
Your Lender Had No Licence to Lend: Can It Still Claim the Agreed Interest in the DIFC?
In CFI 055/2020 the DIFC Court of First Instance dismissed a free zone offshore company's claim for the agreed interest on a USD 1,298,977 loan to a UAE resident, declared the loan agreement null and void and gave the borrower his costs, because the lender had dealt onshore against its own constitution and the JAFZA rules and had lent at interest without a Central Bank licence. The principal had been conceded under a consent order and is recorded as paid.


























































































































