Disputes involving Tamweel, an Islamic home finance company based in Dubai, are being shifted to the emirate's courts and away from a special committee set up three years ago to resolve its financial problems. The decision came in a decree last month from Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai.
Tamweel revealed the information only yesterday, however, on the website of the Dubai Financial Market (DFM), where its shares are listed.
The decree required "the transfer of all legal cases, applications, complaints and disputes filed against Tamweel before the special committee to Dubai Court of First Instance", Varun Sood, Tamweel's acting chief executive, said in a letter to the DFM. Moving cases into the courts could speed the resolution of numerous claims against the company.
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