DIFC Courts

Practice Direction No. 1 of 2009 Interest on Judgments (Clarification)

July 06, 2009 Practice Directions

In the Judicial Authority of the Dubai International Financial Centre
DIFC Courts
Practice Direction No. 1 of 2009 (Clarification)

Interest on Judgments

Citation

This Practice Direction will come into effect on the date of signature. It may be cited as Practice Direction 1 of 2009 – Interest on Judgments (Clarification) and may be abbreviated to PD 1/2009 (Clarification).

Interest on Judgments

1. This Practice Direction should be read in conjunction with DIFC Law No. 10 of 2004; the Rules of the DIFC Courts and in particular Rule 45.19 (Interest on Judgment Debts); and PD 1/2009.

 

2. PD 1/2009 provides that a judgment of the DIFC Courts shall carry interest, from the date the judgment is entered, at the rate of 1% over the Emirates Interbank Offer Rate (“EIBOR”) or such other rate as the judge may prescribe in the judgment. For the sake of clarification, reference to EIBOR is to the EIBOR three months’ reference rate as at the date of judgment.

 

Chief Justice of the DIFC Courts
Dated: 6th July 2009