Former Dubai Islamic Bank exec detained

FRAUD INVESTIGATION: A former vice president of Dubai Islamic Bank has been detained as part of a police investigation. (Getty Images)

A former vice president of Dubai Islamic Bank (DIB), the UAE’s biggest sharia compliant lender, has been detained as part of a fraud investigation, a public prosecution official said on Thursday.

Rifaat Othmani, a Pakistani national, is being questioned about “bribery allegations and receiving kickbacks from clients in return for favours”, his lawyer Tony Maalouli said, quoted newswire Bloomberg.

Maalouli said Othmani’s detention was not directly linked to the investigation into financial irregularities at Dubai developer Deyaar, which is 41% owned by DIB.

Dubai Islamic Bank was not immediately available for comment when contacted by ArabianBusiness.com.

According to unconfirmed media reports, the Public Prosecution is investigating company fraud at Deyaar valued at 120 million dirhams ($33 million).

Deyaar’s former chief executive Zack Shahin and two other company officials have been detained in connection with the alleged fraud. Two Deyaar board members have also resigned.

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