UAE | Crime

Graft probe won't impact Islamic bank

Dubai Islamic Bank, the Gulf's third-largest bank that complies with Islamic law, on Wednesday announced a police investigation into a former employee would not impact the bank's financial position.

  • Reuters
  • Published: 00:03 June 12, 2008
  • Gulf News

Dubai: Dubai Islamic Bank, the Gulf's third-largest bank that complies with Islamic law, on Wednesday announced a police investigation into a former employee would not impact the bank's financial position.

The statement came after media reports its former vice-president for structured finance Rifat Usmani and six others were under investigation for corruption charges. "Dubai Islamic Bank advises that there is an investigation by the Public Prosecution in Dubai of a former employee of DIB, Rifat Usmani and others," the lender said in a statement on the bourse website.

The case follows a recent probe into alleged financial irregularities at Dubai Islamic Bank's affiliate, Deyaar. "We are yet to determine what the charges are against him," Usmani's lawyer, Michael Diaz said from Florida on Tuesday.

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

More from UAE Crime

  1. Housemaid gets one-year jail for theft

  2. Cleaner to serve 6 months for rape

  3. Father and son charged with theft

  4. Three arrested for hosting 31 infiltrators

All articles in Crime

More from UAE

Gulf News
Popular in UAE
Readers' pictures
Your pictures

Readers' pictures

The best reader pictures from around the UAE this week

Latest news