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
