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UAE: Court orders bank to return Dh80,000 to customer

Abu Dhabi - The bank was found to have breached a loan contract.

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by

Ismail Sebugwaawo

Published: Wed 31 Mar 2021, 1:59 AM

A bank in the UAE has been instructed to return Dh80,000 it unjustly took from a customer as interest.

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Court documents revealed that the customer had filed a lawsuit against the bank after she noticed that she had paid much more in interest rates than what was agreed upon in the loan agreement.

She had borrowed the money from the bank to construct villas and was supposed to repay the loan in equated monthly instalments (EMIs) that also included an interest component.

She demanded an accountant or a banking expert be assigned to conduct an audit of the bank and also scrutinise her loan contract.

The plaintiff's lawyer explained that his client had secured Dh4.4 million from the bank to construct villas.

He said the client had settled the loan and the accrued interest agreed upon.

However, the bank, the defendant in the case, had unjustly extracted Dh80,000 from her.

A banking expert upheld the contention that the defendant had breached the loan contract.

The Abu Dhabi Commercial Court ruled in favour of the complainant. The court also ordered the bank to pay her back Dh80,000 which it had unjustly taken from her.

ismail@khaleejtimes.com

Photo: Reuters
Ismail Sebugwaawo

Published: Wed 31 Mar 2021, 1:59 AM

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