Former Dubai Islamic Bank head arrested

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The former chief executive officer of Dubai Islamic Bank Saad Abdul Razak has been arrested, Dubai Public Prosecution said on Thursday.

According to a statement carried by state news agency WAM, Abdul Razak was detained in connection with the Deyaar corruption probe on October 1.

Abdul Razak had taken up the post of managing director at government-owned Investment Corporation of Dubai after leaving the bank in 2007. He no longer holds that position, according to WAM.

Police investigations have been underway over alleged financial irregularities by senior executives at Dubai Islamic Bank, the UAE's biggest Islamic bank by market value, and its real estate affiliate Deyaar since April.

Deyaar's former CEO Zack Shanin was arrested for suspected embezzlement in April, while a range of executives at JP Morgan, Tamweel, Istithmar, Nakheel, Sama Dubai and Plantation Holdings have since been questioned or detained over issues relating to corruption.

Dubai Islamic Bank's former vice president for finance structure, Rifaat Othmani, was also arrested as part of the investigation in June.

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Dubai Islamic Bank - UAE
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-0.08 -1.1 (%)
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