Liquidation order for Tabarak - The National Newspaper

Tabarak Partners, a Sharia-compliant finance company in the middle of a dispute involving its founding partners, has been wound up by a judge in the Dubai International Financial Centre (DIFC) Courts.

Sir John Chadwick on Monday ordered the company’s liquidation after the partners were unable to reach an agreement. Tabarak will be the first Islamic advisory company in the free zone to be wound up by the courts and represents the fourth insolvency case in the DIFC Courts.

Sir John had previously ordered that the parties allow the business to continue operating while Khuram Hussain attempted to buy out the other partners’ stakes. Mr Hussain, who is also the senior executive officer, had filed a case in which he asserted that the partners were not allowing the business to operate because of a dispute over its performance.