks that were in the checkbook which was stolen from my car – and I told them that I told them that I request for a copy of the check - and it was shown that it does not my signature and i told them that this signature forged - and bank said to me that it’s looks like a signature blogger in their system and I insisted that this signature is not my signature and I asked them to return the amount which is deducted from my account, but they refused - what is the legal opinion?
We recommend to file a lawsuit against the Bank to claim them with the amount of the check which is deducted from your account because he is responsible for draw the cheaque , and you can obligate the bank to submit the original cheaque to the court and then the court will decide to refer this check criminal laboratory to match the signature and in the case if it comes forensic Laboratory report proved that this check is fake then it takes place responsibility on the bank to pay amount Based on article 636 of commercial transactions, which states (law bears the drawer alone the damage of resulting from the fulfillment of an imminent forges the signature of the drawer or misrepresented statements contained in the board)
I am a partner in trading company, me and my partner we have opened a current account under the company name which is managed by us jointly – and after I have reviewed the company account I found that the amount deposited to account is less than the amounts were deposited before and after I get back to the bank they told me that my partner is the person who drawer these amounts - I told them that he cannot to do that because it requires to have our signature together ,and the bank has showed me a power of attorney which it states that I appoint my partner in account management, including exchange and deposit – and told the bank that this power of attorney is fake and I did not sign on it or publish it - the bank told me to get back on my partner for collecting these amounts - what is the legal procedure for that?
We recommend to file a lawsuit against the bank and against your partner jointly to pay the amount which is deducted before without your knowledge, and you can obligate the bank to submit the original power of attorney to the court and then the court will decide to refer this power of attorney for criminal laboratory to match the signature and in case the forensic Laboratory report proved that this power of attorney is fake, then the responsibility will be on the bank to pay the amount because the bank did not take the side of caution and prudence and didn’t verify the power of attorney, and then it cannot forcing you, including results from taking this power of attorney on the part of the bank, as long as you cannot fault attributed to him, including the crisis of load bank liability skew his followers, and this liability is one of the dangers of the profession practiced by the Bank, which is an important risk amounted burdens does not fit at all with the advantages that accrue to the banks of strengthening confidence and broadcast the spirit of confidence among the dealers.
I would like to know what is the terms and conditions contained financing contracts such as auto, personal loans and credit card loans - Is it significant to these conditions, if there’s a dispute between me and the bank or not?
These terms and conditions contained financing contracts, you have to read and understood well before you sign because they mostly be in favor of the bank because it is full of commitments issued by the customer who signs and it may includes some of the mandates under which the Bank delegated to take action on your behalf and some may includes other consent that the agreed interest rate may change in the future and it may also includes fees and expenses, so we recommend to read these Terms and Conditions carefully before signing.
I was traveling out the country for a specific period and when I returned from traveling , I received a statement of account from the bank states there’s amount deducted from my account because of I used my credit card in Emirates – I have contacted the bank to inquire about that and I told them that I was out of country and my credit card was with me and I had proof that I used it in duty free in Dubai and this is The last purchase – and the bank told me to hand over this card to the nearest branch until we will give you a new card so I went for my branch and i handed over the card and the employee of the bank destroyed the card and I have asked them to refund the amounts which is deducted from my account because I was out of the country and that the credit card was used in Emirates and there were withdrawals exceeded the maximum limit for the withdrawal and it suppose the bank have to cancel these operations – and the bank told me that he will work on the complaint and he will correspondent the other banks to provide them with tape of camera video and he will see the person and after I get back to them again they told me that the other banks declined to give us that because they want permission from court or police - and then I asked them to refund the amounts because this is its responsibility and they told me they cannot do that because I am the Person who is responsible for that card - what is the legal opinion?
We recommend to go to the police station to open a complain and ask the police officer to have statement of account and the location which is used to draw these amount and then you must ask the police officer to send a letter to the other bank in order they can provide him with the tape of CCTV in the machine and you must file a lawsuit against the bank and you can claim him to pay these amounts because they are responsible for that because they allowed to use this card and allow to exceeded the maximum limit for the withdrawal and because it suppose the bank must tell you that to investigate about these withdrawals, or at least stop the card and therefore the bank didn’t take side caution and prudence and did not verify the validity of these withdrawals especially since they allowed for the person who used the card to exceed the maximum limit for the withdrawal and here are the responsibility of the bank.
I've got a car loan and I signed a number of checks to the bank with the value of this car plus interest and the bank advised me at that time that I can return these checks after I paying the full loan - and I already paid the full car loan plus the interest and when I asked them to give me my cheaques back the refused because of there is a credit card and there’s dues - and I told them that this is separate issue – but they refused again so what is my legal position?
We recommend to file a complaint at Central Bank and on the other hand we recommend to file a lawsuit against the bank for getting these checks back to you - and you must submit the payments of the full car loan - and most the court will appoint an expert to review a car loan and reviewing statements and Checking Your payment for the full value of loan - and then the expert will submit his report to court and he will end up to proof that You paid the full car loan and non-eligibility of the bank to use these checks and he will obligate the bank to return it to you again.
I have contracted with a construction company to carry out construction of the villa , i has required form contractor to submit to a letter of guarantee to ensure good performance of executing work to implement its commitments and the contractor has submitted a letter of guarantee as a guarantee for the proper implementation of this project, but this letter of guarantee was in conditional with the contractor must receive his rights for executing the works and the contractor undertaking that he will complete this project is to date no later than 12 months from the date of the contract, but the contractor has breached his obligations and delayed to complete the project however I paid all payments due to the contractor from my account and then I asked the bank to give me the amount of the letter of guarantee, but they refused and they told me that it’s perhaps you didn’t pay to the contractor’s dues – so I submitted to them the proof that I paid all payment to the contractor - but they didn’t give me the value of the letter of guarantee - what is the legal opinion?
We recommend you to file a lawsuit against the bank and against the contractor jointly to pay the value of the letter of guarantee and submit to the court the evidence that you paid to the full dues and prove that the contractor has breached the terms and delayed to execute the work and he didn’t execute the works as per the specifications and the Court will appoint an expert to verify these facts and then the expert will prove that you paid the full dues of contractor and the contractor has delayed to execute the work and breached his contractual obligations and you have a right to claim with the value of the letter of guarantee and he will obligate the bank and the contractor jointly to pay the value of the letter of guarantee.
We are a trading company we got from the bank letters of credit by Murabaha in the form of import and finance the purchase of goods and we got approval from the Bank for the amount of five million dirhams as we submitted a bail payment for these facilities and according to these facilities we have been open an account for letters of credit by Murabaha and the Operations began by buying goods through fourteen documentary credit and we paid eleven credit documentary and the remaining three letters of credit, which is the price of the goods plus profit, cost, and it has been verified do all Murabaha procedures in terms of requests to open the credit letter and Murabaha sale contracts and thr receipt of the goods by the bank and There is no origin of religion or interest for the Murabaha accounts in letters of credit with Islamic banks but there is an agreed profit between the two parties to be added to the value of the goods and this is contained in the sale of Murabaha contract which is signed by us, but we failed to pay the three remaining credits and we received a letter from the bank stating that there’s dues for the three credit letter but after we reviewing we have been intercepted on it the calculation way because it was wrong and there’s a mistake in the interest, however the bank didn’t give us the letters of credit in order to bring they can claim us with profit and the Bank has visited us to discuss the issue and then we were surprised because the Bank has filed a lawsuit against us, and asking us to pay the value of the remaining three letters of credit plus interest which is agreed before - and the case is now before the courts - what is the legal opinion?
We advise you to request from court to appoint a banking expert to review the 14 documentary credit and review the application and the conditions and ask the expert to prove that these credits was by Murabaha and after that the expert will review bank statements and the interest rate agreed, which is the profit and in case he found no agreed interest he will calculate interest in the market price at the same time and if there is an agreed interest (which is profit) the expert will match that with bank statements and also you have to ask the expert to prove that the bank didn’t give you the origins of documentary credits and without that you cannot to receive the goods and they cannot calculate to your indebtedness , which is a critical issue in the case - as the Murabaha contract is sale price of buying the goods with increase in profit learned attributed to the total price, and is required for Murabaha procedures and it’s conditional to be Murabaha correct it should be the goods are owned by the seller so that he could dispose of it and the first price must to know that for the seller and want to sell it, but if he had owned by non-sale the seller should to tell the real price as per his estimation when it is sold, and is added to the price of the expenses to the extent that it has an impact in its description, and it’s correct to be the price for a total amount including the original price with profit added without their break or both of them is indicated separately finally required for Murabaha with non-union between the type and the sale price, because Islamic banks do not have what others want to buy them, so they making a promise of buying in the first step until you buy this item, after that the purchaser owned it and Murabaha contract it will be correct if the bank added to the price you bought it Sales profit and the actual cost incurred by open a letter of credit – and it means the bank does not get the interest of this type of sales.
I've got a personal loan from one of the banks and I have agreed to 8% interest per annum but i received a notice from the bank that there’s dues amounts must I pay it and then i have reviewed the bank and we agreed to settle the outstanding amount and I undertaking to pay the remaining of the loan value in installments with AED 3000 per month with mortgage my car but I found the indebtedness is overcome the principal amount of the loan therefore I filed a lawsuit at Court to appoint an accounting expert to review the loan and to remove the compound interest of the loan, and calculating the amounts which i paid and reviewing the settlement, but the expert did not calculate the interest and he didn’t prove it’s compound interest and the expert’s report came to prove the validity of this debt and the case is now before the court, what is the legal opinion?
First, we would like to make it clear that the bank can file a claim against you at any time and mostly he can file a counter through your case and will take the expert report as a proof in this case - but you have to submit your objections to the Court on the expert's report, and you must explain that the expert did not review the calculating way of interest Because it is the subject of your case and the court will decide to refer the case again to expert in order to review your objections and If the expert found the interest has been calculated as per compound interest the he will amend it and it will be calculated on the basis of interest which you agreed before but if expert found it’s not compound interest he will confirm the original report – and according to your claim that the indebtedness exceeded the principle of the loan - this is legally - whereas there’s not in the law that prevents banks for interest due on the loan agreement, which give to their clients, even more than the original loan amount.
The Bank has a issued attachment order on my car because I delayed in the payment of the premium car loan and then the Court determined a date for selling my car by auction and when I get back to the bank thet told me they can stop the sale procedure if i pay the remaining installments and I asked them about the value of the remaining installments and they told me it’s worth a half of the value loan however I have paid more than 75% of the value of the car and I told them that and they told me this is remaining of the loan value in addition to the interests and delay penalties - what is the legal opinion?
I recommend to reschedule the remaining installments with the bank and If they refused, you must attend a sales hearing and the court will appoint an expert to estimate the value of the car - and then the court will take the procedures of selling and the bank will get the value of the premium due from the sale price, and in case there’s a remaining amount , you should ask the court for refund it to you - but if you're doubt about the calculation of delay penalties and interest we recommend file a lawsuit to appoint expert to review your car loan and interest agreed and of delay penalties and if the expert found that there is a difference in the total amounts you can ask Court to stop the sale proceedings and provide them with the expert's report to be calculated according to the amounts stated in the expert's report.