laws

The given law, Ras al Khaimah Law No. 8/2018, establishes the Financial Court in the Emirate of Ajman. The court has jurisdiction over civil and commercial disputes and claims exceeding AED one million, subject to the parties' agreement. The law is enacted by Saud bin Saqr Al Qasimi, the Governor of the Emirate of Ras Al Khaimah, and is based on the constitution and Federal Law No. 11/1973 on Judicial Relationships Amongst Emirates. The Financial Court is composed of judges from various courts and can convene at different locations. It follows the provisions of Federal Law No. 11/1992 on Civil Procedures, and its amendments, for matters not covered in this law. The court encourages judicial mediation, and if a settlement is reached and approved, it has the effect of a writ of execution. In cases where mediation is not possible, the Case Management Office at the court, headed by a president and legal experts, prepares the case. The Office Supervising Judge follows the procedures outlined in the Law on Evidence in Civil and Commercial Transactions. All papers and documents are submitted and exchanged electronically. Judgments issued by the court are final and immediately enforceable, with no possibility of appeal. However, a petition for the review of the judgment may be submitted in specific cases as set forth under the Civil Procedure Law. The Execution Division at the Courts Department is responsible for executing the judgments. The Law on Judicial Fees applies to the claims considered before the court, with fees due upon registration of the claim in the digital record. The Head of the Courts Department issues necessary decisions for the implementation of the law. The law came into force on the date of its issuance and was published in the Official Gazette of Ras Al Khaimah.