Practice Direction No 4 of 2017 – Interest on Judgments

IN THE DISPUTE RESOLUTION AUTHORITY OF THE DUBAI INTERNATIONAL FINANCIAL CENTRE 

DIFC COURTS 

PRACTICE DIRECTION NO. 4 OF 2017

Interest on Judgments

Citation

This Practice Direction will come into effect on the date of signature. It may be cited as Practice Direction 4 of 2017 – Interest on Judgments and may be abbreviated to PD 4/2017. It replaces Practice Direction 1 of 2009 – Interest on Judgments (Clarification) and Practice Direction 1 of 2009 – Interest on Judgments.

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 45.26 (Interest on Judgment Debts); PD 1/2009 (Clarification) and PD 1/2009.

2. Any judgment of the DIFC Courts issued on or prior to the date of this Practice Direction 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. Reference to EIBOR is to the EIBOR three months’ reference rate as at the date of judgment.

3. Any judgment of the DIFC Courts issued after the date of this Practice Direction shall carry simple interest, from the date the judgment is entered, at the rate of 9% or such other rate as the judge may prescribe.

Chief Justice of the DIFC Courts

Dated:  20 November 2017